|
|
|
| Directors' Overseas Experience，Ambidextrous Innovation and Corporate Value |
| Liu Zhui,Chi Guodong,Liu Chang |
| (School of Economics and Management of Shihezi University, Shihezi 832000, China ) |
|
|
|
|
Abstract Directors' overseas experience is an important source of creating corporate value.Based on the perspective of imprinting theory, this paper selects A-share non-financial listed companies as research samples from 2008 to 2017, and uses ambidextrous innovation as a mediator variable to verify the relationship between directors' overseas experience and corporate value, and analyzes the impact of absorptive capacity and institutional environment.The results show that: ① directors' overseas experience has a significant positive impact on corporate value; ②ambidextrous innovation plays a partial intermediary role in directors' overseas experience and corporate value.Among them, exploitative innovation plays a partial intermediary role in directors' overseas work and study experience and corporate value, while exploratory innovation has no mediating effect between directors' overseas work experience and corporate value, but directors' overseas study experience plays a completely intermediary role in directors' overseas experience and corporate value.③The promotion of directors' overseas experience on corporate value is more pronounced in companies with strong absorptive capacity and good institutional environment.This study provides empirical evidence for companies to absorb overseas talent policies and formulate local talent development policies, which is of practical significance for enterprises to improve the level of ambidextrous innovation and corporate value.
|
|
Received: 11 May 2020
|
|
|
|
|
|
| [1] 宋建波,文雯.董事的海外背景能促进企业创新吗[J].中国软科学,2016，31(11):109-120.[2] 刘青,张超,吕若思,等.“海归”创业经营业绩是否更优:来自中国民营企业的证据[J].世界经济,2013,36(12):70-89.[3] 王德宏,文雯, 宋建波.董事海外背景能否降低股价崩盘风险——来自中国A股上市公司的经验证据[J].金融评论, 2018, 10(3):56-73+127-128.[4] 杜勇,张欢,陈建英.CEO海外经历与企业盈余管理[J].会计研究,2018，39(2):27-33.[5] KAPURD,MCHALED.The global migration of talent: what does it mean for developing countries[J].Center for Global Development, Washington D.C.,2005.[6] 罗思平,于永达.技术转移、“海归”与企业技术创新——基于中国光伏产业的实证研究[J].管理世界,2012，28(11):124-132.[7] HAMBRICKDC, MASONPA.Upper echelons: the organization as a reflection of its top managers[J].Academy of Management Review, 1984, 9(2):193-206.[8] 贺小社,柯大纲,欧佩玉.高管团队人口统计学特征对国际化的影响[J].情报杂志,2010,29(5):97-101.[9] 宋建波,文雯,王德宏.海归高管能促进企业风险承担吗——来自中国A股上市公司的经验证据[J].财贸经济,2017,38(12):111-126.[10] MARQUIS C, TILCSIKA.Imprinting: toward a multilevel theory[J].The Academy of Management Annals, 2013, 7(1):195-245.[11] HOFSTEDEG.What is culture? a reply to baskerville[J].Accounting Organizations and Society, 2003, 28(7):811-813.[12] 王京,罗福凯.技术—知识投资、要素资本配置与企业成长——来自我国资本市场的经验证据[J].南开管理评论,2017,20(3):90-99.[13] MATHIASBD,WILLIAMSDW, SMITHAR.Entrepreneurial inception: the role of imprinting in entrepreneurial action[J].Journal of Business Venturing, 2015, 30(1):11-28.[14] 钱锡红,杨永福,徐万里.企业网络位置、吸收能力与创新绩效——一个交互效应模型[J].