Female Chief Executive Officers and Cross-Border Mergers and Acquisitions
Date
2024-01-19
Authors
Journal Title
Journal ISSN
Volume Title
Publisher
ORCID
Type
Thesis
Degree Level
Masters
Abstract
The surge in Cross-Border Mergers & Acquisitions (CBMAs) has paralleled the advancements in
global technology, providing opportunities for seamless information exchange. As the landscape
of Chief Executive Officers (CEOs) evolves, literature has taken further interest in CEO gender.
Drawing upon data from WRDS Compustat, Execucomp, and SDC Thomson Platinum spanning
thirty-one years, our study analyzes the relationship between United States CEOs and CBMAs.
The objective of our research is to discover the relationship between CEO gender on CBMA
interactions. Employing a comprehensive set of CEO, firm, and deal-level controls, we present
significant findings. Our analyses indicate female CEOs are less likely to engage in CBMAs, while
using more stock as a method of payment, aligning with financial and behavioral literature of
female CEOs being inherently more risk averse. Our results display there is no statistically
significant relationships between female CEOs, acquisition premium, and deal size. This study
provides further analyses on the unique decision-making tendencies of CEOs based on gender and
gender behaviors, providing valuable results on the patterns influencing their decisions and
consequences.
Description
Keywords
CEO Gender, Behavioral Finance, Acquisition Premium, Payment Method, Cross-Border Mergers & Acquisitions.
Citation
Degree
Master of Science (M.Sc.)
Department
Finance
Program
Finance