Foreign IPO capital market choice: Understanding the institutional fit of corporate governance

• 成果类型: Article
• 署名作者: Moore, Curt B.; Bell, R. Greg; Filatotchev, Igor; Rasheed, Abdul A.
• 署名单位: City St Georges, University of London; Texas Tech University System; Texas Tech University; Vienna University of Economics & Business; University of Texas System; University of Texas Arlington
• 刊物名称: STRATEGIC MANAGEMENT JOURNAL
• ISSN/ISSBN: 0143-2095
• DOI: 10.1002/smj.1953
• 发表日期: 2012
• 页码: 914-937
• 关键词: foreign; IPO; governance; MARKET; CHOICE

摘要

While product market choices have been central to strategy formulation for firms in the past, the integration of financial markets makes the choice of capital markets an equally important strategic decision. We advance a comparative institutional perspective to explain capital market choice by firms making an IPO in a foreign market. We find that internal governance characteristics (founder-CEO, executive incentives, and board independence) and external network characteristics (prestigious underwriters, degree of venture capitalist syndication, and board interlocks) are significant predictors of foreign capital market choice by foreign IPO firms. Our results suggest foreign IPO firms select a host market where the firms' governance characteristics and third party affiliations fit the host market's institutional environment. Copyright (c) 2012 John Wiley & Sons, Ltd.