Have female executives made a difference?—The impact of female executives on cross-border mergers and acquisitions in listed companies

Cross-border mergers and acquisitions (M&A) is a key strategy for Chinese companies to achieve international expansion, with senior executives of listed companies significantly influencing these strategic decisions. As the number of female executives increases, their influence on company strategies has become increasingly significant. This study uses data from A-share listed companies on the Shanghai and Shenzhen Stock Exchanges in China from 2010 to 2019, sourced from the Zephyr and CSMAR databases, to examine the impact of female executives on cross-border M&A activities in listed companies through a fixed-effects model. The regression results indicate that female executives in listed companies reduce the company's risk tolerance and increase financial constraints, thereby hindering the implementation of cross-border M&A strategies. Heterogeneity tests reveal that the negative impact of female executives on cross-border M&A is more pronounced in samples with higher levels of gender equality, in the eastern regions, and in state-owned enterprises. This conclusion remains robust even when key explanatory variables are adjusted and the sample is modified, and when Logit and Probit models are employed for re-estimation. Further analysis indicates that equity incentives in listed companies can mitigate the negative impact of female executives on cross-border M&A. In contrast, a higher average age of executives and wider salary gaps exacerbate the negative effect.