An Empirical Study On The Female Proportion Of Top Management Team,Economic Policy Uncertainty And The Performance Of Mergers And Acquisitions

The behavior of mergers and acquisitions(M&A)is an important way for a company to expand rapidly and enhance its market competitiveness.How to efficiently and reasonably carry out M&A activities in order to realize the adjustment of industrial upgrading and internal governance of the company? This is a hot spot for company managers and government departments.In recent years,the procedure of M&A in China tends to be simplified,and the behavior of M&A in the market is gradually increasing.However,whether these M&A actions are effective and whether they can achieve the initial goal of M&A remains to be discussed.As the core human capital of the company,the top management team(TMT)plays an important role in the merger and acquisition activities of the company.How does it affect the performance of the merger and acquisition of the company? In recent years,with the improvement of female social status,they play a more and more important role in the workplace.The research is less well established on the impact of female proportion in TMT on M&A performance.Considering the influence of economic policy uncertainty on corporate investment,this paper considers the female proportion in TMT and the economic policy uncertainty to study the relationship about M&A performance.Based on the empirical study of Shanghai and Shenzhen A-shares from 2010 to2014,this paper considers the female proportion in the TMT and the economic policy uncertainty as the independent variable,and the M&A performance as the dependent variable.On the basis of upper echelons and real option theory,this paper explores the relationship between the two factors and M&A performance respectively.Furthermore,the economic policy uncertainty is divided two groups according to the average value to explore whether the high and low groups can highlight or weaken the relationship between the female proportion in TMT and the M&A performance of the company.The empirical results show that there is a positive influence between the female proportion of TMT and the M&A performance,and there is a negative influencebetween the economic policy uncertainty and the M&A performance.The improvement of the economic policy uncertainty will highlight the positive influence between the female proportion of TMT and the M&A performance.The significance of this paper is to help to explain the internal relationship between the female proportion of TMT,the economic policy uncertainty and the performance of M&A under the background of special national conditions in China,and to enrich the research on the influencing factors of M&A behavior.It is of great significance to improve the quality and efficiency of M&A,improve the M&A performance of listed companies,achieve the sustainable development of listed companies.It is also helpful for macroeconomic policy makers to better understand the impact of economic policy uncertainty and the effect of implementation.