1,535
Views
38
CrossRef citations to date
0
Altmetric
Original Articles

Returnee Talent and Corporate Investment: Evidence from China

, &
Pages 313-337 | Received 06 Feb 2015, Accepted 14 Nov 2016, Published online: 13 Dec 2016

References

  • Aitken, B., & Harrison, A. (1999). Do domestic firms benefit from direct foreign investment? Evidence from Venezuela. The American Economic Review, 89(3), 605–618. doi: 10.1257/aer.89.3.605
  • Anderson, R., Mansi, S., & Reeb, D. (2003). Founding family ownership and the agency cost of debt. Journal of Financial Economics, 68(2), 263–285. doi: 10.1016/S0304-405X(03)00067-9
  • Anderson, R., & Reeb, D. (2003). Founding-family ownership and firm performance: Evidence from the S&P 500. The Journal of Finance, 58(3), 1301–1328. doi: 10.1111/1540-6261.00567
  • Anderson, R., Reeb, D., & Zhao, W. (2012). Family-controlled firms and informed trading: Evidence from short sales. The Journal of Finance, 67(1), 351–385. doi: 10.1111/j.1540-6261.2011.01714.x
  • Ang, J., Cheng, Y., & Wu, C. (2014). Does enforcement of intellectual property rights matter in China? Evidence from financing and investment choices in the high-tech industry. Review of Economics and Statistics, 96(2), 332–348. doi: 10.1162/REST_a_00372
  • Baker, M., Stein, J., & Wurgler, J. (2003). When does the market matter? Stock prices and the investment of equity-dependent firms. The Quarterly Journal of Economics, 118(3), 969–1005. doi: 10.1162/00335530360698478
  • Beine, M., Docquier, F., & Rapoport, H. (2008). Brain drain and human capital formation in developing countries: Winners and losers. The Economic Journal, 118(528), 631–652. doi: 10.1111/j.1468-0297.2008.02135.x
  • Bhagwati, J., & Hamada, K. (1974). The brain drain, international integration of markets for professionals and unemployment: A theoretical analysis. Journal of Development Economics, 1(1), 19–42. doi: 10.1016/0304-3878(74)90020-0
  • Biddle, G., & Hilary, G. (2006). Accounting quality and firm-level capital investment. The Accounting Review, 81(5), 963–982. doi: 10.2308/accr.2006.81.5.963
  • Biddle, G., Hilary, G., & Verdi, R. (2009). How does financial reporting quality relate to investment efficiency? Journal of Accounting and Economics, 48(2–3), 112–131. doi: 10.1016/j.jacceco.2009.09.001
  • Blanchard, O., Lopez-de-Silanes, F., & Shleifer, A. (1994). What do firms do with cash windfalls? Journal of Financial Economics, 36(3), 337–360. doi: 10.1016/0304-405X(94)90009-4
  • Borjas, G., & Bratsberg, B. (1996). Who leaves? The outmigration of the foreign-born. The Review of Economics and Statistics, 78(1), 165–176. doi: 10.2307/2109856
  • Brandt, L., & Li, H. (2003). Bank discrimination in transition economies: Ideology, information, or incentives? Journal of Comparative Economics, 31(3), 387–413. doi: 10.1016/S0147-5967(03)00080-5
  • Chen, A., Cao, H., Zhang, D., & Dickinson, D. (2013). The impact of shareholding structure on firm investment: Evidence from Chinese listed companies. Pacific-Basin Finance Journal, 25, 85–100. doi: 10.1016/j.pacfin.2013.08.002
  • Chen, F., Hope, O., Li, Q., & Wang, X. (2011). Financial reporting quality and investment efficiency of private firms in emerging markets. The Accounting Review, 86(4), 1255–1288. doi: 10.2308/accr-10040
  • Chen, S., Sun, Z., Tang, S., & Wu, D. (2011). Government intervention and investment efficiency: Evidence from China. Journal of Corporate Finance, 17(2), 259–271. doi: 10.1016/j.jcorpfin.2010.08.004
  • Chen, X., Sun, Y., & Xu, X. (2016). Free cash flow, over-investment and corporate governance in China. Pacific-Basin Finance Journal, 37, 81–103. doi: 10.1016/j.pacfin.2015.06.003
  • Cheung, Y., Rau, P., & Stouraitis, A. (2010). Helping hand or grabbing hand? Central vs. local government shareholders in Chinese listed firms. Review of Finance, 14(4), 669–694. doi: 10.1093/rof/rfp024
  • Chui, A., Alison, E., & Kwok, C. (2002). The determination of capital structure: Is national culture a missing piece to the puzzle? Journal of International Business Studies, 33(1), 99–127. doi: 10.1057/palgrave.jibs.8491007
