The effect of board diversity on long-term M&A performance

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Issue Date
2021-07-17
Language
en
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Abstract
In the past few decades the M&As have become more and more important in Europe. Companies use M&As to expand their businesses by buying growth. Lots of research has examined the reasons behind M&As for the short and long-term. This paper contributes to the literature by examining the effect different measures of board diversity have on long-term M&A performance. Prior studies mainly focused on parts of the world other than Europe. This paper uses data of 819 deals executed by companies in 14 different countries. Long-term M&A performance is measured following the BHAR method over an event window of 36 months. To test the robustness of the results this paper also looks at an event window of 30-months and makes a distinction between small and large deals. The results of this paper indicate a positive relationship between gender diversity and long-term M&A performance for both event windows and for both large and small deals.
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Faculteit der Managementwetenschappen
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