Capital market liability of foreignness of IPO firms
研究外国IPO企业在资本市场的劣势（CMLOF）持续多久、何时转为优势，以及如何通过策略缓解，对关注跨境上市的企业和投资者有参考价值。
This study contributes to the capital market liability of foreignness (CMLOF) literature. Utilizing the context of foreign IPO firms, we investigate how long CMLOF lasts, if CMLOF turns into capital market advantage of foreignness (CMAOF) over time, if the global financial crisis influences CMLOF, and how some firms mitigate CMLOF after IPO. Utilizing an explanatory sequential mixed methods design, we quantitatively analyze 549 foreign IPO firms and qualitatively analyze 1233 units of data and show quantitatively that CMLOF does diminish after one year and turns into CMAOF after 3 years for IPO firms and qualitatively reveal strategies to mitigate CMLOF.