Gender diversity and acquisitions: How female directors add value in acquisition decisions
研究董事会性别多样性对收购绩效的影响，发现女性董事通过更好的交易条款、监督和并购后绩效提升价值，其专业网络和独特背景是成功的关键机制。
Abstract We investigate board gender diversity and acquisition performance. Greater gender diversity promotes value‐enhancing acquisitions. Utilizing an external shock to board composition, we determine whether and why an increase in female directors adds value. Female directors have unique characteristics relative to their male counterparts that contribute to their ability to add value during the merger and acquisition process. The positive market reaction following an acquisition is rationalized by better deal terms, monitoring around the acquisition and post‐merger performance. The extensive professional networks and unique backgrounds female directors possess are the underlying mechanisms contributing to acquisition decisions' success.