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Do females on boards affect acquisition outcomes and target selection: a replication and extension of Levi, Li and Zhang (2014)

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  • Rebecca L. Bachmann
  • Helen Spiropoulos

Abstract

We replicate and extend the 2014 study by Levi, Li and Zhang in the Australian setting and examine whether female representation on corporate boards affects acquisition outcomes. Consistent with the original study, we find that bidders with female representation on their boards make fewer acquisitions and pay lower premiums, on average. We also document that bidders with female representation on their boards prefer to select target firms that also have female representation on their boards. These results are robust to propensity score matching and instrumental variable estimation.

Suggested Citation

  • Rebecca L. Bachmann & Helen Spiropoulos, 2021. "Do females on boards affect acquisition outcomes and target selection: a replication and extension of Levi, Li and Zhang (2014)," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 61(2), pages 3427-3441, June.
    • Handle: RePEc:bla:acctfi:v:61:y:2021:i:2:p:3427-3441
    DOI: 10.1111/acfi.12707
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    References listed on IDEAS

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    1. Rebecca L. Bachmann & Anna Loyeung & Zoltan P. Matolcsy & Helen Spiropoulos, 2020. "Powerful CEOs, cash bonus contracts and firm performance," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 47(1-2), pages 100-131, January.
    2. Adams, Renée B. & Ferreira, Daniel, 2009. "Women in the boardroom and their impact on governance and performance," Journal of Financial Economics, Elsevier, vol. 94(2), pages 291-309, November.
    3. Deepak K. Datta, 1991. "Organizational fit and acquisition performance: Effects of post‐acquisition integration," Strategic Management Journal, Wiley Blackwell, vol. 12(4), pages 281-297, May.
    4. Levi, Maurice & Li, Kai & Zhang, Feng, 2014. "Director gender and mergers and acquisitions," Journal of Corporate Finance, Elsevier, vol. 28(C), pages 185-200.
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    1. Pei Chu & Mohamed Elsayed & Yousry Ahmed, 2025. "Do women in the boardroom influence foreign acquisitions' premium and outcomes? Evidence from China," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 30(2), pages 1163-1189, April.

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