Abstract Taking Chinese A-share listed companies that completed cross-border mergers and acquisitions from 2009 to 2017 as samples, this paper studies the influence of overseas returned directors on the performance of cross-border M&A. It is found that the directors returning from overseas have a significant positive impact on the performance of cross-border M&A, which is realized by improving M&A integration ability, R&D output and production efficiency. Further analysis shows that, compared with their overseas study experience, directors' overseas working experience has a greater incremental contribution to the performance of cross-border M&A. Compared with the returnee directors in ordinary positions, the returnee directors in key positions (CEO or general manager) play a more significant role in promoting the performance of cross-border M&A. This conclusion has provided empirical evidence for the optimization of cross-border M&A of Chinese enterprises, the selection of board members and the play of governance effects.
WANG Aiqun,YAN Panpan,ZHAO Dong. A Study on the Influence of Overseas Returned Directors on the Performance of Cross-border M&A. Economic Survey, 2021, 38(2): 0102.
2021, Vol. 38 
