Equity ownership structure and internationalization of firms: the role of international experience of board chairs

IF 3.2 Q2 BUSINESS Review of International Business and Strategy Pub Date : 2023-12-20 DOI:10.1108/ribs-05-2023-0033

Henry Xie, Jane Xie

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Abstract

Purpose

This study aims to investigate the impact of equity ownership structure (i.e. CEO ownership, board chair ownership and institutional ownership) on internationalization of firms. The moderating role of international experience of board chairs is also examined.

Design/methodology/approach

This study uses Compustat-Capital IQ data from Standard &Poor’s. The sample of this study includes 309 US multinational corporations representing different sectors. The parameters were estimated by using the ordinary least squares regression with the SPSS statistical package.

Findings

The finding of this study suggests that CEO ownership and board chair ownership have a significant, positive impact on the degree of internationalization of firms, whereas institutional ownership has a negative impact. The predicted moderating role of international experience of board chairs has found mixed results.

Originality/value

This study contributes to the literature by taking a holistic approach to examine the impact of equity ownership types (i.e. CEO ownership, board chair ownership and institutional ownership) on firms’ degree of internationalization. To the best of the authors’ knowledge, this research is also the first to investigate the impact of independent board chairs’ equity ownership and international experience on internationalization.

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股权结构与企业国际化：董事会主席国际经验的作用

目的本研究旨在探讨股权所有权结构（即首席执行官所有权、董事会主席所有权和机构所有权）对企业国际化的影响。本研究使用标准普尔的 Compustat-Capital IQ 数据。研究样本包括 309 家代表不同行业的美国跨国公司。研究结果本研究的结果表明，首席执行官所有权和董事会主席所有权对企业的国际化程度有显著的积极影响，而机构所有权则有消极影响。预计董事会主席的国际经验会起到调节作用，但结果喜忧参半。原创性/价值本研究采用整体方法研究股权类型（即首席执行官所有权、董事会主席所有权和机构所有权）对企业国际化程度的影响，为相关文献做出了贡献。据作者所知，本研究也是首次研究独立董事会主席的股权和国际经验对国际化的影响。

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来源期刊

Review of International Business and Strategy BUSINESS-

CiteScore

6.90

自引率

25.80%

发文量

期刊介绍： Review of International Business and Strategy is keen to present contemporary and innovative research that proposes new perspectives or challenges existing theories, and that advances the understanding of issues related to international business and global strategy. Themes covered by the journal include (but are not limited to): Internationalization of firms and international entrepreneurship Effects of international environment (political, social, economic and institutional) on international business activities and firm strategies Knowledge transfer strategies and innovation in MNEs Location strategies in international business activities.