Wu, YDing, LSong, XChen, J2023-07-192023-07-192023-06-21Sage Open, ISSN: 2158-2440 (Print); 2158-2440 (Online), SAGE Publishing, 13(2). doi: 10.1177/215824402311826492158-24402158-2440http://hdl.handle.net/10292/16431In this paper, we aim to investigate the impact of the top management team (TMT) on the performance of cross-border M&A, using a sample of 270 cross-border M&A events of Chinese listed companies. We find that the heterogeneity of TMT characteristics could affect the performance of cross-border M&A in different ways. More specifically, a higher heterogeneity in gender can improve the M&A performance significantly, while more heterogeneities in tenure and overseas background lead to a significant reduction in long-term and short-term M&A performances, respectively. We believe that our study can contribute to a different perspective for the selection of the executive teams of M&A companies. This, in turn, is conducive to optimizing the structure of the senior management team, and may help companies make better decisions and improve their performance.https://creativecommons.org/licenses/by/4.0/47 Language, Communication and Culture44 Human Society1302 Curriculum and Pedagogy1608 Sociology1699 Other Studies in Human Society44 Human society47 Language, communication and cultureJournal ArticleOpenAccess10.1177/21582440231182649