How Do M&A Rumours Influence Deal Completion? The Role of Board Gender Diversity and Language Differences
基于70个国家2009-2017年的企业数据，研究发现低语法性别标记和高董事会性别多样性与并购谣言负相关，董事会中女性比例越高，谣言越少，交易完成可能性越大。
Abstract In this study, we apply the upper echelons theory (UET) lens to investigate how M&A rumours influence deal completion. Based on our findings, we propose a two‐stage channel that drives the rumour‐specific effect. In doing so, we provide theoretical arguments and empirical support for the relationship between M&A rumours and deal completions via grammatical gender marking and board gender diversity. Drawing on firm‐level data from 70 countries over 2009–2017, we find that low levels of grammatical gender marking and high levels of board gender diversity are negatively associated with rumours. This leads us to conclude that the presence of women on boards increases the likelihood of M&A deal completion by reducing rumours.