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| Overseas Experience, Short-termism and Corporate Innovation: Moderated Mediation Effect |
| Qiao Pengcheng1,Xu Xiangbing2 |
| (1. School of Finance and Economics, Xizang Minzu University;2. School of Management, Xizang Minzu University, Xianyang 712082, China) |
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Abstract Innovation is the primary driving force for development. According to the 2021 Global Innovation Index report of the World Intellectual Property Organization (WIPO), China's innovation has ranked the 12th in the world, and the first among medium-sized economies for many years in a row. However, there is still a considerable technological gap between China and developed countries in some key technologies. Returnees with overseas experience are considered to have outstanding performance in cognition, personality and ability, and have knowledge spillover effect. They have become an important source of high-level talents in China. Therefore, it is of great practical significance for China to study the mechanism by which managerial overseas experience influences enterprise innovation.#br#Based on the high-level echelon theory and branding theory, this study empirically tests the relationship between managerial overseas experience, short-termism and enterprise innovation by using the fixed effect model with the data of China's A-share main board, GROWTH Enterprise Board and Science and Technology Innovation Board from 2012 to 2020. The patent data comes from CNRDS, short-termism data comes from WinGo financial text data platform, and government subsidy data is obtained by using Python to crawl annual report text, and other financial data comes from CSMAR company. It controls for the fixed effects of industry and year in the regression process, and the regression results are cluster-adjusted at the individual firm level.#br#Wefind that managerial short-termism plays a partial mediating role in the path of managerial overseas experience affecting firm innovation. The influence path of overseas experience, short-termism and enterprise innovation does not hold in recession. Financing constraints will moderate the first half of this path, and government subsidies will moderate the second half of this path. The first half path adjustment of financing constraint still holds in the mature stage, and the second half path adjustment of government subsidy still holds in the growth stage. We designed the instrumental variables of management's overseas experience based on the number of ports and cities opened to the outside world in China and conducted iv-2SLS regression, and the regression conclusion was still robust. We then carried out a series of robustness tests, including delaying all independent variables by one stage to overcome the delay of innovation output, replacing the number of invention patents with higher technical content as the alternative variable of the dependent variable, and performing propensity matching scores to avoid selection bias. The regression results are still robust.#br#The innovation of this paper lies in the use of instrumental variables based on the numbers of cities and ports open to the outside world in China. These parts of China were the first to open up and embrace the trend of openness to the outside world, so local residents are more likely to choose to work overseas and are more likely to be employed by local companies when they return home. This instrumental variable helps to overcome the endogeneity problem of reverse causality.#br#Compared with previous research literature, this study firstly expands the research conclusions on the economic consequences ofoverseas experience. The text analysis and machine learning methods of WinGo financial text data platform to obtain the index of short-termism can provide a new perspective for the impact of overseas experience on enterprise innovation, and expand the research conclusions on the economic consequences of overseas experience. Second, we identify the influence mechanism of management's overseas experience, short-termism and firm innovation. Through the mediation effect test method, we find that managers' overseas experience can generate sufficient resource advantage and knowledge spillover effect, and promote enterprise innovation by reducing management myopia. This conclusion provides empirical support for the introduction of returnees as human resources to stimulate enterprise innovation. Third, we open up the black box of how overseas experience affects corporate innovation. Through moderated mediation, we find that financial constraints and government subsidies can moderate the impact path of management's overseas experience, short-termism, and firm innovation. We further consider the heterogeneous perspective of enterprise life cycle, and find that the influence path still holds in the growth stage and mature stage, but not in the recession stage. The conclusions can provide empirical evidence for the Chinese government to reduce the dilemma of financing constraints and promote enterprise innovation through financial subsidies.#br#
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Received: 07 February 2022
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