Managers’ nationalities and FDI’s productivity: evidence from Korean firm-level data
利用韩国对外直接投资数据，研究发现本地管理者比例在不确定的商业环境（发展中国家）和研发密集型较低的行业中能提升企业生产率，为跨国企业管理者配置提供参考。
This study contributes to the literature on the impact of managerial structure on firms’ productivity, considering the trade-off between local managers and expatriate managers. It employs data on Korean-origin foreign direct investment and first finds that the local manager ratio is associated with productivity improvements in uncertain business environments (developing countries) but not in stable and predictable business environments (developed countries). Second, this study finds that the local manager ratio is associated with raised firm productivity only in less research and development-intensive industries. Policy implications are drawn from these findings.