摘要：由于新兴经济体经济发展和对海归的优惠政策，过去十年间，发达国家向新兴经济体的国际人员流动显著增加，而海归往往在新兴经济体的经济发展中扮演着重要角色。过去的文献往往聚焦于海归对企业市场战略和结果的影响，却忽视了其与非市场战略的关系。该研究从高阶梯队理论视角，探讨了海归高管与企业慈善捐赠之间的关系。通过对我国2010年至2017年上市公司的数据分析发现，企业海归高管比例与企业慈善捐赠呈负相关关系，这表明企业高管可能会淡化企业慈善捐赠作为新兴市场非市场战略的重要性。进一步的研究表明，高管所有权比例、企业知名度等因素对海归高管与慈善捐赠的关系起到调节作用；且海归高管比例会促进企业更多地承担对股东和员工的社会责任。该研究对战略领导力、高阶梯队理论和企业社会责任等领域的研究有重要的理论贡献，对企业和政府关于人才引起和社会责任政策的制定也有重要启示。

Abstract: While past studies have enriched our understanding of the impact of returnee executives on firm market strategy and outcomes, we know relatively little about the relationship between returnee executives and firm nonmarket strategies. Grounded in upper echelons theory, this study explores the relationship between returnee executives and corporate philanthropy, the latter of which is an important nonmarket strategy in emerging economies such as China. Using data on publicly listed Chinese companies from 2010 to 2017, we find that the proportion of returnee executives is negative related to corporate philanthropy. We also find that this negative relationship is moderated by executive ownership, corporate prominence, etc. Our study makes important theoretical contributions to strategic leadership research, upper echelons theory, and the literature of corporate philanthropy. The findings of this study have important practical implications for managers and policy-makers.

（作者简介：徐月华<通讯作者>，山东大学管理学院教授，博士生导师）

文章来源：Journal of Business Ethics, online, 2021

文章链接：https://doi.org/10.1007/s10551-021-04870-9