Overseas-Returned Executives, R&D and Innovation

Ping Fu, Cui Zhang and Xiaojun Zhong

Asia-Pacific Journal of Accounting & Economics, 2025, vol. 32, issue 3, 475-486

Abstract: Hiring overseas-returned executives is increasingly regarded by researchers and society as an important business strategy. This paper investigates the effects of overseas-returned executives in the top management team on firms in China. We propose a mechanism-based framework to study how overseas-returned executives affect firm innovation. Using listed companies in China’s manufacturing industry, we find that overseas-returned executives have a positive effect on firm innovation, especially for high-tech firms, large firms, state-owned firms and returned executives with foreign work experience. Increase in research and development investment is an important channel through which overseas-returned executives affect firm innovation.

Date: 2025
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DOI: 10.1080/16081625.2024.2339330

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Asia-Pacific Journal of Accounting & Economics is currently edited by Yin-Wong Cheung, Hong Hwang, Jeong-Bon Kim, Shu-Hsing Li and Suresh Radhakrishnan

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