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Board of Director Involvement and Acquisition Premiums: A Process Perspective

Despite evidence that the board of directors plays a role in overall M&A decisions, limited research has addressed the board’s involvement in M&A negotiations. We examine this role, and consider the effects of board of director involvement on a major negotiation outcome – the acquisition premium. In doing so, we consider the dual roles of the board as both being involved in a monitoring capacity and an advising capacity. Moreover we consider three process variables, negotiation speed, debate, and acquirer experience, as moderators of the involvement – premium relationship. We test our hypotheses on 113 deal negotiations, and find that both board monitoring involvement and advising involvement influence acquisition premium decisions. Further, we find negotiation speed and acquirer experience moderate these relationships.