Executive Overseas Background, Customer Concentration, and Firm Internationalization: Evidence from Structural Changes Around 2018

Main Article Content

Zikun Wu
School of European and Latin American Studies, Shanghai International Studies University, Shanghai 201620, China

DOI: https://doi.org/10.70267/fer.v3n4.6166

Keywords

executive overseas background, firm internationalization, customer concentration, resource dependence

Abstract

Using panel data on Chinese A-share manufacturing firms from 2010 to 2023, this study examines whether executives’ overseas background affects firm internationalization and whether customer concentration changes this relationship. The results show that executives’ overseas background significantly increases the share of overseas revenue. Customer concentration strengthens this effect during 2012 and 2017, whereas the positive moderating effect weakens significantly and becomes statistically insignificant from 2018 onward. The findings are mainly driven by overseas work experience and remain robust to alternative fixed effects, an extended pre-2018 window, and IPWRA estimation. The study identifies customer dependence and changes in the external business environment as important boundaries of the value of international managerial human capital.

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Published
Sep 14, 2026
Issue
Vol. 3 No. 4 (2026)
Section
Research Articles
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How to Cite

Wu, Z. (2026). Executive Overseas Background, Customer Concentration, and Firm Internationalization: Evidence from Structural Changes Around 2018. Financial Economics Research, 3(4), 61-66. https://doi.org/10.70267/fer.v3n4.6166