Directors with foreign experience and employee protection

IF 9.4 3区 管理学 Q1 BUSINESS, FINANCE
Chunyu Zu
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Abstract

This study investigates the impact of managerial foreign experience on corporate employee protection. Using 30,644 firm-year observations from 3972 Chinese listed firms from 2008 to 2020, I find that compared with firms without returnee directors, firms with returnee directors pay more social insurance premiums and implement better employee treatment policies. The positive relationship is stronger when returnee directors acquire foreign work experience (as opposed to educational experience), gain experience in countries with strong labor protection, serve as a CEO or a chairperson in the Chinese firm, and have high media visibility. The cross-sectional analysis shows the effect of directors with foreign experience on employee protection is greater in non-state-owned firms, and returnee directors improve employee protections more when the employees have relatively weak discourse power. Additional analysis finds that returnee directors improve employee training and occupational safety, and they help balance social insurance generosity and employment levels. The results are robust after addressing the potential endogeneity problems. My results suggest a potential way to transfer better labor protection practices from developed to emerging markets.

有国外经验的董事和员工保护
本研究探讨了管理者的海外经历对企业员工保护的影响。通过对 3972 家中国上市公司在 2008 年至 2020 年期间的 30644 个公司年的观察,我发现与没有海归董事的公司相比,有海归董事的公司缴纳的社会保险费更多,实施的员工待遇政策更好。当海归董事拥有国外工作经验(而非教育经验)、在劳动保护严格的国家获得工作经验、在中国企业中担任首席执行官或董事长,以及拥有较高的媒体知名度时,两者之间的正相关关系更强。横截面分析表明,在非国有企业中,有国外工作经验的董事对员工保护的影响更大,当员工的话语权相对较弱时,海归董事对员工保护的改善更大。其他分析发现,海归董事能改善员工培训和职业安全,并有助于平衡社会保险的慷慨程度和就业水平。在解决了潜在的内生性问题后,结果是稳健的。我的研究结果为将更好的劳动保护实践从发达国家转移到新兴市场提供了一种可能的途径。
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
CiteScore
9.10
自引率
2.00%
发文量
23
期刊介绍: The Journal of International Financial Management & Accounting publishes original research dealing with international aspects of financial management and reporting, banking and financial services, auditing and taxation. Providing a forum for the interaction of ideas from both academics and practitioners, the JIFMA keeps you up-to-date with new developments and emerging trends.
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