The financial services industry still features a limited number of women in leadership roles: as of 2021, women held only 21% of board seats, 19% of C-suite positions, and 5% of CEO roles (Deloitte, 2022). However, female directors are associated with stronger monitoring, lower risk appetite, and greater institutional resilience. This study investigates whether the presence of women on boards influences the success of M&A transactions. We examine a sample of M&As conducted between 2013 and 2021 by Western European acquirers across global targets. Regression analyses assess the impact of female board participation across three phases: pre-merger, execution, and post-merger. The results suggest that higher female representation correlates with smaller transaction sizes and lower acquisition premiums. Additionally, companies with more women on their boards exhibit better post-merger performance. These findings highlight the relevance of gender diversity in enhancing the quality and outcome of strategic corporate decisions such as mergers and acquisitions.

The impact of gender diversity on M&A process results

Gigante, Gimede
;
Sironi, Emiliano
2025

Abstract

The financial services industry still features a limited number of women in leadership roles: as of 2021, women held only 21% of board seats, 19% of C-suite positions, and 5% of CEO roles (Deloitte, 2022). However, female directors are associated with stronger monitoring, lower risk appetite, and greater institutional resilience. This study investigates whether the presence of women on boards influences the success of M&A transactions. We examine a sample of M&As conducted between 2013 and 2021 by Western European acquirers across global targets. Regression analyses assess the impact of female board participation across three phases: pre-merger, execution, and post-merger. The results suggest that higher female representation correlates with smaller transaction sizes and lower acquisition premiums. Additionally, companies with more women on their boards exhibit better post-merger performance. These findings highlight the relevance of gender diversity in enhancing the quality and outcome of strategic corporate decisions such as mergers and acquisitions.
2025
2025
Andreassi, Erica; Gigante, Gimede; Sironi, Emiliano
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Utilizza questo identificativo per citare o creare un link a questo documento: https://hdl.handle.net/11565/4073316
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