A Study Of The Impact Of Heterogeneity Of Top Management Team On Cross-Border M&A Performance

Under the background of "One Belt And One Road",more and more enterprises in China begin to conduct cross-border M&A.Therefore,it is necessary to study how enterprises can effectively improve their performance in cross-border M&A to achieve their sustainable development in the future.Top management team are decision makers and practitioners in the cross-border M&A,their integration play an important role in the whole process,therefore,from the perspective of enterprise top management team building,this paper discusses the effects of heterogeneity of top management team on enterprise cross-border M&A performance to provide advice on the construction of the top management team of enterprises engaged in cross-border M&A.This paper selects 299 cross-border mergers and acquisitions of A-share listed companies in Shanghai and Shenzhen from 2013 to 2018 as samples,using higher-order theory,decision-making theory,social generalization theory and the principal-agent theory as the foundation,combining the method of literature research,theoretical analysis and empirical test to study the impact of gender,function,internationalization(overseas background),age,tenure and education level heterogeneity of top management team on enterprise cross-border M&A performance,at the same time,join the ownership concentration as moderators to study the impact mechanism.It is found that heterogeneity of top management team has a significant impact on the performance of cross-border M&A.Among them,the heterogeneity of age of top management team has a significant negative impact on the performance of cross-border M&A.The heterogeneity of internationalization(overseas background)of top management team has a significant positive effect on the performance of cross-border M&A.The heterogeneity of executive tenure has a significant negative effect on the performance of cross-border M&A.At the same time,ownership concentration plays a moderating role in the relationship between the heterogeneity of top management team and the performance of cross-border M&A.Ownership concentration reduces the negative impact of age heterogeneity on the performance of cross-border M&A.Ownership concentration reduces the negative impact of tenure heterogeneity on theperformance of cross-border M&A.Therefore,this paper holds that,enterprises should pay attention to the following points in the construction of the top management team when conducting cross-border M&A: the introduction and training of senior executives with overseas background,to ensure a certain level of internationalization and heterogeneity of the executive team;Pay attention to the age consistency of the senior management team members and reduce the age gap among the team members;Avoid frequent changes of senior executives,reduce differences in tenure between senior executives,and ensure team stability;Appropriately raise enterprise equity concentration degree.