Does Overseas Background of Executives Influence Enterprises'Cross-border Mergers and Acquisitions Behavior?:Based on Empirical Evidence from China
This article analyzes the impact of overseas backgrounds of executives on enterprises'cross-border M&As behavior by using the data of Chinese A-share listed companies from 2012 to 2020.The results indicate that companies with overseas executives are more inclined to engage in cross-border mergers and acquisitions.Mechanism testing shows that executives with overseas back-grounds have a positive impact on cross-border M&As behavior through international perspective effects,overcoming the disadvan-tage effects of outsiders,and investment decision-making effects.The moderating effect analysis shows that overconfidence of ex-ecutives negatively moderates the impact of overseas backgrounds of corporate executives on cross-border M&As behavior,while bilateral political relations have a significant positive moderating effect on the relationship between overseas backgrounds of corpo-rate executives and cross-border M&As behavior.The results of heterogeneity analysis indicate that executives with overseas work backgrounds and those with shorter tenure have a more significant promoting effect on M&As behavior,and executives with over-seas backgrounds are more advantageous in the M&As behavior of small-scale enterprises,non-high-tech enterprises,labor-inten-sive enterprises and non-manufacturing enterprises.This research reveals the mechanism of overseas background executives influ-encing cross-border M&As behavior,enriches the realistic situation description of cross-border M&As behavior of Chinese enter-prises,and provides a new idea for optimizing the"going out"of Chinese enterprises.
万方数据
维普
