{"title":"首席执行官的金融工作经验与企业对外投资","authors":"Xiaoming Zeng , Hao Chen , Yanzhao Yin , Youjin Liu","doi":"10.1016/j.mulfin.2024.100848","DOIUrl":null,"url":null,"abstract":"<div><p>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.</p></div>","PeriodicalId":47268,"journal":{"name":"Journal of Multinational Financial Management","volume":null,"pages":null},"PeriodicalIF":2.9000,"publicationDate":"2024-04-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S1042444X24000136/pdfft?md5=426a1d378b6369eb342e2985fbf5b469&pid=1-s2.0-S1042444X24000136-main.pdf","citationCount":"0","resultStr":"{\"title\":\"CEOs’ financial work experience and firms’ outbound investments\",\"authors\":\"Xiaoming Zeng , Hao Chen , Yanzhao Yin , Youjin Liu\",\"doi\":\"10.1016/j.mulfin.2024.100848\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<div><p>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.</p></div>\",\"PeriodicalId\":47268,\"journal\":{\"name\":\"Journal of Multinational Financial Management\",\"volume\":null,\"pages\":null},\"PeriodicalIF\":2.9000,\"publicationDate\":\"2024-04-04\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"https://www.sciencedirect.com/science/article/pii/S1042444X24000136/pdfft?md5=426a1d378b6369eb342e2985fbf5b469&pid=1-s2.0-S1042444X24000136-main.pdf\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Journal of Multinational Financial Management\",\"FirstCategoryId\":\"96\",\"ListUrlMain\":\"https://www.sciencedirect.com/science/article/pii/S1042444X24000136\",\"RegionNum\":3,\"RegionCategory\":\"经济学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q2\",\"JCRName\":\"BUSINESS, FINANCE\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Journal of Multinational Financial Management","FirstCategoryId":"96","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S1042444X24000136","RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q2","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}
CEOs’ financial work experience and firms’ outbound investments
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.
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.
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