Abstract
As a scarce resource, overseas executives are playing a crucial role in the implementation of innovation-driven strategy. Based on the perspective of the heterogeneity of innovation motivation, this paper uses the data of Chinese A-share listed companies from 2008 to 2020 to empirically examines the impact and mechanism of executives' overseas background on corporate substantive innovation and strategic innovation. It is found that executives' overseas background can promote corporation innovation, especially substantive innovation performance. The influence mechanism test depicts that the overseas background of executives improves corporate innovation by suppressing managerial shortsightedness and improving the quality of internal control. Further analysis shows executives’ overseas background can improve the innovation performance of growth and mature enterprises, especially the substantial innovation performance, while there is no significant impact on companies in recession. Market competition can enhance the role of executives' overseas background in promoting corporation innovation, especially substantive innovation performance.The research conclusions provide a reference for companies to hire overseas executives in a timely manner and promote innovation-driven strategies.
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