Journal ArticleDOI
Doing Good Business by Hiring Directors with Foreign Experience
Reads0
Chats0
TLDR
Wang et al. as mentioned in this paper examined the effects of returnee directors on firms' corporate social responsibility (CSR) engagement, and found that returnee shareholders significantly improved their firms' CSR engagement.Abstract:
Using a manually collected dataset on the overseas experiences of directors of Chinese listed firms, we examine the effects of returnee directors on firms’ corporate social responsibility (CSR) engagement. Our results show that returnee directors significantly improve their firms’ CSR engagement. The positive relationship between the percentage of returnee directors and CSR engagement is more significant when a firm is in a competitive industry, when a firm has no government ownership, when a firm’s CEO is not politically connected, and when a firm’s CEO is older. Furthermore, we find that only long-term foreign professional or academic experience matters, whereas short-term visiting experience does not. Finally, our results are robust after controlling for endogeneity. Therefore, this paper offers clear policy implications by suggesting that hiring more returnees as corporate directors is an efficient way to enhance firms’ CSR, which may be of particular interest to regulators in emerging markets.read more
Citations
More filters
Journal ArticleDOI
Directors with foreign experience and corporate tax avoidance
Wen Wen,Huijie Cui,Yun Ke +2 more
TL;DR: Wang et al. as discussed by the authors examined the impact of directors with foreign experience on corporate tax avoidance in Chinese listed companies and found that non-independent and independent directors have larger impacts on tax avoidance than independent directors.
Journal ArticleDOI
CEO Foreign Experience and Green Innovation: Evidence from China
TL;DR: Wang et al. as discussed by the authors examined whether and how CEO foreign experience affects firm's green innovation and found that the positive relationship is more pronounced in less financially constrained firms, in state-owned enterprises, and in less competitive industries.
Journal ArticleDOI
The effect of institutional investors’ distraction on firms’ corporate social responsibility engagement: evidence from China
TL;DR: Wang et al. as mentioned in this paper investigated the impact of institutional investors on firms' corporate social responsibility (CSR) engagement while controlling for possible endogeneity concerns, and found that managers are less motivated to engage in CSR when they are less monitored by institutional investors.
Journal ArticleDOI
Imitative innovation and financial distress risk: The moderating role of executive foreign experience
TL;DR: The authors investigated how imitative innovation affects firms' financial distress risk and how executive foreign experience moderates this relationship using patent application data for Chinese listed firms. But their results highlight the dark side of IM and the value of executives' foreign experience for firms operating in emerging markets that rely on IM.
Journal ArticleDOI
When to go abroad: economic policy uncertainty and Chinese firms’ overseas investment
TL;DR: The authors study how economic policy uncertainty (EPU) influences firms' overseas investments for Chinese listed companies and find a significant negative relationship between EPU and firms' offshore investments after controlling for firm characteristics and macroeconomic variables Chinese firms seem to reduce their overseas investments on fixed income securities when facing domestic policy uncertainty.
References
More filters
Journal ArticleDOI
Theory of the firm: Managerial behavior, agency costs and ownership structure
TL;DR: In this article, the authors draw on recent progress in the theory of property rights, agency, and finance to develop a theory of ownership structure for the firm, which casts new light on and has implications for a variety of issues in the professional and popular literature.
Journal ArticleDOI
A Dynamic Theory of Organizational Knowledge Creation
TL;DR: In this paper, the authors propose a paradigm for managing the dynamic aspects of organizational knowledge creating processes, arguing that organizational knowledge is created through a continuous dialogue between tacit and explicit knowledge.
Journal ArticleDOI
Transaction-Cost Economics: The Governance of Contractual Relations
TL;DR: For instance, the authors argues that if transaction costs are negligible, the organization of economic activity is irrelevant, since any advantages one mode of organization appears to hold over another will simply be eliminated by costless contracting.
Journal ArticleDOI
Corporate Ownership Around the World
TL;DR: In this paper, the authors use data on ownership structures of large corporations in 27 wealthy economies to identify the ultimate controlling shareholders of these firms, and they find that, except in economies with very good shareholder protection, relatively few firms are widely held, in contrast to Berle and Means's image of ownership of the modern corporation.
Journal Article
Strategy and society: the link between competitive advantage and corporate social responsibility.
Michael E. Porter,Mark R. Kramer +1 more
TL;DR: A fundamentally new way is proposed to look at the relationship between business and society that does not treat corporate growth and social welfare as a zero-sum game and introduces a framework that individual companies can use to identify the social consequences of their actions.