Market Timing and Internationalization Decisions: A Contingency Perspective
研究了企业通过市场时机获取低成本资本是否提升国际化可能性，以及该效应在首次进入时比后续扩张更强。
Abstract Does acquisition of low‐cost capital through market timing improve the likelihood of a firm's internationalization? Under what circumstances will the above relationship be stronger? These questions are the focus of our study. We integrate the arguments of the resource‐based view and the market timing theory to answer these questions. We constructed a sample of capital‐raising moves and international investments by 905 listed Chinese firms spanning the 1992–2012 period. Based on random‐effects regression analyses, we find that firms deploying market timing are indeed more likely to internationalize. We also find that this effect is stronger for initial entries than subsequent expansions in a country.