  • De la Tour, A., Glachant, M., & Ménière, Y. (2011). Innovation and international technology transfer: The case of the Chinese photovoltaic industry. Energy Policy, 39(2), 761–770. doi: 10.1016/j.enpol.2010.10.050
  • Djankov, S., La Porta, R., Lopez-de-Silanes, F., & Shleifer, A. (2008). The law and economics of self-dealing. Journal of Financial Economics, 88(3), 430–465. doi: 10.1016/j.jfineco.2007.02.007
  • Dreher, A., Kotsogiannis, C., & McCorriston, S. (2007). Corruption around the world: Evidence from a structural model. Journal of Comparative Economics, 35(3), 443–466. doi: 10.1016/j.jce.2007.07.001
  • Faccio, M. (2006). Politically connected firms. The American Economic Review, 96(1), 369–386. doi: 10.1257/000282806776157704
  • Filatotchev, I., Liu, X., Buck, T., & Wright, M. (2009). The export orientation and export performance of high-technology SMEs in emerging markets: The effects of knowledge transfer by returnee entrepreneurs. Journal of International Business Studies, 40(6), 1005–1021. doi: 10.1057/jibs.2008.105
  • Garcia Lara, J. M., Osma, B., & Penalva, F. (2016). Accounting conservatism and firm investment efficiency. Journal of Accounting and Economics, 61(1), 221–238. doi: 10.1016/j.jacceco.2015.07.003
  • Giannetti M., Liao, G., & Yu, X. (2015). The brain gain of corporate boards: A natural experiment from China. The Journal of Finance, 70(4), 1629–1682. doi: 10.1111/jofi.12198
  • Gul, F., Kim, J., & Qiu, A. (2010). Ownership concentration, foreign shareholding, audit quality, and stock price synchronicity: Evidence from China. Journal of Financial Economics, 95(3), 425–442. doi: 10.1016/j.jfineco.2009.11.005
  • Hadlock, C. J., & Pierce, J. R. (2010). New evidence on measuring financial constraints: Moving beyond the KZ index. Review of Financial Studies, 23, 1909–1940. doi: 10.1093/rfs/hhq009
  • Han, S., Kang, T., Salter, S., & Yoo, Y. (2010). A cross-country study on the effects of national culture on earnings management. Journal of International Business Studies, 41(1), 123–141. doi: 10.1057/jibs.2008.78
  • Hope, O., & Thomas, W. (2008). Managerial empire building and firm disclosure. Journal of Accounting Research, 46(3), 591–626. doi: 10.1111/j.1475-679X.2008.00289.x
  • Jensen, M. (1986). Agency costs of free cash flow, corporate finance, and takeovers. The American Economic Review, 76(2), 323–329. Retrieved from http://www.jstor.org/stable/1818789
  • Jian, M., & Wong, T. (2010). Propping through related party transactions. Review of Accounting Studies, 15, 70–105. doi: 10.1007/s11142-008-9081-4
  • Kerr, W. (2008). Ethnic scientific communities and international technology diffusion. The Review of Economics and Statistics, 90(3), 518–537. doi: 10.1162/rest.90.3.518
  • Li, H., Zhang, Y., Li, Y., Zhou, L., & Zhang, W. (2012). Returnees versus locals: Who perform better in China’s technology entrepreneurship? Strategic Entrepreneurship Journal, 6(3), 257–272. doi: 10.1002/sej.1139
  • Li, K., Griffin, D., Yue, H., & Zhao, L. (2013). How does culture influence corporate risk-taking? Journal of Corporate Finance, 23, 1–22. doi: 10.1016/j.jcorpfin.2013.07.008
  • Liu, X., Lu, J., Filatotchev, I., Buck, T., & Wright, M. (2010). Returnee entrepreneurs, knowledge spillovers and innovation in high-tech firms in emerging economies. Journal of International Business Studies, 41(7), 1183–1197. doi: 10.1057/jibs.2009.50
  • Luo, S., & Yu, Y. (2012). International technology transfer and indigenous innovation: Evidences from Chinese photovoltaic industry. Paper presented in World Renewable Energy Forum (Denver, US). Retrieved from https://ases.conference-services.net/resources/252/2859/pres/SOLAR2012_0580_presentation.pdf
  • Masulis, R., Wang, C., & Xie, F. (2012). Globalizing the boardroom – The effects of foreign directors on corporate governance and firm performance. Journal of Accounting and Economics, 53(3), 527–554. doi: 10.1016/j.jacceco.2011.12.003
