Returnee Talent and Corporate Investment: Evidence from China
研究中国上市公司管理团队的海归经历如何影响企业投资效率，发现海归能显著提升投资效率，尤其对过度投资和中央国企效果更明显，为新兴市场人才政策提供参考。
We manually collected a dataset comprising the overseas experiences of management teams of listed Chinese firms and investigated the effects of returnee talent on firm investment efficiency (InvEff). The results show that (1) returnees improve InvEff significantly, especially for firms that experience overinvestment; (2) the central-government-controlled state-owned enterprises benefit the most from overseas returnees; and (3) foreign experience in countries with effective governance and low corruption levels have significantly marginal effects on the improvement in InvEff. This study highlights a new channel of international knowledge spillover and practically guides the introduction of talent policy in emerging markets.