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Foreign IPOs in the U.S.: When entrepreneurial orientation meets institutional distance

Author

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  • Liu, Kun
  • Tang, Jintong
  • Yang, Kun (Michelle)
  • Arthurs, Jonathan

Abstract

An increasing number of foreign firms are seeking capital in foreign countries via IPO listings. While much research has discussed the effects of external institutions, few research studies have systematically analyzed how institutional factors, as well as firm-specific characteristics such as entrepreneurial orientation (EO), jointly determine the performance of foreign IPOs. We suggest that a larger administrative distance negatively affects IPO performance, whereas EO positively affects IPO performance. At the same time, administrative distance negatively moderates the effects of EO on IPO performance. Findings from a sample of foreign firms that went public on the U.S. stock market between 2002 and 2012 support our hypotheses. The implications of these findings are discussed in this paper.

Suggested Citation

  • Liu, Kun & Tang, Jintong & Yang, Kun (Michelle) & Arthurs, Jonathan, 2019. "Foreign IPOs in the U.S.: When entrepreneurial orientation meets institutional distance," Journal of Business Research, Elsevier, vol. 101(C), pages 144-151.
    • Handle: RePEc:eee:jbrese:v:101:y:2019:i:c:p:144-151
    DOI: 10.1016/j.jbusres.2019.04.011
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    Cited by:

    1. André de Abreu Saraiva Monteiro Alves & Marcelo Pereira Duarte & Fernando Manuel Pereira de Oliveira Carvalho, 2022. "A Perspective on Administrative Distance: Theoretical Development and Measurement," SAGE Open, , vol. 12(4), pages 21582440221, December.
    2. Xiaojing Lu & Sebastian Jacques Manuel Boo & Xiaming Liu, 2024. "Is the relationship between institutional distance and subsidiary performance moderated by top management team? Evidence from Chinese multinational enterprises," Palgrave Communications, Palgrave Macmillan, vol. 11(1), pages 1-15, December.

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