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March 16, 2026Journal of World BusinessOpen Access

CEO aging and the MNE internationalization portfolio

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Authors

LLLiang Arthur LiUniversity of Shanghai for Science and TechnologyENEddy S. NgQueen's UniversityAGAnthony GoerzenQueen's University

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Implication

Panel data analysis reveals how aging CEOs adapt internationalization strategies in multinational enterprises, suggesting new perspectives on CEO aging.

Key Points

  • This research aims to explore how the aging of CEOs influences the internationalization strategies of multinational enterprises.
  • Analyzed panel data from 364 multinational enterprises in Japan.
  • Employed cognitive aging theory to differentiate between fluid and crystallized intelligence.
  • Examined adaptive mechanisms in internationalization portfolio adjustments.
  • Aging CEOs tend to reduce cognitive demands by avoiding culturally distant host countries.
  • They are more likely to engage with countries that have weak institutions, leveraging their experience.
  • Findings challenge existing notions of CEO aging in international business research.

Cite This Study

Li et al. (2026) studied this question.

synapsesocial.com/papers/69b79df38166e15b153ab304https://doi.org/10.1016/j.jwb.2026.101730
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