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dc.contributor.authorDefrancq, Corneel
dc.contributor.authorHuyghebaert, Nancy
dc.contributor.authorLuypaert, Mathieu
dc.date.accessioned2021-02-02T11:23:08Z
dc.date.available2021-02-02T11:23:08Z
dc.date.issued2021en_US
dc.identifier.issn0954-1314
dc.identifier.doi10.1111/jifm.12124
dc.identifier.urihttp://hdl.handle.net/20.500.12127/6642
dc.description.abstractWe 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.en_US
dc.description.sponsorshipThis work was supported by the Belgian National Bank (project number: NBB/13/03), FWO (project number: G.0810.12), and the Vlerick Academic Research Fund (subsidized by the Flemish government).en_US
dc.language.isoenen_US
dc.publisherWileyen_US
dc.subjectBoard of Directorsen_US
dc.subjectCorporate Governanceen_US
dc.subjectEuropeen_US
dc.subjectMergers and Acquisitionsen_US
dc.titleInfluence of acquirer boards on M&A value creation. Evidence from continental Europeen_US
dc.identifier.journalJournal of International Financial Management & Accountingen_US
dc.source.volume32en_US
dc.source.issue1en_US
dc.source.beginpage21en_US
dc.source.endpage62en_US
dc.contributor.departmentKU Leuven, Leuven, Belgiumen_US
dc.contributor.departmentUGent, Ghent, Belgiumen_US
dc.identifier.eissn1467-646x
vlerick.knowledgedomainAccounting & Financeen_US
vlerick.typearticleJournal article with impact factoren_US
vlerick.vlerickdepartmentAFen_US
vlerick.vlerickdepartmentCMABen_US
dc.identifier.vperid134252en_US
dc.identifier.vperid132517en_US


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