Top Management Team Age, Host Country Characteristic and Ownership Decision of Chinese OFDI
LEI Qi-qi, GUO Jian-quan

Abstract
This paper empirically examines the effect of the Top Management Team Age and Host Country Characteristic on ownership decision of Chinese OFDI, with the sample of 227 cases of cross-border acquisition undertaken by 164 China’s listed A-share companies from 2001 to 2015. We find that: The greater of the average age of the TMT, Chinese enterprises in cross-border M&A are more tend to joint venture acquisition of the target enterprises stake. Chinese enterprises in cross-border M&A are more tend to joint venture acquisition of the target enterprises stake in developed countries.

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