  • McCormick, B., & Wahba, J. (2001). Overseas work experience, savings and entrepreneurship amongst return migrants to LDCs. Scottish Journal of Political Economy, 48(2), 164–178. doi: 10.1111/1467-9485.00192
  • McNichols, M., & Stubben, S. (2008). Does earnings management affect firms’ investment decisions? The Accounting Review, 83(6), 1571–1603. doi: 10.2308/accr.2008.83.6.1571
  • Mountford, A. (1997). Can a brain drain be good for growth in the source economy? Journal of Development Economics, 53(2), 287–303. doi: 10.1016/S0304-3878(97)00021-7
  • Myers, S., & Majluf, N. (1984). Corporate financing and investment decisions when firms have information that investors do not have. Journal of Financial Economics, 13(2), 187–221. doi: 10.1016/0304-405X(84)90023-0
  • Penman, S. (1996). The articulation of price-earnings ratios and market-to-book ratios and the evaluation of growth. Journal of Accounting Research, 34(2), 235–259. doi: 10.2307/2491501
  • Piotroski, J., & Wong, T. (2012). Chapter 4: Institutions and information environment of Chinese listed firms. In J. Fan & R. Morck (Eds.), Capitalizing China (pp. 201–242). Chicago, IL: NBER and University of Chicago Press.
  • Qin, F. (2007). Social networks and institutions in transnational lobar markets: The circular migration of Chinese and Indian engineers and professionals (Ph.D. dissertation). MIT Sloan School of Management. Retrieved from http://dspace.mit.edu/handle/1721.1/42334?show=full
  • Richardson, S. (2006). Over-investment of free cash flow. Review of Accounting Studies, 11(2–3), 159–189. doi: 10.1007/s11142-006-9012-1
  • Saxenian, A. (2006). The new argonauts: Regional advantage in a global economy. Cambridge, MA: Harvard University Press.
  • Shane, S., & Khurana, R. (2003). Bringing individuals back in: The effects of career experience on new firm founding. Industrial and Corporate Change, 12(3), 519–543. doi: 10.1093/icc/12.3.519
  • Shao, L., Kwok, C., & Guedhami, O. (2010). National culture and dividend policy. Journal of International Business Studies, 41(8), 1391–1414. doi: 10.1057/jibs.2009.74
  • Shao, L., Kwok, C., & Zhang, R. (2013). National culture and corporate investment. Journal of International Business Studies, 44(7), 745–763. doi: 10.1057/jibs.2013.26
  • Spamann, H. (2010). The “antidirector rights index” revisited. Review of Financial Studies, 23(2), 467–486. doi: 10.1093/rfs/hhp067
  • Stulz, R. (1990). Managerial discretion and optimal financing policies. Journal of Financial Economics, 26(1), 3–27. doi: 10.1016/0304-405X(90)90011-N
  • Tobin, J. (1969). A general equilibrium approach to monetary theory. Journal of Money, Credit and Banking, 1(1), 15–29. doi: 10.2307/1991374
  • Wei, Y., & Liu, X. (2006). Productivity spillovers from R&D, exports and FDI in China’s manufacturing sector. Journal of International Business Studies, 37(4), 544–557. doi: 10.1057/palgrave.jibs.8400209
  • Wright, M., Robbie, K., & Ennew, C. (1997). Venture capitalists and serial entrepreneurs. Journal of Business Venturing, 12(3), 227–249. doi: 10.1016/S0883-9026(96)06115-0
  • Yang, Z., & Ye, F. (1993). Studies on semi-colonization of Qing dynasty. Beijing: Higher Education Press.
  • Zwiebel, J. (1996). Dynamic capital structure under managerial entrenchment. The American Economic Review, 86(5), 1197–1215. Retrieved from http://www.jstor.org/stable/2118286

Reprints and Corporate Permissions

Please note: Selecting permissions does not provide access to the full text of the article, please see our help page How do I view content?

To request a reprint or corporate permissions for this article, please click on the relevant link below:

Academic Permissions

Please note: Selecting permissions does not provide access to the full text of the article, please see our help page How do I view content?

Obtain permissions instantly via Rightslink by clicking on the button below:

If you are unable to obtain permissions via Rightslink, please complete and submit this Permissions form. For more information, please visit our Permissions help page.