Please use this identifier to cite or link to this item:
https://ruomo.lib.uom.gr/handle/7000/1704
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 M&A Banks 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. |
URI: | https://doi.org/10.1016/j.emj.2022.09.002 https://ruomo.lib.uom.gr/handle/7000/1704 |
ISSN: | 0263-2373 |
Other Identifiers: | 10.1016/j.emj.2022.09.002 |
Appears in Collections: | Department of Business Administration |
Files in This Item:
File | Description | Size | Format | |
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Revised Manuscript (1).pdf Until 2024-12-01 | 820,92 kB | Adobe PDF | View/Open Request a copy |
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