Types of variables | Variable symbol | Variable name | Variable meaning |
Dependent variable | Divdi,t | Whether there is diversified M & A | If in the tth, company i has diversified M & A, then Divi, t = 1, otherwise Divi, t = 0 |
Divvi,t | Scale of diversified M & A | The total amount of diversified M & A in a year (logarithm) | |
Explanatory variable | Female | Whether there are female executives | If there are female executives in the company, the value is 1, otherwise it is 0 |
Female_Rate | Proportion of female executives | The percentage of women in the total number of directors, supervisors and senior executives of the company | |
FTMage | Average age of female executives | Average age of female executives | |
FTMedu | Average educational level of female executives | Total score of executives/total number of executives. Technical secondary school and below = 1; college = 2; undergraduate = 3; master = 4; doctoral degree and above = 5. | |
Control variable | Cash_Ratio | Cash flow ratio | Net cash flow from operating activities/year-end current liabilities |
Size | Company size | The natural logarithm of the book value of total assets at the end of the year before the diversified M & A transaction | |
ROA | Profitability | The ratio of the net profit to the total asset balance at the end of the year before the diversified M & A transaction | |
ROE | Return on equity | Profit after tax/average shareholders’ equity (owners’ equity) | |
Lev | Debt-to-asset ratio | The ratio of the book value of liabilities to the book value of total assets at the end of the year before the diversified M & A transaction | |
Indp | Independent director proportion | Number of independent directors/number of directors | |
CEO_Gender | whether the CEO is female | If the company’s CEO is a female, the value is 1, otherwise it is 0 | |
Chair_Gender | whether the chairman is female | If the company’s chairman is a female, the value is 1, otherwise it is 0 | |
Fe_CEO | The number of female CEO | Number of female financial executives | |
Tagr | Total assets growth rate | (Total assets at the end of the year − total assets at the beginning of the year)/Total assets at the beginning of the year | |
Tatr | Total asset turnover rate | Total sales revenue/average total assets | |
Year | Year | Year dummy variable | |
Industry | Industry | Industry dummy variable |