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dc.contributor.authorDefrancq, Corneel
dc.contributor.authorHuyghebaert, Nancy
dc.contributor.authorLuypaert, Mathieu
dc.date.accessioned2019-01-14T14:14:14Z
dc.date.available2019-01-14T14:14:14Z
dc.date.issued2017
dc.identifier.urihttp://hdl.handle.net/20.500.12127/6086
dc.description.abstractWe examine how the size and composition of acquirer boards relate to shareholder announcement returns for a sample of 3,289 M&As initiated by European listed firms. We find that board size has an U-shaped relation with M&A announcement returns in Continental Europe. Also, acquirer shareholders in Continental Europe realize significantly larger abnormal returns if boards have a larger fraction of independent and busy directors. Next, our findings question the recent call for more diversity in board composition by the public and by regulation-shaping bodies, at least in the context of M&As. While gender and age diversity prove irrelevant, we show that the proportion of foreign directors is significantly negatively associated with value creation in domestic takeovers. In the case of cross-border M&As, we find no positive effect either. Finally, and contrary to expectations, we detect a significant negative impact of director expertise in the target industry on acquirer shareholder value in industry-diversifying takeovers outside Continental Europe.
dc.language.isoen
dc.subjectM&A
dc.subjectEuropean Takeovers
dc.titleDo acquirer boards influence M&A value creation? Evidence from European takeovers
vlerick.conferencedate07/04/2017-09/04/2017
vlerick.conferencelocationLemesos, Cyprus
vlerick.conferencenameSpring 2017 Conference of the Multinational Finance Society
vlerick.knowledgedomainAccounting & Finance
vlerick.typeconfpresConference Presentation
vlerick.vlerickdepartmentA&F
dc.identifier.vperid134252
dc.identifier.vperid132517


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