管理世界, 2010，26(5):118-129.[15] 衣长军,李赛,张吉鹏.制度环境、吸收能力与新兴经济体OFDI逆向技术溢出效应——基于中国省际面板数据的门槛检验[J].财经研究,2015,41(11):4-19.[16] 汤谷良,林长泉.打造VBM框架下的价值型财务管理模式[J].会计研究,2003，23(12):23-27+64.[17] 周磊,张丽华,王欢.董事长海外教育背景与公司净资产收益率的关系及上市周期的中介作用[J].经济经纬,2015,32(6):149-154.[18] 黄国良,徐加武.高管海外经历与资本结构优化调整——来自创业板上市公司的经验证据[J].商业研究,2016(2):142-148.[19] OXELHEIM L, GREGORIC A, RANDOY T, et al.On the internationalization of corporate boards: the case of Nordic firms[J].Journal of International Business Studies, 2013, 44(3):173-194.[20] MARCHJG.Exploration and exploitation in organizational learning[J].Organization Science,1991, 2(1):71-87.[21] 简兆权,吴隆增,黄静.吸收能力、知识整合对组织创新和组织绩效的影响研究[J].科研管理,2008，29(1):80-86, 96.[22] BENNERMJ,TUSHMANML.Exploitation, exploration, and process management: the productivity dilemma revisited[J].Academy of Management Review, 2003, 28(2):238-256.[23] 郭韬,邢璐,黄瑶.创新网络知识转移对企业创新绩效的影响——双元创新的中介作用[J].科技进步与对策,2017,34(15):114-119.[24] 焦豪.双元型组织竞争优势的构建路径:基于动态能力理论的实证研究[J].管理世界, 2011，27(11):76-91, 188.[25] 李忆,司有和.探索式创新、利用式创新与绩效:战略和环境的影响[J].南开管理评论,2008，11(5):4-12.[26] 伍勇,梁巧转,魏泽龙.双元技术创新与市场导向对企业绩效的影响研究:破坏性创新视角[J].科学学与科学技术管理,2013,34(6):140-151.[27] 韦影.企业社会资本与技术创新:基于吸收能力的实证研究[J].中国工业经济,2007，24(9):119-127.[28] COHENWM,LEVINTHALD.Absorptive capacity: a new perspective on learning and innovation[J].Administrative Science Quarterly, 1990, 35(1):128-152.[29] LANEPJ, KOKABR, PATHAKS.The reification of absorptive capacity: a critical review and rejuvenation of the construct[J].The Academy of Management Review, 2006, 31(4):833-863.[30] 刘启亮,罗乐,何威风,等.产权性质、制度环境与内部控制[J].会计研究,2012，33(3):52-61+95.[31] 徐细雄,朱红艳,淦未宇,等.“海归”高管回流与企业社会责任绩效改善——基于文化趋同视角的实证研究[J].外国经济与管理,2018,40(5):99-112.[32] 刘柏,郭书妍.董事会人力资本及其异质性与公司绩效[J].管理科学,2017,30(3):23-34.[33] 池国华,王志,杨金.EVA考核提升了企业价值吗——来自中国国有上市公司的经验证据[J].会计研究,2013，34(11):60-66, 96.[34] 夏立军,方轶强.政府控制、治理环境与公司价值——来自中国证券市场的经验证据[J].经济研究,2005，51(5):40-51.[35] 贾兴平,刘益,廖勇海.利益相关者压力、企业社会责任与企业价值[J].管理学报,2016,13(2):267-274.[36] HSIEHPH, MISHRA CS, GOBELIDH.The return on R&D versus capital expenditures in pharmaceutical and chemical industries[J].IEEE Transactions on Engineering Management, 2003, 50(2):141-150.[37] 谭庆美,魏东一.管理层权力与企业价值:基于产品市场竞争的视角[J].管理科学,2014,27(3):1-13.[38] 毕晓方,翟淑萍,姜宝强.政府补贴、财务冗余对高新技术企业双元创新的影响[J].会计研究,2017，38(1):46-52+95.[39] 董平,周小春.技术并购、吸收能力与企业技术创新动态能力——来自创业板上市公司的证据[J].科技管理研究,2018,38(7):34-40.[40] 周建,方刚,刘小元.制度环境、公司治理对企业竞争优势的影响研究——基于中国上市公司的经验证据[J].南开管理评论,2009,12(5):18-27.[41] 罗进辉,杜兴强.媒体报道、制度环境与股价崩盘风险[J].会计研究,2014，35(9):53-59, 97.[42] 王小鲁, 樊纲, 余静文.中国分省份市场化指数报告 (2016)[M].北京:社会科学文献出版社, 2017:214-215.[43] 俞红海,徐龙炳,陈百助.终极控股股东控制权与自由现金流过度投资[J].经济研究,2010,45(8):103-114.[44] 温忠麟,叶宝娟.中介效应分析:方法和模型发展[J].心理科学进展,2014,22(5):731-745.[45] PENGMW, LUOY.Managerial ties and firm performance in a transition economy: the nature of a micro-macro link[J].The Academy of Management Journal, 2000, 43(3):486-501.[46] KIM H,LIMC.Diversity, outside directors and firm valuation: Korean evidence[J].Journal of Business Research, 2010, 63(3):284-291.[47] 曹勇, 向阳.企业知识治理、知识共享与员工创新行为——社会资本的中介作用与吸收能力的调节效应[J].科学学研究, 2014, 32(1):92-102. |
|
|
|
