Zhang Lin, Xu Yuehua, Chen Honghui
School of Business Administration, South China University of Technology, 381 Wushan Road, Tianhe District, Guangzhou, 510641 People's Republic of China.
School of Management, Shandong University, 27 Shandanan, Licheng District, Jinan, 250100 People's Republic of China.
J Bus Ethics. 2022;179(2):411-430. doi: 10.1007/s10551-021-04870-9. Epub 2021 Jun 18.
While past studies have enriched our understanding of the impact of returnee executives on firm market strategy and outcomes, we know relatively little about the relationship between returnee executives and firm nonmarket strategies. Grounded in upper echelons theory, this study explores the relationship between returnee executives and corporate philanthropy, the latter of which is an important nonmarket strategy in emerging economies such as China. Using data on publicly listed Chinese companies from 2010 to 2017, we find that the proportion of returnee executives is negative related to corporate philanthropy. We also find that this negative relationship is strengthened by executive ownership, but weakened by corporate prominence and political connections. Our study makes important theoretical contributions to strategic leadership research, upper echelons theory, and the literature of corporate philanthropy. The managerial implications are also discussed.
虽然过去的研究丰富了我们对海归高管对公司市场战略和业绩影响的理解，但我们对海归高管与公司非市场战略之间的关系了解相对较少。基于高层梯队理论，本研究探讨了海归高管与企业慈善之间的关系，而企业慈善在中国等新兴经济体中是一项重要的非市场战略。利用2010年至2017年中国上市公司的数据，我们发现海归高管的比例与企业慈善呈负相关。我们还发现，这种负相关关系因高管持股而增强，但因公司知名度和政治关联而减弱。我们的研究对战略领导力研究、高层梯队理论和企业慈善文献做出了重要的理论贡献。同时也讨论了管理启示。
