Research On The Impact Of The Proportion Of Female Executives In Listed Companies On Cross-border M&A

In the context of economic globalization,cross-border capital flows and the wave of cross-border mergers and acquisitions continue to rise.After the reform and opening up,the status of women has continued to improve,and China’s economy has continued to develop.It has promulgated relevant "going out" clauses to allow many domestic companies to implement cross-border M&As.With its strong development strength and extensive financing activity channels,Chinese listed companies have occupied a dominant position in cross-border mergers and acquisitions,but the success rate is not high.The lack of experience and the lack of scientific and rational cross-border mergers and acquisitions have brought huge losses to many companies.In addition,the decision-making ability of a company’s senior executives directly determines the company’s operational efficiency and economic benefits,and determines the success or failure of cross-border mergers and acquisitions.Correct and scientific leadership decision-making can improve the efficiency of M&A behavior and shorten the time span of M&A.The characteristics of individual behavior have been studied and explored by more and more economists,especially in the economic and financial fields,scholars have begun to pay attention to the influence of senior management.This topic mainly studies the relationship between the proportion of female executives and the success rate of cross-border mergers and acquisitions and the time required for cross-border mergers and acquisitions.It is based on the theory of high-level echelon theory,agency theory and behavioral economics.Analysis and research results show that: first,there is a negative correlation between the proportion of female senior management personnel and the success rate of cross-border M&A.Second,the proportion of female executives has a significant positive impact on the time it takes for companies to complete cross-border M&A transactions.Third,corporate ownership has a moderating effect,that is,therelationship between the proportion of female executives and the success rate of cross-border M&A by non-state-owned enterprises has a positive moderating effect.Fourth,state-owned enterprises have a positive regulatory effect on the relationship between the proportion of female executives and the time it takes to complete cross-border mergers and acquisitions.Fifth,the social capital of female executives plays a certain intermediary role between the proportion of female executives,the success rate of cross-border M&A and the completion time of cross-border M&A transactions.In general,discussing the impact of the characteristics of the top management of listed companies on cross-border mergers and acquisitions will provide feasible policy recommendations for the future development of listed companies that have“going out” and those that are preparing for cross-border mergers and acquisitions.