Female directors and UK company acquisitiveness

Michael Dowling and Zakaria Ali Aribi

International Review of Financial Analysis, 2013, vol. 29, issue C, 79-86

Abstract: We show that the presence, and proportion, of female directors are strongly related to the level of acquisitiveness of a company. This finding is made through a dataset covering significant size acquisitions made by FTSE 100 constituents over a 12-year time period from 2000 to 2011 and includes multiple controls for potential confounding financial and director characteristics. A novel main testing approach of zero-inflated Poisson regressions is utilised, with a variety of alternative tests and specifications further reported to add to the robustness of the study. The finding draws on psychological and decision-making research showing females to be less overconfident in their decision-making.

Keywords: Female directors; Takeovers; Overconfidence; Zero-inflated Poisson (search for similar items in EconPapers)
JEL-codes: G34 M14 (search for similar items in EconPapers)
Date: 2013
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Citations: View citations in EconPapers (25)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:finana:v:29:y:2013:i:c:p:79-86

DOI: 10.1016/j.irfa.2013.04.004

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