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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 Banks 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. |
URI: | https://doi.org/10.1016/j.jfs.2022.101020 https://ruomo.lib.uom.gr/handle/7000/1702 |
ISSN: | 1572-3089 |
Other Identifiers: | 10.1016/j.jfs.2022.101020 |
Appears in Collections: | Department of Business Administration |
Files in This Item:
File | Description | Size | Format | |
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The Manuscript (1).pdf Until 2024-06-01 | 1,33 MB | Adobe PDF | View/Open Request a copy |
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