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Influence of acquirer boards on M&A value creation: Evidence from Continental Europe
Journal of International Financial Management & Accounting ( IF 2.808 ) Pub Date : 2020-11-18 , DOI: 10.1111/jifm.12124
Corneel Defrancq 1 , Nancy Huyghebaert 2 , Mathieu Luypaert 1, 2, 3
Affiliation  

We examine how the size and the composition of acquirer boards are associated with shareholder abnormal returns for 2,230 M&As made by listed firms in Continental Europe. Although board size proves insignificant, our findings do offer some evidence as to a beneficial effect of board diversity on M&A value creation. Gender diversity appears marginally positively associated with acquirer shareholder abnormal returns. The fraction of foreign directors is in general not significantly positive, unless the rule of law in the acquirer country is weak. Nonetheless, nationality diversity in the board turns out harmful in purely domestic takeovers. The influence of age diversity is marginally positive, yet only in domestic and horizontal takeovers. Next, the fraction of independent directors has a robust positive effect on the acquirer CAR, while directors with multiple board appointments prove valuable especially through preventing firms from pursuing poor takeovers. Finally, CEO duality is detrimental only in industry‐diversifying deals initiated by acquirers that are not controlled by an individual or a family shareholder. Any negative CEO‐duality effect is mitigated when the acquirer‐country rule of law is strong.

中文翻译:

收购方董事会对并购价值创造的影响:来自欧洲大陆的证据

我们研究了收购方董事会的规模和组成如何与欧洲大陆上市公司进行的2,230项并购产生的股东超额收益相关联。尽管董事会规模微不足道,但我们的发现确实为董事会多元化对并购价值创造的有益影响提供了一些证据。性别多样性似乎与收购方股东的非正常收益正相关。除非在收购国中的法治薄弱,否则外国董事的比例通常不会显着上升。但是,董事会中的国籍多样性在纯粹的国内接管中是有害的。年龄多样性的影响在一定程度上是积极的,但仅在国内和横向接管中。其次,独立董事所占比例对收购方CAR有积极的正面影响,而具有多个董事会任命的董事则证明是有价值的,特别是通过防止公司进行不良收购。最后,CEO二重性仅对由不受个人或家族股东控制的收购方发起的行业多元化交易有害。如果并购方/国家/地区的法治很强,则可以减轻首席执行官对公职人员的任何负面影响。
更新日期:2020-11-18
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