Abstract
Drawing on the entrepreneurship and neoinstitutionalism literature, we investigate how institutional factors and returnee entrepreneurs’ human and social capital jointly influence firm performance. We first innovatively distinguish two types of returnees, returnees with oversea degree education (RDs) and returnees with oversea training experience (RTs), and study their distinct competitive advantages in entrepreneurship. We further examine how the imbalanced institutional development in different regions of China moderates the relationships between the leadership of the aforementioned two types of returnees and their firms’ performance. Applying rigorous econometric methods to nationwide survey data of Chinese private firms, we find that firms led by both types of returnees have significantly better performance than those led by the local. Specifically, firms led by RDs or RTs have competitive advantages in internationalization and R&D investment. In additions, firms led by RDs are advantageous also in hu...
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