Do female executives acquire greener targets?

Chang Gong ()
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Chang Gong: LITEM - Laboratoire en Innovation, Technologies, Economie et Management (EA 7363) - UEVE - Université d'Évry-Val-d'Essonne - Université Paris-Saclay - IMT-BS - Institut Mines-Télécom Business School - IMT - Institut Mines-Télécom [Paris], IMT-BS - DEFI - Département Droit, Économie et Finances - TEM - Télécom Ecole de Management - IMT - Institut Mines-Télécom [Paris] - IMT-BS - Institut Mines-Télécom Business School - IMT - Institut Mines-Télécom [Paris]

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Abstract: This paper examines the M&A behaviour of firms with female executives. Companies with female executives acquire greener targets than those with male executives. Female executives prefer less polluting private targets. The paper explores various measures of firm environmental performance, such as total toxic releases, environmental penalties, emissions-related words in 10-K filings, and green innovations. The study suggests that women executives pay close attention to ecological concerns as they make financial decisions, especially when selecting targets for mergers and acquisitions. Female executives tend to be more concerned about the environment than male executives. Additionally, the paper does not find that this prosocial behaviour is at the expense of shareholders' value.

Keywords: Mergers and Acquisitions; Corporate governance; Gender; CEOs characteristics (search for similar items in EconPapers)
Date: 2023-06-07
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Published in FMA European Conference 2023, Financial Management Association (FMA), Jun 2023, Aalborg, Denmark

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-05325807

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