| Summary: | 碩士 === 國立中正大學 === 財務金融系研究所 === 107 === We examine the impact of board diversity on company acquisition activities. Using a multidimensional measure, we find that directors with different skills have a higher tendency to execute M&A decisions. We then separately examine the effects of board diversity on short-term and long-term acquisition performance. Every coin has two sides, the diversity of a board allows directors to have more ideas to improve company performance, and it can also lead to excessive communication costs. Although the relation between announcement returns and board diversity is not strong enough, we find that long-term operating performance is actually affected by board diversity, and the relation is positive and significant.
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