CEOs’ financial work experience and firms’ outbound investments

Xiaoming Zeng, Hao Chen, Yanzhao Yin and Youjin Liu

Journal of Multinational Financial Management, 2024, vol. 74, issue C

Abstract: Outbound investment refers to the act of investing by enterprises or individuals in regions or countries outside their home country. We explore the impact of CEO financial work experience on the outbound investments of Chinese A-share listed firms. The results demonstrate a significant, positive correlation between CEO financial work experience and the scale of outbound investments, particularly for nonbank financial work experience. We also reveal that the intermediary mechanism of CEO financial work experience is due to an increase in the proportion of financial assets and the easing of financing constraints, thereby promoting outbound investments. Moreover, the research shows that the effect of CEO financial work experience varies by ownership type and scale, with state-owned and large-scale firms receiving greater benefits.

Keywords: CEO financial experience; outbound investment; capital structure; financing constraints (search for similar items in EconPapers)
JEL-codes: F21 G32 G34 (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:eee:mulfin:v:74:y:2024:i:c:s1042444x24000136

DOI: 10.1016/j.mulfin.2024.100848

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