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Female directors and acquisitions: Australian evidence

Ryley Lucas, Abeyratna Gunasekarage, Syed Shams and Piyadasa Edirisuriya

Pacific-Basin Finance Journal, 2021, vol. 68, issue C

Abstract: This study investigates the influence of female directors on the acquisition decisions of Australian companies. We use a dual approach, conducting empirical analyses while exploring the views of industry experts with extensive acquisition experience. We find that the market perceives acquisitions conducted by acquirers with female board members to be valuecreating decisions. Industry experts believe that female directors apply a broader perspective in evaluating acquisitions without falling into the ‘deal frenzy’ trap, a common occurrence in male directors. Several female directorship traits, combined with enhanced efficiency, contribute to tangible benefits offered by female directors in acquisitions.

Keywords: Female directors; Gender-diverse boards; Value-creating acquisitions; Acquisition efficiency; Female directorship traits (search for similar items in EconPapers)
Date: 2021
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DOI: 10.1016/j.pacfin.2021.101600

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Handle: RePEc:eee:pacfin:v:68:y:2021:i:c:s0927538x21001074