The Impact of CEO Overseas Experience on Agency Costs of Enterprises: An Empirical Study Based on A-share Listed Companies
DOI:
https://doi.org/10.54097/1bzgj849Keywords:
Overseas experience, A-share Listed Companies, Human capitalAbstract
Based on the principal-agent theory and higher-order theory, this paper uses the panel data of A-share listed companies from 2008 to 2023 to empirically test the influence mechanism of CEOs' overseas experience on corporate agency costs. By constructing a dataset covering multiple dimensions of overseas experience, and using comprehensive indicators such as the management expense ratio to measure agency costs, a two-way fixed effect model is adopted, supplemented by PSM and instrumental variable methods to alleviate endogeneity issues. This study innovatively reveals the intrinsic path between overseas experience and agency costs, providing theoretical basis and empirical evidence for the selection and governance mechanism design of internationalized executives in emerging markets.
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