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Talented overseas returnees and outward foreign direct investment

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  • Ding, Haoyuan
  • Fan, Haichao
  • Jin, Yuying
  • Qi, Tong

Abstract

This paper studies the effects of talented overseas returnees on firms’ outward foreign direct investment (OFDI). Using hand-collected data on the overseas experience of senior managers at Chinese-listed companies, we find that talented returnees significantly increase the probability of firms engaging in OFDI, especially in countries where the returnees worked or studied. Financial constraints and information asymmetry are two underlying mechanisms. Constrained firms are less likely to invest in areas in which they have less experience. And country-specific experience is particularly important in countries with poor information transparency.

Suggested Citation

  • Ding, Haoyuan & Fan, Haichao & Jin, Yuying & Qi, Tong, 2022. "Talented overseas returnees and outward foreign direct investment," European Economic Review, Elsevier, vol. 148(C).
    • Handle: RePEc:eee:eecrev:v:148:y:2022:i:c:s0014292122001246
    DOI: 10.1016/j.euroecorev.2022.104210
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    More about this item

    Keywords

    Foreign direct investment; Returnees; Country-specific experience;
    All these keywords.

    JEL classification:

    • F1 - International Economics - - Trade
    • F2 - International Economics - - International Factor Movements and International Business

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