关键词: 外籍董事,组织合法性,企业可持续成长

Abstract: The purpose of introducing foreign directors is to improve the level of decision-making of the board of directors and standardize its behaviors, so as to obtain the recognition of stakeholders, improve the organizational legitimacy and finally achieve sustainable growth. Taking the listed companies in Shanghai and Shenzhen stock markets from 2011 to 2015 as research samples, this paper conducts an empirical study. The findings show that the introduction of foreign director is conducive to the improvement of organizational legitimacy. This kind of regulation effect is to a large extent produced by the advanced management experiences brought about by the foreign directors, rather than by removing the interference of human relations. In addition, it is also found that the improvement of organizational legitimacy is conducive to corporate sustainable growth; and having foreign directors and Chinese mainland directors with overseas background could both promote the positive correlation.

Key words: foreign director; organizational legitimacy; corporate sustainable growth