背景(考古学)
上市(财务)
责任
实证研究
新兴市场
国际化
独创性
业务
经济
金融经济学
会计
财务
国际贸易
法学
政治学
统计
数学
古生物学
生物
创造力
作者
Wei Jiang,Jie Zheng,Yan Zuo
出处
期刊:International Journal of Emerging Markets
[Emerald (MCB UP)]
日期:2022-03-14
卷期号:18 (11): 5319-5337
被引量:3
标识
DOI:10.1108/ijoem-01-2021-0111
摘要
Purpose The purpose of this paper is to investigate the role of cross-listing in overcoming liability of origin (LOO) facing emerging economy corporations (EECs). Design/methodology/approach This paper takes Chinese firms' cross-listing in Hong Kong and the firms' establishment of international joint ventures (IJVs) with foreign partners as the research setting. This is an empirical study using Heckman's self-selection model as the primary econometric technique and two-stage least square (2SLS) regressions as the supplementary estimation procedure. Findings Cross-listing in developed economies can serve as a signal for EECs to overcome the LOO. In addition, the regional institutional voids of emerging economies (EEs) and state ownership are prominent boundary conditions shaping this effect. Research limitations/implications Only Chinese firms and the firms' cross-listing in Hong Kong are considered for the empirical context as a result of data availability. Practical implications This paper provides a practical solution for EECs whose internationalisation tends to be hindered by the LOO. Originality/value This study is of high importance in that it centres on a distinctive and challenging problem faced with EECs—the LOO. Besides, it ascribes this liability to a matter of information asymmetries and explores how cross-listing can serve as a signal to cope with this challenge.
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