– The purpose of this paper is to uncover the performance effects of top management team (TMT) gender diversity in the merger and acquisition (M&A) process. To do so, an integration of the upper echelons perspective and the M&A process literature is offered to consider the “double-edge sword” of gender diversity on both pre- and post-integration performance. Additionally, the boundary effects of acquirer experience on the TMT gender diversity-performance relationship is examined.
– The hypotheses are tested in a sample of 310 acquisitions by Fortune 1,000 companies. Multiple regression analysis is utilized to test the effects on the two different performance variables.
– The findings reveal that TMT gender diversity is beneficial to pre-integration performance, but hinders post-integration performance. Additionally, the findings provide evidence that acquirer experience can overcome the negative effects of gender diversity in post-integration performance.
– This study contributes to a better understanding of the double-edge sword of TMT gender diversity by providing evidence that performance implications depend on the performance variable of interest. Specifically in the M&A context, gender diversity has differing effects on pre- and post-integration performance.
