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We examine whether firms in the emerging market whose controlling persons have foreign residency rights are more likely to invest overseas inefficiently. Using a sample from China’s private listed companies in 2010–2017, we find a positive association between foreign residency rights and overseas investment. The association is more pronounced in controlling persons without actual overseas experience, and the overseas investment performance is worse. The finding is robust to alternative measures and controlling for endogeneity. Overall, our study contributes to the literature on foreign residency rights in the emerging market by providing empirical evidence that the foreign residency rights of controlling persons in China induce inefficient overseas investment.

Foreign Residency Rights and Overseas Investment