Returnee Managers And Firms' International Strategy

Under the background of the integration of the world economy and the formation of a global competitive pattern,the rapid development of the economy and information technology has brought new opportunities for the internationalization of enterprises.How to optimize resource allocation and seek new profit growth points globally is the major issues facing by Chinese enterprises and is the hot topic in academic community simultaneously.In recent years,the academic community has discussed the key factors affecting the enterprise's internationalization strategy from the system level and the company level.However,it has overlooked the possible impact of differences in individual traits of senior executives on the nationalization strategy of the company.In globalization,the transnational movement of human capital has become more frequent.As China's economy has grown rapidly and has played an increasingly important role on the world stage,a large number of overseas talents have chosen to return to China(to come to China),resulting in a phenomenon of “backwater return”.This provides an opportunity for this article to examine the effects of “returnees” executives on corporate internationalization strategies from a micro-level perspective.In view of this,this article takes the 2007-2016 A-share listed company's annual data as a research sample,and examines the effect of executives' "returnees" background on the company's internationalization strategy based on the high ladder teams and social capital theory.Which also examines the degree of regions open to outside and market competition,and the role of regulation of relationship between them.Empirical studies have found that:(1)“Returnees” executives have significantly promoted the internationalization strategy of enterprises: With the same conditions,companies that employ “returnees” executives have a significantly higher degree of internationalization.The higher the ratio of senior executives,the higher the degree of internationalization of the company.(2)The degree of opening up to the outside world has a significant regulatory effect on the relationship between the “returnees” executives and the degree of internationalization of enterprises: compared with the areas with high degree of openness to the outside world,the role of “returnees” is more promotional to the low levels of openness to the outside.Compared with areas with low levels of openness to the outside world,the role of “returnees” in the implementation of product internationalization strategies by enterprises is more pronounced in areas with higher openness to the outside world.(3)The degree of product market competition has a marked regulatory effect on the relationship between the “returnees” executives and the degree of internationalization of enterprises: The fierce competition environment in the domestic market will help strengthen the “returnees” executives international strategy of enterprises positive effects.Further research found that compared with overseas study experience and non-essential "returnees" executives,the executives' overseas work experience and main "returnees" executives have a more pronounced role in promoting the company's internationalization strategy.Based on the above conclusions,this article has obtained the following enlightenment: First,under the background of the prosperous social economy and the introduction of national policies for introducing intelligence,“returnees” talents,as a special carrier of international knowledge transfer,are playing an increasingly important role in the promotion of China's internationalization.Secondly,the conclusion of this study shows that the flow of international talents and the return of “returnees” do indeed carry the role of knowledge transfer vehicles and are conducive to promoting the internationalization of home country enterprises.At present,China is facing a crucial stage of the transformation of economic growth and the development strategy of “going out”.Relevant government departments should further increase their efforts in attracting talents,and encourage and attract high-level talents overseas to return home.This study not only highlights the important role of human capital in the internationalization strategy of the company,but also expands the research on the topics of “influence of senior executives' early experience on corporate decisions”,and provides empirical evidence of assessing study abroad with nation fund,attracting talents and other macro policies.