Board Gender Diversity and M&A performances, An event study on European M&A deals
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2022-07-13
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en
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Mergers and Acquisitions (M&A) could be value enhancing or destroying for shareholders. A high percentage of M&A failures are attributed to male dominance in corporate boards of directors. This study examines the impact of board gender diversity on M&A performances of listed European acquirers. An event study is performed to obtain the cumulative abnormal returns (CARs) from 910 M&A deals from 2003 to 2021 in 20 European countries. The results indicate that there is no significant relationship between board gender diversity (BGD) and M&A performances. Furthermore, it is found that the presence of at least 30% female directors on the acquiring board does not significantly impact the M&A performances. Finally, it is found that the effect of board gender diversity on M&A performances is not significantly stronger in countries with a binding gender quota law or a soft gender quota law. With one-year lagged variables included, a positive significant effect of BGD was found.
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Faculteit der Managementwetenschappen