Overcoming the liability of foreignness in US capital markets: the case of Alibaba and Coupang

LIBRIS-ID:oai:hhs.se:1157912140006056
https://research.hhs.se/esploro/outputs/journalArticle/Overcoming-the-liability-of-foreignness-in/991001499299406056URI
https://doi.org/10.1080/13602381.2022.2121522DOI

Drawing on signalling theory and using the cases of Alibaba and Coupang, we investigate whether and how venture capital-backed companies from emerging markets use CSR to overcome the liability of foreignness when going public in the US. Our findings suggest that such firms strategically increase their CSR activities prior to their IPO in order to signal legitimacy to investors. They also suggest that firms with both strong and weak CSR signalling strategies (as measured by signal cost, frequency and consistency) are equally likely to have successful IPOs when they are backed by reputable venture capital firms.

Pesqué-Cela, VanesaStockholm School of Economics,Handelshögskolan i Stockholm(Swepub:hhs)4254@hhs.se (author)
Li, JiarongHitotsubashi University (Japan, Tokyo) (author)
Handelshögskolan i StockholmIncheon National University (South Korea, Incheon) - INU (creator_code:org_t)

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SOCIAL SCIENCES: SOCIAL SCIENCES; and Economics and Bu ...; and Business Adminis ...

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