CEO gender and M&As: New evidence from China

Yi-Wen Chen, Li-Hong Chu, Chu-Bin Lin and Ping-Yu Zhao

Pacific-Basin Finance Journal, 2025, vol. 90, issue C

Abstract: In the context of the Chinese market, this study examines whether female CEOs differ from male CEOs in their mergers and acquisitions (M&A) activity. Our findings reveal that female CEOs engage in more M&As than male CEOs, a result that contrasts with evidence from the United States. Further analysis shows that the positive effect of female CEOs on M&A likelihood is amplified in environments with significant gender inequality. In addition, M&As led by female CEOs generate stronger positive market reactions than those led by male CEOs, suggesting these transactions are of higher quality. The results remain robust even after addressing potential endogeneity concerns. Our research provides new insights into the relationship between CEO gender and M&A likelihood, offering a fresh perspective on this social and economic phenomenon in China.

Keywords: Female CEOs; Mergers and acquisitions; Gender discrimination (search for similar items in EconPapers)
JEL-codes: G30 G34 (search for similar items in EconPapers)
Date: 2025
References: Add references at CitEc
Citations:

Downloads: (external link)
http://www.sciencedirect.com/science/article/pii/S0927538X25000137
Full text for ScienceDirect subscribers only

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:eee:pacfin:v:90:y:2025:i:c:s0927538x25000137

DOI: 10.1016/j.pacfin.2025.102676

Access Statistics for this article

Pacific-Basin Finance Journal is currently edited by K. Chan and S. Ghon Rhee

More articles in Pacific-Basin Finance Journal from Elsevier
Bibliographic data for series maintained by Catherine Liu ().