The impact of director age on acquisition activity

摘要

The objective of this paper is to examine the impact of director age on acquisition activity I investigate the relationship between the average director age and a firm’s acquisition propensity My results do not show that young directors are more likely to approve acquisition than old directors because old directors tend to be more risk averse The impact of the average director age on acquisition is not significant if the merger is less risky such as cash offer acquisition form or both the acquiring firm and target company are in the same industry Old directors are not necessarily more willing to approve acquisition than young directors if the acquisition is regard as less risky As a result the average director age is not associated with a firm’s tendency to undertake acquisitions

獎項日期	2017 6月 30
原文	English
監督員	Ping-Hsun Huang (Supervisor)