Board gender diversity and acquisition choices
研究发现董事会性别多样性更高的公司更倾向于收购非上市目标、使用现金支付和购买同行业公司，且女性董事的专业经验与网络显著影响这些偏好，并提升收购效率与长期价值。
Abstract We investigate the influence of gender diversity on the acquisition choices of bidding firms and find that firms with greater gender diversity are more likely to acquire nonlisted targets, use cash as the method of payment, and purchase firms in similar industries. Results show that these preferences are significantly influenced by female directors' financial expertise, target industry experience, mergers and acquisitions (M&A) experience, academic and professional qualifications, and networks. The percentage of female directors on boards is positively correlated with the market response to the announcement of acquisition choices preferred by female directors. Furthermore, bidders improve efficiency and accumulate long‐term value gains through the contributions made by their female directors to these acquisition choices.