Chen Qian, Gao Xiang, Niu Shuzhen, Wang Xiao, Wei Qian
Department of Economics, Shenzhen MSU-BIT University, Shenzhen, China.
Research Center of Finance, Shanghai Business School, Shanghai, China.
Front Psychol. 2022 Sep 13;13:966996. doi: 10.3389/fpsyg.2022.966996. eCollection 2022.
Managerial myopia occurs when executives value short-term benefits to the extent that firm long-run development will be obstructed. Recent studies have shown that the locality effect plays an important role in managerial myopia-local United States chief executive officers (CEOs) who work near their home states are less likely to behave myopically because of more effective monitoring and greater reputation concern. In an emerging market, government policies play a more important role in the strategic planning enterprises. A local CEO may have better understanding of local government's policies thus makes less short-term decisions. This article adds to this literature by testing whether local-province CEOs in China, i.e., the CEO's native place or birthplace is in the same province as her company's headquarters, are also far-sighted. Using data on 470 publicly listed non-state-owned Chinese firms from 2014 to 2018, supportive evidence has been found that non-local-province CEOs in China tend to cut R&D expenses for beating analyst forecasts, reversing earnings decline, or pursuing higher returns. This article also confirms social capital as one mechanism of Chinese local-province CEOs behaving less myopically. This investigation also adds to the literature by revealing a new mechanism that CEO locality in China has a positive and direct bearing on how governments support corporate innovation.
当高管过于重视短期利益以至于阻碍公司长期发展时，就会出现管理短视。最近的研究表明，地区效应在管理短视中起着重要作用——在美国本土工作且工作地点靠近其家乡州的首席执行官（CEO）因受到更有效的监督和更强的声誉担忧，不太可能表现出短视行为。在新兴市场中，政府政策在企业战略规划中发挥着更重要的作用。当地的CEO可能对当地政府政策有更好的理解，因此做出的短期决策更少。本文通过检验中国的省级本地CEO（即CEO的籍贯或出生地与公司总部所在省份相同）是否也有远见，为这一文献增添了内容。利用2014年至2018年470家中国非国有上市公司的数据，发现了支持性证据，即中国的非省级本地CEO倾向于削减研发支出，以 beat分析师预期、扭转收益下降或追求更高回报。本文还证实了社会资本是中国省级本地CEO较少表现出短视行为的一种机制。这项调查还通过揭示一种新机制，即中国CEO的籍贯与政府支持企业创新的方式有积极且直接的关系，为这一文献增添了内容。
