“…Some studies found that executives’ international experience had a positive effect on firm performance (Carpenter, Sanders and Gregersen, 2001; Daily, Certo and Dalton, 2000; Hsu, Chen and Cheng, 2013; Le and Kroll, 2017). Others reported negative or moderating effects of TMT international experience on firm or subsidiary performance (Carpenter, Sanders and Gregersen, 2001; Hutzschenreuter and Horstkotte, 2013; Wei et al ., 2020). In a meta‐analysis, Wang et al .…”