Do global dynamic managerial capabilities affect MNEs' divestments of their overseas subsidiaries?
研究了跨国企业高层管理团队的全球动态管理能力（国际人力资本、社会资本和管理认知）对海外子公司撤资可能性的影响，发现这些能力显著降低撤资概率，且子公司年龄越大越可能被保留。
Divestment of foreign subsidiaries by multinational enterprises (MNEs) is a common, yet under-researched phenomenon. The main contribution of this paper is to examine the effects of the global dynamic managerial capabilities (GDMCs) embedded in the top management teams (TMTs) of the MNEs on the likelihood that they will divest their foreign subsidiaries. Following Tasheva and Nielsen (2022), we consider three GDMCs, viz.: international human capital; international social capital, and international managerial cognition. Our empirical analysis confirms that all three GDMCs have significant negative impacts on the likelihood of divestment of foreign subsidiaries (or, equivalently, significant positive impacts on the likelihood of retention of foreign subsidiaries). We also explore the impacts of subsidiary age on the likelihood of retention, and find that longstanding subsidiaries are more likely to be retained than newly-established subsidiaries, and that age enhances the impacts of the three GDMCs.