Abstract
Building on Human Capital Theory, this study investigates the transferability of human capital across national borders, as well as their potential complementarities and conflicts with local knowledge within top management teams. Using new collected data of 147 returnee founded firms in China, we found that human capital specific to overseas contexts is negatively related to venture performance. Moreover, general human capital accumulated overseas benefits venture performance when interacted with local TMT members, while specific human capital accumulated overseas harm venture performance when interacted with local TMT members. These findings contribute to the Human Capital Theory and the research of returnee entrepreneurship.
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