Strategic and institutional effects on foreign IPO performance: Examining the impact of country of origin, corporate governance, and host country effects

Bell, R. Greg; Moore, Curt B.; Filatotchev, Igor

doi:10.1016/j.jbusvent.2010.11.001

Cited by 95 publications

(110 citation statements)

References 141 publications

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“…Few studies of the relationship between the foreign activities of ventures and their IPO performance exist, and those that do exist suggest that internal factors such as the top management team, and external factors such as host country institutions impact IPO performance (Bell et al, 2012;Certo et al, 2009). This study responds to Certo et al's (2009) call for more research into the relationship between international diversification and IPO performance by focusing on the international intensity of new ventures.…”

Section: Discussionmentioning

confidence: 80%

Internationalization and the IPO performance of new ventures

LiPuma¹

2012

Journal of Business Research

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Section: Discussionmentioning

confidence: 80%

Internationalization and the IPO performance of new ventures

LiPuma¹

2012

Journal of Business Research

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“…Multinational firms, even when their headquarters are based in high-corruption countries, often have such codes and enforce them. Fourth, lack of knowledge of the local environment may prevent foreign firms from getting involved in corruption (Zaheer, 1995;Zaheer and Mosakowski, 1997;Cuervo-Cazurra et al, 2007;Bell et al, 2012). Fifth, existing empirical evidence suggests that foreign firms have a lower propensity to bribe (Kouznetsov and Dass, 2010;Gueorguiev and Malesky, 2012;D'Souza and Kaufmann, 2013).…”

Section: H1mentioning

confidence: 99%

Firm Efficiency, Foreign Ownership and CEO Gender in Corrupt Environments

Hanousek¹,

Shamshur²,

Trešl³

2017

SSRN Journal

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We study the effects of corruption on firm efficiency using a unique dataset of private firms from 14 Central and Eastern European countries from 2000 to 2013. We find that an environment characterized by a high level of corruption has an adverse effect on firm efficiency. This effect is stronger for firms with a lower propensity to behave corruptly, such as foreign-controlled firms and firms managed by female CEOs, while local firms and firms with male CEOs are not disadvantaged. We also find that an environment characterized by considerable heterogeneity in the perception of corruption is associated with an increase in firm efficiency. This effect is particularly strong for foreign-controlled firms from low corruption countries, while no effect is observed for firms managed by a female CEO.

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“…Beatty and Zajac (1994) argue that, when executive incentive mechanisms fail to align interests of managers and investors, IPO firms should rely more heavily on board monitoring. An independent board may be one of the most important favorable governance signals that U.S. investors expect when evaluating unfamiliar firms (Bell, Moore, and Filatotchev, 2011). Independent boards that possess a diverse set of skills and experiences are considered important to investors (Useem et al, 1993) because they imply the firm will be better governed and capable of attaining higher performance levels (Millestein and MacAvoy, 1998).…”

Section: Board Independencementioning

confidence: 99%

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

Moore

Bell

Filatotchev

et al. 2012

Strategic Management Journal

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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.3

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Strategic and institutional effects on foreign IPO performance: Examining the impact of country of origin, corporate governance, and host country effects

Cited by 95 publications

References 141 publications

Internationalization and the IPO performance of new ventures

Internationalization and the IPO performance of new ventures

Firm Efficiency, Foreign Ownership and CEO Gender in Corrupt Environments

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

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