Female directors and UK company acquisitiveness

Dowling, Michael Mark and Ali-aribi, Zakaria orcid iconORCID: 0000-0001-7772-2341 (2013) Female directors and UK company acquisitiveness. International Review of Financial Analysis, 29 . pp. 79-86. ISSN 1057-5219

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Official URL: http://dx.doi.org/10.1016/j.irfa.2013.04.004


We show that the presence, and proportion, of female directors are strongly related to the level of acquisitiveness of a company. This finding is made through a dataset covering significant size acquisitions made by FTSE 100 constituents over a 12-year time period from 2000 to 2011 and includes multiple controls for potential confounding financial and director characteristics. A novel main testing approach of zero-inflated Poisson regressions is utilised, with a variety of alternative tests and specifications further reported to add to the robustness of the study. The finding draws on psychological and decision-making research showing females to be less overconfident in their decision-making.

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