Abstract
This study examines how overseas returnees from developed countries impacts the cross-border and domestic M&A of the firms in the emerging economies. While the existing literature on overseas returnees has treated the returnees only as the carriers of knowledge, we argue that the returnees could also be the carriers of competing institutional logics. The competing institutional logics makes the overseas returnees more likely to have conflicts with other employees who are regulated by local institutional logics. The conflicts will weaken or even reverse the benefits of the carried knowledge of the overseas returnees. Using a panel data of public listed firms in China, we argue that the positive effect of overseas returnees in the corporate board on cross-border M&As is weaker when the firm is state-owned and/or the firm is located in a province that is less open. We find strong support for our argument.
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