Top management team stability and outward foreign direct investment of Chinese firms
研究了中国上市公司高管团队稳定性对对外直接投资的影响，发现团队稳定性促进投资，国有股权增强该效应，而管理层持股则削弱它。
Purpose This study aims to investigate the effect of top management team (TMT) stability on outward foreign direct investment (OFDI) of Chinese firms and the moderating effects of state ownership and managerial ownership on this relationship. Design/methodology/approach An empirical analysis based on the ordinary least square regression model is conducted using Chinese A-share listed firms that engaged in OFDI from 2008 to 2021. Findings TMT stability has a positive effect on firms’ OFDI. Moreover, state ownership significantly strengthens the positive relationship between TMT stability and OFDI, while managerial ownership weakens this positive relationship. Practical implications The findings help firms to effectively retain TMT talents and promote the smooth internationalization of firms, thereby enhancing their long-term development capabilities and competitive advantages. Originality/value This study expands the investigation of the factors influencing OFDI at the micro level of the TMT, providing valuable decision-making insights for firms.