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Title: The impact of gender diversity on shareholder wealth: Evidence from European bank M&A
Authors: Tampakoudis, Ioannis
Nerantzidis, Michail
Eweje, Gabriel
Leventis, Stergios
Type: Article
Subjects: FRASCATI::Social sciences::Economics and Business
FRASCATI::Social sciences::Economics and Business::Finance
Keywords: Gender diversity
Mergers and acquisitions
Critical mass theory
Issue Date: Jun-2022
Publisher: elsevier
Source: Journal of Financial Stability
Volume: 60
First Page: 101020
Abstract: We explore the association between board gender diversity and shareholder value creation. Specifically, we investigate the impact of gender diversity on the economic impact of bank mergers and acquisitions (M&A). We employ a multi-year sample of M&A announced by European listed banks and find that: (i) the presence of women on the board of directors has a positive and statistically significant effect on acquirer gains; and (ii) boards with three or more women, or where women represent more than 25% of the board, have a stronger impact on acquirer gains than in the opposite case, consistent with critical mass theory. Moreover, banks with a critical mass of female directors perform better in undertaking value-enhancing M&A after the global financial crisis. Policy makers and practitioners could benefit from the findings by exploiting the advantages of board heterogeneity in terms of gender.
ISSN: 1572-3089
Other Identifiers: 10.1016/j.jfs.2022.101020
Appears in Collections:Department of Business Administration

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