The impact of director gender on European firms' M&A activity

• Main Author: Lundstroem, Joakim Magnus Gunnar
• Other Authors: Custódio, Cláudia
• Language: English
• Published: 2016
• Subjects: Fusões e aquisições; Excesso de confiança; Gender; Mergers and acquisitions; Overconfidence; Economia; Empresas - Fusão e incorporação; Executivos - Europa; Mulheres nas profissões; Confiança
• Online Access: http://hdl.handle.net/10438/17315

Submitted by Joakim Magnus Gunnar Lundstroem ([e-mail]) on 2016-10-09T11:07:45Z No. of bitstreams: 1 2015-16_S2-26272-16-Joakim_Lundstrom.pdf: 1623435 bytes, checksum: 5758893689764d8f585298b54d93175f (MD5) === Rejected by Ana Luiza Holme ([e-mail]), reason: Dear Joakim, Your Thesis is complete diferente from the structure that should be. In the email that I send there is a model of thesis. please follow the instructions that I send. All work must be done using the standards defined by ABNT or APA (American Psychology Association): http://bibliotecadigital.fgv.br/site/bkab/normalizacao. I wil send you again the model. Don't forget to ask for the Ficha catalográfica. Best. Ana Luiza Holme 37993492 on 2016-10-10T12:30:51Z (GMT) === Submitted by Joakim Magnus Gunnar Lundstroem ([e-mail]) on 2016-10-16T15:03:48Z No. of bitstreams: 1 Thesis (FGV format).pdf: 1732937 bytes, checksum: bdd99263101d589a80ed3f2d9e618d1a (MD5) === Rejected by Ana Luiza Holme ([e-mail]), reason: Dear Joakim, The acknowledgment is missing. It should be before the resumo. The number of the pages should count from the first page but only appear in the introduction example: intraduction page 10. best. Ana Luiza Holme 37993492 on 2016-10-17T11:56:02Z (GMT) === Submitted by Joakim Magnus Gunnar Lundstroem ([e-mail]) on 2016-10-21T05:04:30Z No. of bitstreams: 1 Thesis (FGV format).pdf: 1734588 bytes, checksum: 1f9d52f804cfd2f19264adfdbc549879 (MD5) === Approved for entry into archive by Ana Luiza Holme ([e-mail]) on 2016-10-21T12:26:34Z (GMT) No. of bitstreams: 1 Thesis (FGV format).pdf: 1734588 bytes, checksum: 1f9d52f804cfd2f19264adfdbc549879 (MD5) === Made available in DSpace on 2016-10-21T12:31:09Z (GMT). No. of bitstreams: 1 Thesis (FGV format).pdf: 1734588 bytes, checksum: 1f9d52f804cfd2f19264adfdbc549879 (MD5) Previous issue date: 2016-09-28 === Academic literature in finance and economics indicates that women are different from men in their choices and preferences. Women are generally viewed as being less overconfident and more risk averse than men, but little is known about how gender impacts decisions in the context of mergers and acquisitions (M&A) in Europe. In this dissertation I examine if the female behavioral traits influence the firms´ acquisition behavior. I test the hypothesis whether female directors, being less overconfident, overestimate less the gains from mergers. Under this hypothesis, female directors are expected to be less likely to initiate an acquisition bid. Conditionally on bidding, they are expected to pay a lower bid premium for the target firm. This study finds that each female director relates to approximately 13% more bids. However, the hypothesis regarding the impact of director gender on the size of bid premium could not be tested. The fraction of females on the board is statistically insignificant, hence, it could not be statistically confirmed that there exists a negative association between the fraction of female directors on the acquiror board and the size of the bid premium paid for the acquisition. === Literatura acadêmica em finanças e economia indica que as mulheres são diferentes dos homens em suas escolhas e preferências. Mulheres são geralmente vistos com menos excesso de confiança e mais avessos ao risco do que os homens, mas pouco se sabe sobre como o gênero decisões impactos no contexto de fusões e aquisições (M&A) na Europa. Nesta dissertação examino se as características comportamentais do sexo feminino influenciar o comportamento de aquisição das empresas. Eu examino a hipótese de se diretores do sexo feminino, tendo menos excesso de confiança, superestimar menos os ganhos com as fusões. Nesta hipótese, os diretores do sexo feminino são esperados para ser menos propensos a iniciar uma oferta de aquisição. Condicionalmente a licitação, eles são esperados para pagar um prémio lance menor para a empresa-alvo. Este estudo mostra que cada diretor feminina refere-se a aproximadamente 13% mais lances. No entanto, a hipótese sobre o impacto do gênero diretor do tamanho do prémio proposta não poderia ser testada. A fração de mulheres no conselho é estatisticamente insignificante, portanto, não poderia ser comprovado estatisticamente que existe uma associação negativa entre a fração de diretores do sexo feminino na placa adquirente e do tamanho do prémio lance pagado pela aquisição