Publication Type
Journal Article
Version
acceptedVersion
Publication Date
2-2016
Abstract
This study examines the impact of female board representation on firm-level strategic behavior within the domain of mergers and acquisitions (M&A). We build on social identity theory to predict that greater female representation on a firm's board will be negatively associated with both the number of acquisitions the firm engages in and, conditional on doing a deal, acquisition size. Using a comprehensive, multi-year sample of U.S. public firms, we find strong support for our hypotheses. We demonstrate the robustness of our findings through the use of a difference-in-differences analysis on a sub-sample of firms that experienced exogenous changes in board gender composition as a result of director deaths
Keywords
Board characteristics, director gender, mergers and acquisitions, corporate governance, strategic leadership
Discipline
Accounting | Corporate Finance | Human Resources Management
Research Areas
Corporate Governance, Auditing and Risk Management
Publication
Strategic Management Journal
Volume
37
Issue
2
First Page
303
Last Page
313
ISSN
0143-2095
Identifier
10.1002/smj.2323
Publisher
Wiley
Citation
CHEN, Guoli; CROSSLAND, Craig; and HUANG, Sterling.
Female Board Representation and Corporate Acquisition Intensity. (2016). Strategic Management Journal. 37, (2), 303-313.
Available at: https://ink.library.smu.edu.sg/soa_research/1273
Copyright Owner and License
Authors
Creative Commons License
This work is licensed under a Creative Commons Attribution-NonCommercial-No Derivative Works 4.0 International License.
Additional URL
https://doi.org/10.1002/smj.2323