How home country identity salience affects emerging market companies' overseas IPO performance: an empirical investigation from China
研究了中国公司在美国上市时，母国身份凸显性如何提升海外IPO绩效，并发现文化特定性和市场国际化起正向调节作用，对新兴市场企业海外融资有参考价值。
Purpose The purpose of the current study is to examine how and when home country identity salience of emerging market companies affects their overseas initial public offering (IPO) performance Design/methodology/approach By using secondary data from multiple sources, this study empirically tests the proposed research framework in the context of Chinese companies' overseas IPO activities in the US stock markets. Findings The results demonstrate that home country identity salience positively affects overseas IPO performance, and thus can be recognized as the asset of foreignness. Cultural specification positively moderates the effect of home country identity salience on overseas IPO performance. Market internationalization also plays an important moderating role in the relationship between home country identity salience and overseas IPO performance. Originality/value The current study identifies a new factor, that is, home country identity salience, that can mitigate the liability of foreignness for emerging market companies in their overseas IPO activities. The study also documents the positive cultural impacts on overseas investors in a financial and international context.