RETURNED EXECUTIVES AND INTERNATIONALIZATION OF ENTERPRISES——Empirical Study on China's Listed Hightech Companies

Abstract

Abstract: The influence of returned executives on enterprises internationalization has two different effects: resource effect and cultural conflict effect, which determine the final influence of returned executives on enterprises internationalization. This paper takes the hightech listed companies in China from 2011 to 2017 as the sample, and makes an empirical analysis on how returned executives affect the internationalization of enterprises and the moderating effect of corporate absorptive capacity and CEO duality. The results show that: (1) Returned executives are significantly and positively correlated with enterprise internationalization. (2)The absorptive capacity of enterprises significantly strengthens the positive relationship between returned executives and enterprises internationalization. (3)CEO duality weakens the positive relationship between returned executives and enterprises internationalization. (4) Executives with both overseas working experience and overseas education experience have the strongest promotion effect on enterprise internationalization, and executives with only overseas education experience have the weakest effect in promoting enterprise internationalization. (5) There is a significant and positive correlation between returned executives and enterprise internationalization in the eastern regions, while there is no such correlation in the central and the western regions. (6) In complete competitive markets, there is a significant and positive correlation between returned executives and enterprise internationalization, while in monopolistic competitive markets, the correlation of returned executives and enterprise internationalization is positive, but not statistically significant.

Key words: returned executives, internationalization, cultural conflict, resource effect

摘要： 海归高管对企业国际化的影响具有资源效应和文化冲突效应，两种效应的高低决定了海归高管对企业国际化的最终影响。本文以 2011—2017 年中国高科技上市公司为研究样本，针对海归高管如何影响企业国际化和企业吸收能力以及CEO两职兼任的调节效应进行实证分析，检验结果显示：（1）海归高管与企业国际化显著正相关，资源效应大于文化冲突效应；（2）企业吸收能力增强了海归高管与企业国际化的正向关系；（3）CEO两职兼任减弱了海归高管与企业国际化之间的正向关系；（4）既具有海外工作经历又具有海外教育经历的高管对企业国际化的促进作用最强，仅具有海外教育经历的高管对企业国际化的促进作用最弱；（5）东部地区海归高管与企业国际化表现为显著的正相关，中西部地区海归高管与企业国际化的正向关系不显著；（6）在完全竞争市场，海归高管与企业国际化显著正相关，在垄断竞争市场，海归高管与企业国际化的系数为正，但是统计上不显著。

关键词: 海归高管, 国际化, 文化冲突, 资源效应

YAO Kai, WANG Yajuan. RETURNED EXECUTIVES AND INTERNATIONALIZATION OF ENTERPRISES——Empirical Study on China's Listed Hightech Companies[J]. Economic Theory and Business Management, 2020, 40(11): 55-71.

姚凯, 王亚娟. 海归高管与企业国际化*——基于我国高科技上市公司的实证研究[J]. 经济理论与经济管理, 2020, 40(11): 55-71.

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