Does Overseas Experience of CEOs Determine the Listing Location of Chinese Entrepreneurial Firms?
37 Pages Posted: 14 Dec 2016
Date Written: December 13, 2016
Abstract
This paper examines listing location as a managerial decision. Using a sample of IPOs of Chinese entrepreneurial firms in mainland China, the US and HK, we show that Chinese entrepreneurial firms with returnee CEOs, especially those operating in high-tech industries, are likely to undertake foreign IPOs. However, the credibility crisis for Chinese firms impedes the decision to undertake foreign IPOs of entrepreneurial firms with returnee CEOs. The results are consistent on returnee CFOs and other senior executives. Overall, our findings emphasize the important role of returnee CEOs in the internationalization of Chinese entrepreneurial firms.
Keywords: CEO, Returnee, Foreign IPOs, Entrepreneurial Firms
JEL Classification: L21, F23, G34, L26, M12
Suggested Citation: Suggested Citation