Foreign IPO capital market choice: Understanding the institutional fit of corporate governance
研究了外国IPO企业如何根据自身治理特征（如创始人CEO、高管激励、董事会独立性）和外部网络特征（如承销商声誉、风投联合、董事会关联）选择契合的海外上市市场，对理解企业跨境上市决策有参考价值。
Abstract 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 © 2012 John Wiley & Sons, Ltd.