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Title: The effect of board size on shareholder value: Evidence from bank mergers and acquisitions
Authors: Tampakoudis, Ioannis
Nerantzidis, Michail
Artikis, Panagiotis
Kiosses, Nikolaos
Type: Article
Subjects: FRASCATI::Social sciences::Economics and Business
FRASCATI::Social sciences::Economics and Business::Finance
Keywords: Board of directors
Agency theory
Resource-dependence theory
Issue Date: Dec-2022
Source: European Management Journal
Volume: 40
Issue: 6
First Page: 883
Last Page: 894
Abstract: This study examines the effect of board size on the economic impact of bank mergers and acquisitions (M&A) in the US. Using a hand-collected dataset of 508 M&A between 2012 and 2018, we find that board size is negatively related to acquirer excess returns. In an additional analysis, we show that large boards have positive value implications for banks that combine the CEO and chairman roles as well as for large banks. Our findings indicate that a “one-size-fits-all” approach to board size is not necessarily in the interests of shareholders; instead, a more flexible and proactive formulation is needed.
ISSN: 0263-2373
Other Identifiers: 10.1016/j.emj.2022.09.002
Appears in Collections:Department of Business Administration

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