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.