دانلود رایگان مقاله انگلیسی تجربه مدیریت خارجی و نوآوری شرکتی - الزویر 2018

Abstract

This study examines the impact of managerial foreign experience on corporate innovation using manually collected data of Chinese listed companies. We find that managerial foreign experience is positively associated with corporate innovation. This association is robust to a series of robustness checks, including the use of Heckman two-step sample selection model, propensity score matching procedure, and the market reaction to the appointing announcements of managers with foreign experience. Further analyses indicate that senior managers with foreign experience have a more significant impact on corporate innovation than junior managers with foreign experience; both foreign study experience and foreign work experience have important impacts on corporate innovation; managers with foreign experience in private enterprises have more initiatives to innovate than in state-owned enterprises; and managers who gain foreign experience in the United States tend to be more influential and innovative than those who have foreign experience from other countries or regions. Overall, our results suggest that managerial foreign experience matters for corporate innovation in emerging markets.

Conclusions

In this paper, we examine the effect of managerial foreign experience on corporate innovation using a sample of Chinese listed firms over the period 2001-2013. In line with theoretical predictions, we find managerial foreign experience to be a significant determinant of corporate innovation. This study extends the prior literature (e.g., Cho et al., 2016; Giannetti et al., 2015) by providing new evidence that managerial characteristics matter for corporate innovation. Our results are beneficial to firms and governments that are interested in promoting innovation. When firms appoint individuals with foreign experience as members of their management teams, their innovation activities tend to be increased. If they gain foreign experience in the developed markets, their impacts on innovation are more significant. In addition, our findings suggest that Chinese governments’ efforts in attracting talents with foreign experience seem to have generated positive impact on corporate innovation and thus should continue.