Female CEOs are 40% more likely to get buyout offers—not because they're seen as weak, but because they're better at merging complex companies.
SSRN · March 18, 2026 · 6431441
The Takeaway
While stereotypes suggest female-led firms might be seen as 'vulnerable' targets, data shows they are specifically sought out for difficult, high-stakes mergers that require intense cultural and operational integration. These deals are frequently initiated by other female CEOs and result in superior long-term stock and innovation performance.
From the abstract
We examine whether CEO gender shapes acquisition targeting in the market for corporate control. Using a panel of S&P 1,500 firms, we find that firms led by female CEOs are approximately 2 percentage points (roughly 40% relative to the base rate) more likely to become acquisition targets. To assess whether this pattern reflects biased or well-calibrated belief formation, we examine acquirer identity, deal structure, and transaction context. Our results show that female-led targets are disproporti