Abstract

International expansion strategies can be influenced by factors such as personality traits and perceptions of CEOs and founders. Gender is recognized as a dimension of top management that shapes such strategies. This research examines the factors that influence managers' decisions in the international expansion strategy of fast-growing digital businesses. By using Bayesian Networks, a probabilistic model, the study aims to discover connections between international expansion and gender-related influences. It also aims to assess how gender affects managers' decision-making processes in this specific context. The survey sample consisted of digital companies located in Amsterdam, Berlin, London, New York and Paris. Strict criteria were applied to select the organizations. Participation in the study was limited to founders and/or CEOs only. Differences in management style between genders can be inferred. Male managers are significantly influenced by Growth through acquisitions and Pre-IPO planning, with a positive impact. Creating and managing an effective board of directors has the greatest positive influence on female managers, followed by Exits and Acquisitions. Gender significantly influences management preferences and decision-making in international expansion strategies. The study reveals distinct patterns between men and women. Risk aversion is more pronounced among women, leading them to favor cautious and conservative strategies. On the other hand, men are more likely to take risks and have more aggressive growth strategies. The variations observed in growth strategy priorities highlight the existence of distinct management approaches, offering valuable guidance to both investors and managers when making decisions. The study highlights the effectiveness of Bayesian networks as a valuable analytical tool for studying growth strategies and supporting gender-related research in this field.

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