While research shows female CEOs conduct fewer acquisitions than male CEOs, the mechanisms driving this difference remain debated. Drawing on upper echelons and gender role theories, we challenge the prevailing assumption that only risk aversion explains this pattern. Using a sample of over 1,000 acquisition deals by US public firms over 20 years, we examine how risk-taking and communion—the tendency to prioritize relationships and collaboration—mediate the relationship between CEO gender and acquisition frequency. Our findings reveal that communion, not risk-taking, mediates this relationship. The mediating effect of communion is significantly stronger than risk-taking, suggesting that female CEOs may pursue fewer acquisitions due to greater emphasis on stakeholder relationships rather than risk aversion. Additionally, board gender diversity weakens the mediating effect of communion, indicating that diverse boards provide knowledge-based advantages that diminish the communion-based relational concerns that inhibit pursuing strategic growth opportunities. These findings advance our understanding of gender differences in strategic decision-making and challenge assumptions about female leadership styles. Our study contributes to upper echelons theory by highlighting the importance of considering gendered leadership traits beyond risk preferences and offers practical implications for board composition and strategic decision-making.
