The impact of international migrant networks on outward foreign direct investment (OFDI) by multinational enterprises (MNEs) is an emerging research topic in the field of international business. Based on the data of A‐share listed companies from 2008 to 2020 in China, this study analyzes the impact of international migrant networks on OFDI by MNEs and further examines the moderating effect of firms' international experience. Our findings suggest that migrant networks have a facilitating effect on OFDI by MNEs, and firms' international experience plays a positive moderating role in the above relationship. We also find that the facilitation effect of migrant networks on OFDI by MNEs is more obvious in the context of greater geographical and cultural distance, indicating the positive effect of migrant networks in reducing information asymmetry and transaction costs. In addition, the facilitation effect of migrant networks on OFDI by MNEs is more significant in the subsample of the service industry. Our study contributes to the literature by providing new insights into the relationship between migrant networks and international expansion behavior.

Under the current corporate governance model, the second largest shareholder (SLS) is a very special, common and important presence, which becomes an important counterweight to the controlling shareholder (CS). Through a game matrix, this paper explains whether the SLS will supervise the CS’s tunneling behavior. Based on this, we empirically examine the effect of the SLS on CS’s tunneling behavior in Chinese listed firms between 2010 and 2020. The results indicate that the SLS significantly inhibits CS’s tunneling behavior. In addition, the heterogeneity analysis reveals that the negative effect of the SLS on CS’s tunneling behavior is concentrated in non-state-owned enterprises (NSOEs) and enterprises located in regions with better business environment. This paper provides a reference for resolving the current "conflict of interest" among multiple large shareholders (MLSs), as well as evidence to support the governance role of the SLS in listed firms with MLSs.

<abstract> <p>This paper examines the effects and mechanism paths of monetary policy on firms' "short-term debt for long-term investment (SDFLI)" behavior using panel data of Chinese A-share listed firms from 2007-2019. The findings indicate that loose monetary policy suppresses corporate SDFLI behavior by lengthening corporate credit maturity structure through the credit maturity structure channel. In addition, heterogeneity analysis shows that loose monetary policy significantly inhibits the SDFLI behavior of state-owned enterprises(SOEs), non-high-tech firms, and firms in regions with high bank competition levels through the credit term structure channel, and the monetary policy credit term structure channel fails for non-state-owned enterprises(non-SOEs), high-tech firms, and firms in regions with low bank competition levels. The results of the heterogeneity analysis validate the plausibility that monetary policy affects firms' SDFLI behavior through the credit term structure channel.</p> </abstract>