Research On The Influence Of The Heterogeneity Of Executive Team On The Internationalization Of Enterprises

Against the backdrop of economic globalization and the continuous opening up of the Chinese economy,the pace of Chinese enterprises’ ’going global’ is gradually accelerating.Scholars have begun to pay attention to relevant issues related to the internationalization of Chinese enterprises,including research on the influencing factors of enterprise internationalization,and research on enterprise internationalization paths.Enterprise internationalization is a major strategic decision for any enterprise,and the heterogeneity of the executive team has a crucial impact on the decision-making process of the enterprise.This article is based on high-level echelon theory,information decision-making theory,group decision-making theory,and principal-agent theory.The heterogeneity of executive teams is divided into three aspects: tenure heterogeneity,education level heterogeneity,and career background heterogeneity.Firstly,the impact of these three aspects of heterogeneity on the degree of internationalization of enterprises is studied,Secondly,it studies the moderating effect of the integration of two positions and equity concentration ratio on the relationship between the three aspects of heterogeneity and the degree of enterprise internationalization.This article selects A-share listed companies in China from 2016 to 2020 as the research object and conducts statistical analysis using Stata16.0.The following conclusions are drawn:(1)The heterogeneity of executive team tenure has a significant negative impact on the degree of internationalization of enterprises,while the heterogeneity of executive team education level and professional background has a significant positive impact on the degree of internationalization of enterprises;(2)When two positions are combined,the heterogeneity of executive team tenure has a stronger negative impact on the degree of internationalization of the enterprise,while the heterogeneity of executive team career background has a weaker positive impact on the degree of internationalization of the enterprise;(3)The higher the equity concentration ratio,the stronger the positive impact of the heterogeneity of senior management team’s professional background on the degree of enterprise internationalization.The innovation of this article is as follows:(1)Taking A-share listed companies in China as the research object,this study explores the impact of heterogeneity in each feature of the executive team on the degree of internationalization of enterprises;(2)This paper introduces two moderating variables,namely,integration of two positions and equity concentration ratio,to explore their moderating effect on the relationship between top management team heterogeneity and enterprise internationalization;(3)Using Tobit regression analysis method to examine the relationship between executive team heterogeneity and the degree of internationalization of enterprises.This article enriches the micro foundation of internationalization of Chinese enterprises and systematically analyzes the impact of heterogeneity in executive teams on the degree of internationalization of enterprises.In addition,this article conducts theoretical exploration and empirical testing on the relationship between heterogeneity of executive teams and the degree of internationalization of enterprises in the context of China,which has certain practical implications for Chinese enterprises to deepen their internationalization,establish executive teams,and optimize their equity structure.