Based on upper echelons theory and using a sample of private Chinese A-share listed firms from 2008 to 2020,this paper studies the impact of executives’overseas experience on firms’labor investment efficiency.The re...Based on upper echelons theory and using a sample of private Chinese A-share listed firms from 2008 to 2020,this paper studies the impact of executives’overseas experience on firms’labor investment efficiency.The results show that executives with overseas experience significantly enhance firms’labor investment efficiency.After distinguishing between different types of overseas experience,the results show that executives with only study experience or with both study and work experience abroad have a significant positive effect on firms’labor investment efficiency,while executives with only overseas work experience have no significant effect.A cross-sectional analysis based on labor adjustment costs shows that the positive impact of executives’overseas experience is more pronounced in labor-intensive firms,firms with a greater proportion of R&D investment and firms with a higher percentage of highly educated employees.The mechanism tests show that executives with overseas experience can optimize labor investment efficiency by lowering agency costs,attracting analyst attention and alleviating financing constraints under conditions of underemployment.This study enriches the literature on the characteristics of executive teams and the efficiency of labor investment,providing reference and inspiration for firms to attract more high-quality returnees and optimize their labor resource allocation.展开更多
As an important part of the enterprise information system,accounting information plays a significant role in enterprise management decision-making,This study investigates the impact of accounting information quality o...As an important part of the enterprise information system,accounting information plays a significant role in enterprise management decision-making,This study investigates the impact of accounting information quality on corporate labor investment efficiency.Using a sample of Chinese listed firms,we show that higher accounting information quality is associated with higher labor investment efficiency(i.e.,a lower deviation of labor investment from the expected employment level justified by economic fundamentals).Firms with higher accounting information quality reduce underinvestment and overinvestment in labor by alleviating financial constraints and agency conflicts.Cross-sectional tests indicate that this effect is more pronounced among non-state-owned enterprises and firms with higher labor adjustment costs.The robustness test shows that our results are robust to alternative proxies,endogeneity concerns,and controls for non-labor investments.This study sheds light on how enterprise information systems influence management decision-making practices from the perspective of accounting information quality.展开更多
基金support from the Ministry of Education of Humanities and Social Science Project(21YJC630055)the Guangdong Province Philosophy and Social Sciences Coconstruction Project(GD23XGL069).
文摘Based on upper echelons theory and using a sample of private Chinese A-share listed firms from 2008 to 2020,this paper studies the impact of executives’overseas experience on firms’labor investment efficiency.The results show that executives with overseas experience significantly enhance firms’labor investment efficiency.After distinguishing between different types of overseas experience,the results show that executives with only study experience or with both study and work experience abroad have a significant positive effect on firms’labor investment efficiency,while executives with only overseas work experience have no significant effect.A cross-sectional analysis based on labor adjustment costs shows that the positive impact of executives’overseas experience is more pronounced in labor-intensive firms,firms with a greater proportion of R&D investment and firms with a higher percentage of highly educated employees.The mechanism tests show that executives with overseas experience can optimize labor investment efficiency by lowering agency costs,attracting analyst attention and alleviating financing constraints under conditions of underemployment.This study enriches the literature on the characteristics of executive teams and the efficiency of labor investment,providing reference and inspiration for firms to attract more high-quality returnees and optimize their labor resource allocation.
基金The authors thank the Editor and the anonymous reviewers for their constructive comments,which significantly improve the quality of this paper.This work is supported by the National Social Science Fund of China under Grant No.19BGL074.
文摘As an important part of the enterprise information system,accounting information plays a significant role in enterprise management decision-making,This study investigates the impact of accounting information quality on corporate labor investment efficiency.Using a sample of Chinese listed firms,we show that higher accounting information quality is associated with higher labor investment efficiency(i.e.,a lower deviation of labor investment from the expected employment level justified by economic fundamentals).Firms with higher accounting information quality reduce underinvestment and overinvestment in labor by alleviating financial constraints and agency conflicts.Cross-sectional tests indicate that this effect is more pronounced among non-state-owned enterprises and firms with higher labor adjustment costs.The robustness test shows that our results are robust to alternative proxies,endogeneity concerns,and controls for non-labor investments.This study sheds light on how enterprise information systems influence management decision-making practices from the perspective of accounting information quality.
