67
Share

Cross-border M&A and Board Gender Diversity

发布人：李志惠 发布日期：2022-10-26阅读次数：67

Topic：Cross-border M&A and Board Gender Diversity

Speaker：Bao Yangming（Assistant Professor, International School of Economics and Management, Capital University of Economics and Business）

Host：Lu Di, Assistant Professor, Lingnan College

Time and Date：14:30-17:30, Sep.23, 2022

Venue: Third floor, Lingnan hall

Language: English +Chinese

Tencent meeting: 219-189-043

Password: 123123

 

                                                 

 

Abstract:

This paper investigates the impact of cross-border M&A on corporate board gender diversity, with a particular focus on the role of the target countries' gender-equal culture. Using the first-difference estimation based on Chinese listed firms from 2008 to 2019, we find that acquiring targets in countries with more gender-equal views is associated with higher board female ratios. These results stand when a wide range of country characteristics as well as alternative measures of gender equality are considered. To alleviate the potential selection bias concerns, we utilize the Propensity Score Matching techniques and a two-stage treatment effect model that considers exogenous factors of destination choice, including direct flights and industry comparative advantages. Finally, we find that firms investing in more gender-equal countries tend to improve financial performance and innovation following the cross-border M&A, especially for those increase board female representation, indicating synergy gains of such adjustment.

 Profile of the speaker:

Bao Yangming, an assistant professor at the School of International Economics and Management, Capital University of Economics and Business, received his doctorate degree in finance from the University of Frankfurt in 2019. His main research interests are corporate finance and financial intermediary. His research projects involve bank lending, green innovation financing, cross-border mergers and acquisitions, China's debt issues, etc. His research has been published in Journal of Corporate Finance, a top English academic journal in the field of corporate finance.