The Relationship Research On Internationalized Speed And Enterprise Performance Based On CEO Characteristic Regulatory Effect

In recent years,internationalized expansion speed of Chinese enterprises is continuously speeding up,but the effect of increasingly fast internationalized expansion process is still controversial in the academic circles.According to the upper echelon theory and information processing theory,the difference of senior executive information processing ability will develop an important influence on selection and implementation of corporate strategic decision-making,finally resulting in different enterprise performance.In a sense,the reason why the relation research on internationalized expansion speed and enterprise performance fails to reach a consensus is that most of studies neglect the situational influences of senior executive information processing ability.By aiming at shortcomings in early-stage literatures,this paper will focus on using the upper echelon theory and information processing theory.Based on the unbalanced panel data in Chinese manufacturing-listed companies in 2008-2016,the author theoretically analyzes and empirically discusses the influences of internationalized expansion speed on enterprise performance,as well as the regulatory role of CEO features(CEO age,CEO tenure,CEO educational level,CEO international experience and CEO additional post)on their relation.The empirical study of the paper finds that: firstly,the faster internationalized expansion speed is,the worse high-level performance will be.Secondly,when the CEO tenure is long or CEO takes an additional post of chairman,the negative effect of internationalized expansion speed on enterprise performance will be stronger.Thirdly,if CEO international experience has the abundant experience,the negative effect of internationalized expansion speed on enterprise performance will be weaker.Fourthly,CEO age and CEO educational level don't play the significant regulatory role on the process of internationalized expansion speed negatively affecting the enterprise performance.This research has the following research contributions: Firstly,this article enriches and further expands the research results of the relationship between internationalization speed and corporate performance,and deepens the understanding of the literature on the economic consequences of internationalization in Chinese companies.Secondly,,by incorporating the CEO features into the research framework,this paper further clarifies the boundary conditions of the enterprise's internationalization speed acting on corporate performance.Thirdly,this article expands the scope of application of information processing theory,and it also has important theoretical implications for the important issue of further exploring the effectiveness of internationalization of enterprises in the future.In addition,this study has the following practice enlightenment.Firstly,in the process of implementing internationalized expansion,expansion speed shouldn't be too fast,but should implement step by step,so as to avoid from negative effect of internationalized expansion speed on enterprise performance.Secondly,for managers who hope to be CEO,they should realize that when they have certain feature,it may be good for the success of future career.Thirdly,when the board of directors appoints CEO,it should fully consider influences of CEO features on implementation effect of enterprise strategy.For example,enterprises that devote themselves to implementing internationalized expansion strategy should refuse the proposal that the chairman acts as CEO.