CEOs’ financial work experience and firms’ outbound investments

IF 2.9 3区经济学 Q2 BUSINESS, FINANCE

Journal of Multinational Financial Management Pub Date : 2024-04-04 DOI:10.1016/j.mulfin.2024.100848

Xiaoming Zeng , Hao Chen , Yanzhao Yin , Youjin Liu

引用次数: 0

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.

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首席执行官的金融工作经验与企业对外投资

对外投资是指企业或个人对母国以外的地区或国家进行投资的行为。我们探讨了CEO金融工作经验对中国A股上市公司对外投资的影响。结果表明，CEO的金融工作经验与对外投资规模之间存在明显的正相关关系，尤其是非银行金融工作经验。我们还发现，CEO金融工作经验的中介机制是由于金融资产比重的增加和融资约束的缓解，从而促进了对外投资。此外，研究还表明，CEO 金融工作经验的影响因所有制类型和规模而异，国有企业和大型企业受益更大。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Journal of Multinational Financial Management BUSINESS, FINANCE-

CiteScore

7.30

自引率

4.80%

发文量

审稿时长

30 days

期刊介绍： International trade, financing and investments have grown at an extremely rapid pace in recent years, and the operations of corporations have become increasingly multinationalized. Corporate executives buying and selling goods and services, and making financing and investment decisions across national boundaries, have developed policies and procedures for managing cash flows denominated in foreign currencies. These policies and procedures, and the related managerial actions of executives, change as new relevant information becomes available. The purpose of the Journal of Multinational Financial Management is to publish rigorous, original articles dealing with the management of the multinational enterprise. Theoretical, conceptual, and empirical papers providing meaningful insights into the subject areas will be considered. The following topic areas, although not exhaustive, are representative of the coverage in this Journal. • Foreign exchange risk management • International capital budgeting • Forecasting exchange rates • Foreign direct investment • Hedging strategies • Cost of capital • Managing transaction exposure • Political risk assessment • International working capital management • International financial planning • International tax management • International diversification • Transfer pricing strategies • International liability management • International mergers.