Do Returnee Executives Value Corporate Philanthropy? Evidence from China
Lin Zhang (),
Yuehua Xu () and
Honghui Chen ()
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Lin Zhang: South China University of Technology
Yuehua Xu: Shandong University
Honghui Chen: Sun Yat-Sen University
Journal of Business Ethics, 2022, vol. 179, issue 2, No 6, 430 pages
Abstract While past studies have enriched our understanding of the impact of returnee executives on firm market strategy and outcomes, we know relatively little about the relationship between returnee executives and firm nonmarket strategies. Grounded in upper echelons theory, this study explores the relationship between returnee executives and corporate philanthropy, the latter of which is an important nonmarket strategy in emerging economies such as China. Using data on publicly listed Chinese companies from 2010 to 2017, we find that the proportion of returnee executives is negative related to corporate philanthropy. We also find that this negative relationship is strengthened by executive ownership, but weakened by corporate prominence and political connections. Our study makes important theoretical contributions to strategic leadership research, upper echelons theory, and the literature of corporate philanthropy. The managerial implications are also discussed.
Keywords: Corporate philanthropy; Returnee executives; Upper echelons; China (search for similar items in EconPapers)
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