doi:10.12005/orms.2020.0081

Abstract

Abstract: Outward foreign direct investment(OFDI)location choice presents a trendy preference for political risk. Different from the existing analysis at country, industry and enterprise level, this study examines the effect of internal characteristics of senior policymakers from the perspective of CEO social class based on wpper echelons theory and imprinting theory. Logit regression method is used. The mechanism and the boundary conditions of effect of CEO social class on OFDI location preference for political risk are investigated by using data of Chinese MNEs listed in Shenzhen and Shanghai Stock Exchange in the period of 2009 to 2017. The results of the study indicate that u-shaped relationship between CEO social class and OFDI location preference for political risk is found; in other words, CEOs in higher or lower social class tend to invest in politically risky countries while CEOs in middle social class are likely to invest in countries with low political risk. The moderating effect of CEO political capital is insignificant. The study contributes to the existing literature by extending the antecedent factors of OFDI location preference for political risk. The study also contributes to prudent decision from top management in terms of corporate governance structure, to develop the advantage of CEO social class and restrain decision-making inefficiency caused by CEO's bounded rationality. Finally, the study provides theoretical grounds for scientific decision making and provides managerial implications for senior policymakers.

Key words: senior characteristics of organization, social class, risk preference, imprinting, OFDIlocation choice for political risk

摘要： 针对对外直接投资(outward foreign direct investment,OFDI)区位选择呈现出向高政治风险地区发展的新态势,不同于以宏观国家层面、中观行业层面、微观企业层面为视角的已有研究,本研究以更为微观的企业内部高层决策者特征——CEO社会阶层为视角,选择沪深2009~2017年中国跨国公司OFDI事件为研究样本,基于高阶理论和印记理论,使用Logit回归方法,探索CEO社会阶层对跨国公司OFDI政治风险区位选择的影响机制与边界条件。研究结果发现,CEO社会阶层与跨国公司OFDI政治风险区位选择之间存在显著的正U型关系,即社会阶层越高/低的跨国公司CEO倾向于做出向OFDI高政治风险区位选择的战略决策,中间社会阶层的跨国公司CEO倾向于做出向OFDI低政治风险区位选择的战略决策;CEO政治资本对CEO社会阶层与跨国公司OFDI政治风险区位选择之间正U型关系的正向调节作用不显著。本研究为拓展OFDI政治风险区位选择影响因素的研究范畴做出贡献,为中国跨国公司从公司治理结构角度加强高管集体审慎决策,充分发挥CEO社会阶层优势或有效抑制CEO个人有限理性决策不足,进而做出OFDI政治风险区位选择科学决策提供理论支撑和管理启示。

关键词: 组织高层特征, 社会阶层, 风险偏好, 印记, OFDI政治风险区位选择

CLC Number:

F272.3

DU Xiao-jun, SHU Bo, QI Chao-shun, FENG Fei. [J]. Operations Research and Management Science, 2020, 29(3): 217-228.

杜晓君, 舒波, 齐朝顺, 冯飞. CEO社会阶层影响了跨国公司OFDI政治风险区位选择吗?——基于中国跨国公司微观数据[J]. 运筹与管理, 2020, 29(3): 217-228.

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CEO社会阶层影响了跨国公司OFDI政治风险区位选择吗?——基于中国跨国公司微观数据

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