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

IF 9.4 3区 管理学 Q1 BUSINESS, FINANCE Journal of International Financial Management & Accounting Pub Date : 2020-11-18 DOI:10.1111/jifm.12124
Corneel Defrancq, Nancy Huyghebaert, Mathieu Luypaert
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引用次数: 12

摘要

我们研究了收购方董事会的规模和组成与欧洲大陆2230家上市公司的股东异常回报之间的关系。虽然董事会规模被证明是无关紧要的,但我们的研究结果确实提供了一些证据,证明董事会多元化对并购价值创造的有益影响。性别多样性与收购方股东异常回报呈微弱正相关。一般来说,除非收购国的法治薄弱,否则外国董事的比例并不是显著的正相关。然而,在纯粹的国内收购中,董事会的国籍多元化是有害的。年龄多样性的影响略显积极,但仅限于国内和横向收购。其次,独立董事的比例对收购方CAR有强大的积极影响,而多个董事会任命的董事被证明是有价值的,特别是通过防止公司追求糟糕的收购。最后,只有在收购方发起的、不受个人或家族股东控制的行业多元化交易中,CEO双重性才有害。当收购方与所在国的法治条件较强时,任何负面的ceo二元性效应都会得到缓解。
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Influence of acquirer boards on M&A value creation: Evidence from Continental Europe

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.

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来源期刊
CiteScore
9.10
自引率
2.00%
发文量
23
期刊介绍: The Journal of International Financial Management & Accounting publishes original research dealing with international aspects of financial management and reporting, banking and financial services, auditing and taxation. Providing a forum for the interaction of ideas from both academics and practitioners, the JIFMA keeps you up-to-date with new developments and emerging trends.
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