第二百三十期财务与会计学术论坛

发布者:xieying 发布时间：2017-04-24 17:29:40 浏览数： 次 [ 返回 ]

时间：2017年4月28日（周五）15:00-16：30

地点：嘉庚二号楼501教室

题目：Influence of Acquirer Boardson M&AValue Creation——Evidence from Continental Europe

报告人：NANCY HUYGHEBAERT，Full Professor in finance, KU Leuven, Belgium

主持人：王荔红，厦门大学财务管理与会计研究院财务学副教授

论文摘要：

Manuscript Type: Empirical

Research Question/Issue: We examine how the size and composition of acquirer boards are associated with acquirer shareholder abnormal returns at deal announcement for a sample of 2,230 M&As initiated by listed firms in Continental Europe.

Research Findings/Insights: We find that the number of directors on acquirer boards is not related to M&A announcement returns. Next, our results provide mixed conclusions as to a beneficial effect of board diversity on M&A value creation. While we find some weak evidence that gender and age diversity are positively associated with acquirer shareholder abnormal returns, we also detect that the fraction of foreign directors has a significant negative effect; the latter appears to be driven by the domestictakeovers in our sample. Next, we show that the fraction of directors with multiple board appointments is positively associated with M&A value creation, particularly in cross-border and industry-diversifying deals. Also, boards with a larger fraction of independent directors are associated with higher M&A announcement returns. Finally, and in contrast to earlier studies on US M&As, CEO duality is onlydetrimental for shareholder value in industry-diversifying M&As made by firms that are not controlled by an individual or a family shareholder.

Academic Implications: Our paper extends the current literature on the effects of board size and composition on firm performance by exploring its role in a Continental European M&A setting, which is characterized by powerful shareholders and poor investor protection. While prior research has examined the role of specific board construct variables, particularly in a US setting, only few studies have investigated the role of board structure in its various aspects. Our mixed findings indicate a need for future research to better delineate the conditions under which board diversity is likely to be valuable for firms and their shareholders.

Practitioner/Policy Implications: The results of our study question the recent call from the public and regulation-shaping bodies for more diversity in board composition, at least in an M&A setting. In contrast, we do show that director networks and independence have important beneficial effects. Our study also identifies a number of board characteristics that stock market investors in Continental Europe may consider when forming investment portfolios.

报告人简介：

Prof. HUYGHEBAERT got her doctoral and master degrees in Applied Economics from KU Leuven. Her research interests are corporate finance (financing of start-up companies, IPOs, mergers and acquisitions, private equity, and privatizations in China) & corporate governance. She has published papers in top journals such as Journal of Accounting and Economics, European Journal of Finance, and Corporate Governance: An International Review.