Research On The Mechanism Of Home Country Embeddedness To Returnee New Venture Performance

At present,overseas returnees' entrepreneurship is a hot topic in the field of entrepreneurship research in China.It is an important source that influences China's economic growth and leads to the path of internationalization.In the past ten years,we have witnessed the trend of more and more people returning home after studying/working abroad.Returnees represent a unique form of entrepreneurs,who are exposed to both their home country and host country.Therefore,more and more attention is paid to entrepreneurship research.At present,many scholars are also studying the influencing factors of corporate performance in returning countries.They believe that if an enterprise can form a dual network embedding relationship with domestic and foreign companies,it will promote the acquisition of corporate resources and improve corporate performance.In recent years,with the change of economic situation and pattern,the literature on the relationship between the two has been increasing.Under the background of the difference of informal system at home and abroad,this paper tries to study how the home-country embeddedness of returned entrepreneurs affects the returned enterprise performance through the transfer of overseas business knowledge.What is unique about returning entrepreneurs is that they have experienced different institutional environments and intellectual backgrounds.They may have not only advanced technology,but also new business knowledge,such as compelling business models and new business concepts,unique organizational knowledge,and management practices they learned abroad.Meanwhile,returning entrepreneurs who have been exposed to the overseas environment can integrate into and adapt to the social norms and values of these countries.This may change the cognitive habits,personal values and beliefs of returning entrepreneurs,thus distinguishing them from those who grew up locally.Differences in informal systems between home and host countries may affect the way returned entrepreneurs commercialize their overseas business knowledge,as well as the views of customers and other external stakeholders on overseas business knowledge,thereby affecting corporate performance.Therefore,in this special transnational context,home country embeddedness does not directly affect performance,but indirectly through overseas business knowledge transfer.Atthe same time,we must use the perspective of contingency to investigate the mechanism of action between the two,which is of great significance to the enrichment of their theories and the improvement of the perspective.Based on the theory of social network theory,new system theory and knowledge-based theory,this paper constructs a theoretical model among four variables: the embeddedness of home country,overseas business knowledge transfer,returned enterprise performance and informal institutional difference.A total of 387 valid questionnaires were obtained through the collection and measurement of information by selecting a mature and reliable scale that has been tested by many scholars for many times.Meanwhile,the obtained questionnaire data were sorted out and SPSS24.0 was used for data analysis,including reliability and validity test,correlation and regression.For home country embeddedness and overseas business knowledge transfer to return,to overseas business knowledge transfer to return to returning from enterprise performance,and home country embeddedness and overseas business knowledge transfer to return to returning from enterprise performance,the overseas business knowledge transfer to regression of informal institutional differences,verified each hypothesis by analyzing the significance and R2 changes.We demonstrate the positive effect of home country embeddedness on overseas business knowledge transfer.Overseas business knowledge transfer has a positive effect on the performance of returned enterprises;Home country embeddedness positively promotes the performance of returned enterprises through overseas business knowledge transfer and the moderating effect of informal institutional differences on the impact of overseas business knowledge transfer and home country embeddedness on the returnee venture performance.