女性CEO如何影响中国企业国际化节奏？

《外国经济与管理》 2021年43卷第1期 页码：73 - 91  online：2021年1月9日

女性CEO如何影响中国企业国际化节奏？

How do Female CEOs Influence the Internationalization Rhythm of Chinese Companies?

作者（中）：方宏1, 王益民2 *

作者（英）：Fang Hong1, Wang Yimin2 *

作者单位：1.山东科技大学 经济管理学院，山东 青岛 266590 2.山东大学 管理学院，山东 济南 250100

摘要：尽管CEO性别差异研究在国际商务领域有所突破，却并未在国际化进程研究中得到充分重视。这一疏忽导致CEO性别—国际化绩效方面的实证结果莫衷一是。本文基于管理者认知视角，选取沪深两市A股上市公司2008—2018年的动态面板数据，构建女性CEO影响中国企业国际化节奏的解释模型，并进一步从个体认知和社会认知角度考察CEO性别对国际化节奏产生影响的边界作用。研究发现：首先，女性CEO倾向于采取更加稳健、更具规律性的国际化扩张节奏；其次，女性CEO的受教育程度削弱了女性CEO与国际化节奏规律性之间的影响关系；再次，随着TMT任务导向断裂带强度的增加，女性CEO对规律性国际化扩张节奏的倾向会进一步增强。本文响应战略管理学界“微观基础运动”的倡议，通过构建中国“跳跃式”国际化节奏的微观认知基础理论模型，研究女性CEO与中国企业国际化进程的关系，揭示了中国企业国际化战略异质性的底层逻辑。此外，本文在优化公司治理结构以及提升企业国际化决策质量等方面也具有实践指导意义。

关键词：女性CEO; 国际化节奏; 教育程度; TMT断裂带; 动态面板

Summary: Gender issue is the frontier research field of strategic management. Facing the deep and complex changes produced by the internationalization situation, it becomes a common choice to have females as the CEO of the company. As the decision-makers and leaders of internationalization strategies, how will female CEOs shape the internationalization dynamic process of Chinese companies? The previous studies have not conducted in-depth discussions on the cognitive logic and influence boundaries behind internationalization strategies. Based on the cognitive perspective of managers, this paper takes the important feature of internationalization dynamic process – “internationalization rhythm” as the breakthrough point, chooses the dynamic panel data of A-share listed companies from 2008 to 2018 in Shanghai and Shenzhen stock exchanges to construct female CEOs’ explanation model to the internationalization rhythm of Chinese companies. Further, it examines the boundary effect of CEO genders on the internationalization rhythm from the perspectives of individual cognition and social cognition. The study finds that: Firstly, female CEOs have more comprehensive focus and more objective causal logic, and have relatively low perception of internationalization opportunities. So compared to male CEOs, female CEOs prefer “regular and stable” internationalization expansion. Secondly, with the improvement of CEOs’ education level, the overconfidence of male CEOs is significantly reduced and the rational thinking is increased, which can build up relatively objective “causal logic”; while the education level can enhance female CEOs’ self-confidence in their ability and decision-making behavior and adjust the focus of decision-making, and the gender difference in international decision-making will be reduced. Thirdly, female CEOs who pursue “social role” matching will pay more attention to team identity, and take into account the opinions of each member, thus increasing the degree of distraction and the degree of decision-making prudence. With the increase of the strength of TMT task-oriented faultline, female CEOs’ preference for “regular and stable” internationalization expansion model will be further enhanced. The main contributions of this paper are as follows: Firstly, it brings the focus deep into the internationalization dynamic process, and builds a more context-dependent theoretical model of the internationalization strategic behaviors of Chinese companies based on the characteristics of internationalization expansion rhythm of Chinese companies, to promote the deepening and integration of internationalization process theories. Secondly, based on the bounded rationality hypothesis, it returns to managers’ cognition itself and pays attention to the cognitive characteristics of decision-makers, such as “focus of attention”, “causal logic”, “social cognition”, etc., to deeply reveal the micro-cognition basis behind the “leap-style” internationalization process of Chinese companies and to respond to the call of “micro-basis movement” in the strategic management field. Thirdly, it introduces the variables of CEO individual cognitive ability and TMT team structure to analyze the internal mechanism of CEOs’ decision logic and its effective interaction with TMT. This helps to deepen the understanding of the specific influential mechanism of the internationalization rhythm of Chinese companies. Fourthly, under the situation of anti-globalization and trade protectionism sweeping the world, it has some practical guiding significance in optimizing the company governance structure and improving internationalization decision-making and other aspects.

Key words: female CEOs; internationalization rhythm; education level; TMT faultline; dynamic panel data

DOI：10.16538/j.cnki.fem.20201102.101

收稿日期：2020-4-16

基金项目：国家社会科学基金重大项目（18ZDA057）；国家自然科学基金面上项目（71572098）

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