Heterogeneity in top management teams and outward foreign direct investment: evidence from Chinese listed companies

Meng, Shuai; Yan, Jiayan; Cao, Xuebing

doi:10.1186/s11782-019-0063-0

Cited by 6 publications

(7 citation statements)

References 137 publications

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“…On the other hand, findings regarding functional experience diversity contradict previous literature that argued its positive effect on foreign direct investment (Li, 2017; Meng et al, 2019). Diverse TMT members can enrich the team’s knowledge, facilitate efficient team learning, and enhance the decision-making capacity on overseas expansion.…”

Section: Discussioncontrasting

confidence: 93%

“…There are many studies relating TMT diversity and conflict to company performance variables such as return on assets, sales growth or success (Jackson & Joshi, 2004; Simons et al, 1999), but only a few studies have addressed internationalization issues (Carpenter, 2002; Fernández-Ortiz & Lombardo, 2009; Meng et al, 2019). Internationalization strategy implies risk and, therefore, potential disagreement or discussion within the TMT (Tihanyi et al, 2000).…”

Section: Introductionmentioning

confidence: 99%

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Top Management Team Diversity and International Expansion: Spanish Companies in China

2022

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This study investigates the relationship between diversity in the Top Management Team (TMT) of Spanish firms and the firms’ willingness to further expand in China, as a proxy for their international success. Data from Spanish companies with direct investment in China were collected through a questionnaire. Regression analyses were carried out to test the differential influences of multiple forms of TMT demographic diversity (age, gender, tenure, and functional experience). The moderating effect of conflict in an uncertain environment is also examined, as this offers potentially novel insights into the determinants of success in emerging countries. Results show that the effects of TMT diversity on international success are very much influenced by the perception of the conflict related to investment in a non-traditional market. The findings highlight the relevant negative role that conflict can exert in diverse TMTs in a growing developing economy.

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Section: Discussioncontrasting

confidence: 93%

Section: Introductionmentioning

confidence: 99%

Top Management Team Diversity and International Expansion: Spanish Companies in China

2022

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“…Intra-firm knowledge plays a critical role in successful internationalization (Inkpen and Dinur 1998;Minbaeva et al 2003;Prashantham 2005). KBV is extensively applied in international business research (e.g., Dau 2018;Meng et al 2019). First, two types of objective informational knowledge are necessary for conducting international business, namely (1) market knowledge about customers, suppliers, competitors, and other resources in target markets (Morgan et al 2003), and 2institutional knowledge about government, laws, regulations, and norms in foreign markets (Eriksson et al 1997).…”

Section: A Kbv On Shareholder Heterogeneitymentioning

confidence: 99%

“…Prior studies generally regard individuals or firms as carriers of knowledge, and utilize the diversity of backgrounds and experiences as proxies for heterogeneous knowledge (e.g., Dau 2016; Elango and Pattnaik 2013). For example, the diversity in educational or functional backgrounds denotes the existence of knowledge heterogeneity (e.g., Meng et al 2019;Smith et al 2005). In corporate governance, shareholders can be the proper carriers for knowledge at an intra-firm level.…”

Section: A Kbv On Shareholder Heterogeneitymentioning

confidence: 99%

Shareholder internationality and importing activities of emerging market firms

Wang

Salas

2020

Front. Bus. Res. China

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In light of the increasing efforts made by emerging market firms to engage in international business through importing activities, identifying the characteristics that motivate importing business and contribute to its success is practically and theoretically meaningful. Drawing upon a knowledge-based view (KBV), we examine how the shareholder internationality affects a firm's importing activities. We hypothesize that the shareholder internationality can facilitate a firm's import initiation and contribute to the diversity of importing countries of origin. Moreover, the divergence of shareholders' nationality backgrounds may hinder import initiation, but motivate importing from dispersed countries of origin during the import development process. A longitudinal analysis of Colombian firms supports our hypotheses.

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“…The financial market provides increasingly important contributions to sustainable economic growth by efficiently mobilizing economic resources and optimizing fund allocation [1,2]. China has announced that it will largely relax access to its financial market [3]. For foreign-funded financial institutions, this means a new stage of opening up the Chinese financial market.…”

Section: Introductionmentioning

confidence: 99%

Open-End Funds for Sustainable Economic Growth in China: The Relationship between Load Fees, Performance, and Flows

2019

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The financial market, including the fund market, has an increasingly important role in facilitating sustainable economic development. In this study, we examine whether investors react rationally to fund fees through the investigation of the impact of fee structures on investor behavior with open-end funds in China. We aim to determine whether performance influences the effect of the load fee on fund flows. Based on panel data that contained 240 open-end funds for the period of 2008 to 2017, we offer insight into the relationship between fee structure and the flow of open-end funds in China and find that investors react more sensitively to the load fee than operating expenses. Specifically, the coefficients of operating expenses were found to be insignificant in all regression analyses, while almost all the coefficients of load fees were statistically significant. In addition, our findings indicate that the load fee decreases net flow mainly through increasing redemption, and high load fees can make investors more rational to redeem funds with low performance. High load fees can influence investors to sell funds that perform worse in moderately performing funds, where a high load fee can increase investors’ rationality and motivate them to sell funds, resulting in the mitigation of the disposition effect. We also find that investors in larger funds and aggressive growth funds, as well as those who invest with institutional investors and higher liquidity, react more insensitively to load fees, which can be illustrated by the distraction effect.

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Heterogeneity in top management teams and outward foreign direct investment: evidence from Chinese listed companies

Cited by 6 publications

References 137 publications

Top Management Team Diversity and International Expansion: Spanish Companies in China

Top Management Team Diversity and International Expansion: Spanish Companies in China

Shareholder internationality and importing activities of emerging market firms

Open-End Funds for Sustainable Economic Growth in China: The Relationship between Load Fees, Performance, and Flows

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