CEO gender and M&As: New evidence from China

IF 4.8 2区经济学 Q1 BUSINESS, FINANCE

Pacific-Basin Finance Journal Pub Date : 2025-01-12 DOI:10.1016/j.pacfin.2025.102676

Yi-Wen Chen , Li-Hong Chu , Chu-Bin Lin , Ping-Yu Zhao

引用次数: 0

Abstract

In the context of the Chinese market, this study examines whether female CEOs differ from male CEOs in their mergers and acquisitions (M&A) activity. Our findings reveal that female CEOs engage in more M&As than male CEOs, a result that contrasts with evidence from the United States. Further analysis shows that the positive effect of female CEOs on M&A likelihood is amplified in environments with significant gender inequality. In addition, M&As led by female CEOs generate stronger positive market reactions than those led by male CEOs, suggesting these transactions are of higher quality. The results remain robust even after addressing potential endogeneity concerns. Our research provides new insights into the relationship between CEO gender and M&A likelihood, offering a fresh perspective on this social and economic phenomenon in China.

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来源期刊

Pacific-Basin Finance Journal BUSINESS, FINANCE-

CiteScore

6.80

自引率

6.50%

发文量

157

期刊介绍： The Pacific-Basin Finance Journal is aimed at providing a specialized forum for the publication of academic research on capital markets of the Asia-Pacific countries. Primary emphasis will be placed on the highest quality empirical and theoretical research in the following areas: • Market Micro-structure; • Investment and Portfolio Management; • Theories of Market Equilibrium; • Valuation of Financial and Real Assets; • Behavior of Asset Prices in Financial Sectors; • Normative Theory of Financial Management; • Capital Markets of Development; • Market Mechanisms.