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

Bachmann, RL; Spiropoulos, H

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

Bachmann, RL Spiropoulos, H

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Publisher:: WILEY
Publication Type:: Journal Article
Citation:: Accounting and Finance, 2020
Issue Date:: 2020-01-01

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Field	Value	Language
dc.contributor.author	Bachmann, RL
dc.contributor.author	Spiropoulos, H https://orcid.org/0000-0002-7748-6577
dc.date.accessioned	2021-02-16T04:41:54Z
dc.date.available	2021-02-16T04:41:54Z
dc.date.issued	2020-01-01
dc.identifier.citation	Accounting and Finance, 2020
dc.identifier.issn	0810-5391
dc.identifier.issn	1467-629X
dc.identifier.uri	http://hdl.handle.net/10453/146141
dc.description.abstract	© 2020 Accounting and Finance Association of Australia and New Zealand 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.
dc.language	English
dc.publisher	WILEY
dc.relation.ispartof	Accounting and Finance
dc.relation.isbasedon	10.1111/acfi.12707
dc.rights	info:eu-repo/semantics/embargoedAccess
dc.subject	1402 Applied Economics, 1501 Accounting, Auditing and Accountability, 1502 Banking, Finance and Investment
dc.subject.classification	Accounting
dc.title	Do females on boards affect acquisition outcomes and target selection: a replication and extension of Levi, Li and Zhang (2014)
dc.type	Journal Article
utslib.for	1402 Applied Economics
utslib.for	1501 Accounting, Auditing and Accountability
utslib.for	1502 Banking, Finance and Investment
pubs.organisational-group	/University of Technology Sydney/Faculty of Business
pubs.organisational-group	/University of Technology Sydney/Faculty of Business/Accounting Discipline
pubs.organisational-group	/University of Technology Sydney
utslib.copyright.status	open_access	*
utslib.copyright.embargo	2022-01-01T00:00:00+1000Z
dc.date.updated	2021-02-16T04:41:17Z
pubs.publication-status	Published

Abstract:

© 2020 Accounting and Finance Association of Australia and New Zealand 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.

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http://hdl.handle.net/10453/146141