Too Far East is West: CEO Overconfidence Influences Firm Internationalization in Emerging Economies

Dayuan Li (), Yuqing Zhao (), Ding Wang (), Lu Zhang () and Yang Liu ()
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Dayuan Li: Central South University
Yuqing Zhao: Central South University
Ding Wang: Central South University
Lu Zhang: Hunan First Normal University
Yang Liu: Zhejiang University

Management International Review, 2023, vol. 63, issue 3, No 1, 377-402

Abstract: Abstract To better understand how CEO confidence influences emerging market multinational enterprises’ (EMNEs) internationalization, on the basis of upper echelons theory, we use a sample of panel data of listed companies in China from 2008 to 2018 and find that there is an inverted U-shaped relationship between CEO confidence and internationalization. We also explore the boundary conditions that moderate the effects of CEO confidence on EMNEs’ internationalization through analysing the unique roles of the market and government in emerging economies. The research results show that market dynamism steepens the inverted U-shaped relationship, while government subsidies flatten the inverted U-shaped relationship. Our findings contribute to the upper echelons perspective of the internationalization of firms from emerging economies.

Keywords: CEO confidence; Internationalization; Market dynamism; Government subsidies; Emerging economies (search for similar items in EconPapers)
Date: 2023
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DOI: 10.1007/s11575-023-00505-5

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