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The impact of corporate governance on post-M&A performance: a comparative analysis across two regions-an analysis of the effect of CEO duality and board seniority
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This study examines how corporate governance shapes post-M&A performance across Anglo Saxon and Continental European firms. Using 214 acquisitions and OLS regressions linking eight governance characteristics to changes in Tobin’s Q, the results show that governance
effects are not uniform across institutional settings. This study finds no systematic evidence that CEO duality or board seniority influences post-M&A performance across Anglo-Saxon and Continental European firms. Although theory suggests that unified leadership and
accumulated board experience may either enhance strategic coherence or weaken monitoring and adaptability, the empirical results show no statistically significant effects
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Corporate governance Mergers & acquisitions Post-M&A performance Board characteristics CEO duality Board seniority Board age Board tenure Anglo-Saxon Continental Europe Delta Tobin’s Q