메뉴 건너뛰기




Volumn 43, Issue 2, 2012, Pages 107-122

The liability of foreignness in capital markets: Sources and remedies

Author keywords

Capital markets; Institutional context; Institutional theory; Liability of foreignness

Indexed keywords


EID: 84856032229     PISSN: 00472506     EISSN: 14786990     Source Type: Journal    
DOI: 10.1057/jibs.2011.55     Document Type: Article
Times cited : (236)

References (47)
  • 1
    • 77951232632 scopus 로고    scopus 로고
    • Differences in governance practices between US and foreign firms: Measurement, causes and consequences
    • Aggarwal, R., Erel, I., Stulz, R., & Williamson, R. 2010. Differences in governance practices between US and foreign firms: Measurement, causes and consequences. Review of Financial Studies, 23(3): 3131-3169.
    • (2010) Review of Financial Studies , vol.23 , Issue.3 , pp. 3131-3169
    • Aggarwal, R.1    Erel, I.2    Stulz, R.3    Williamson, R.4
  • 2
    • 79951553159 scopus 로고    scopus 로고
    • Cultural influences on home bias and international diversification by institutional investors
    • Anderson, C. W., Fedenia, M., Hirschey, M., & Skiba, H. 2011. Cultural influences on home bias and international diversification by institutional investors. Journal of Banking & Finance, 35(4): 916-934.
    • (2011) Journal of Banking & Finance , vol.35 , Issue.4 , pp. 916-934
    • Anderson, C.W.1    Fedenia, M.2    Hirschey, M.3    Skiba, H.4
  • 4
    • 37149005683 scopus 로고
    • Investment banking, reputation, and the underpricing of initial public offerings
    • Beatty, R. P., & Ritter, J. R. 1986. Investment banking, reputation, and the underpricing of initial public offerings. Journal of Financial Economics, 15(1): 213-232.
    • (1986) Journal of Financial Economics , vol.15 , Issue.1 , pp. 213-232
    • Beatty, R.P.1    Ritter, J.R.2
  • 5
    • 77954142174 scopus 로고    scopus 로고
    • A cultural explanation of the foreign bias in international asset allocation
    • Beugelsdijk, S., & Frijns, B. 2010. A cultural explanation of the foreign bias in international asset allocation. Journal of Banking & Finance, 34(9): 2121-2131.
    • (2010) Journal of Banking & Finance , vol.34 , Issue.9 , pp. 2121-2131
    • Beugelsdijk, S.1    Frijns, B.2
  • 6
    • 44449127521 scopus 로고    scopus 로고
    • The home court advantage in international corporate litigation
    • Bhattacharya, U., Galpin, N., & Haslem, B. 2007. The home court advantage in international corporate litigation. Journal of Law and Economics, 50(4): 625-659.
    • (2007) Journal of Law and Economics , vol.50 , Issue.4 , pp. 625-659
    • Bhattacharya, U.1    Galpin, N.2    Haslem, B.3
  • 7
    • 0000082464 scopus 로고    scopus 로고
    • Vagabond shoes longing to stray: Why foreign firms list in the United States
    • DOI 10.1016/S0378-4266(00)00090-X, PII S037842660000090X
    • Blass, A., & Yafeh, Y. 2001. Vagabond shoes longing to stray: Why foreign firms list in the United States. Journal of Banking & Finance, 25(3): 555-572. (Pubitemid 33619492)
    • (2001) Journal of Banking and Finance , vol.25 , Issue.3 , pp. 555-572
    • Blass, A.1    Yafeh, Y.2
  • 8
    • 4344615484 scopus 로고    scopus 로고
    • US-bound IPOs: Issue costs and selective entry
    • Bruner, R., Chaplinsky, S., & Ramchand, L. 2004. US-bound IPOs: Issue costs and selective entry. Financial Management, 33(3): 39-60. (Pubitemid 39392966)
    • (2004) Financial Management , vol.33 , Issue.3 , pp. 39-60
    • Bruner, R.1    Chaplinsky, S.2    Ramchand, L.3
  • 9
    • 0000212868 scopus 로고    scopus 로고
    • Wealth and the effects of founder management among IPO-stage new ventures
    • DOI 10.1002/smj.182
    • Certo, S. T., Covin, J. G., Daily, C. M., & Dalton, D. R. 2001.Wealth and the effects of founder management among IPO-stage new ventures. Strategic Management Journal, 22(6): 641-658. (Pubitemid 33612462)
    • (2001) Strategic Management Journal , vol.22 , Issue.6-7 , pp. 641-658
    • Certo, S.T.1    Covin, J.G.2    Daily, C.M.3    Dalton, D.R.4
  • 10
    • 19944364151 scopus 로고    scopus 로고
    • What determines the domestic bias and foreign bias? Evidence from mutual fund equity allocations worldwide
    • DOI 10.1111/j.1540-6261.2005.768-1.x
    • Chan, K., Covrig, V., & Ng, L. 2005. What determines the domestic bias and foreign bias? Evidence from mutual fund equity allocations worldwide. Journal of Finance, 60(3): 1495-1534. (Pubitemid 40758686)
    • (2005) Journal of Finance , vol.60 , Issue.3 , pp. 1495-1534
    • Chan, K.1    Covrig, V.2    Ng, L.3
  • 11
    • 11244285217 scopus 로고    scopus 로고
    • The impact of SEC rule 144A on corporate debt issuance by international firms
    • DOI 10.1086/422441
    • Chaplinsky, S., & Ramchand, L. 2004. The impact of SEC Rule 144A on corporate debt issuance by international firms. Journal of Business, 77(4): 1073-1097. (Pubitemid 40419152)
    • (2004) Journal of Business , vol.77 , Issue.4 , pp. 1073-1097
    • Chaplinsky, S.1    Ramchand, L.2
  • 12
    • 0042261097 scopus 로고    scopus 로고
    • The future as history: The prospects for global convergence in corporate governance and its implications
    • Coffee, J. 1999. The future as history: The prospects for global convergence in corporate governance and its implications. Northwestern University Law Review, 93(3): 641-708.
    • (1999) Northwestern University Law Review , vol.93 , Issue.3 , pp. 641-708
    • Coffee, J.1
  • 13
    • 0007884883 scopus 로고    scopus 로고
    • Home bias at home: Local equity preference in domestic portfolios
    • Coval, J. D., & Moskowitz, T. 1999. Home bias at home: Local equity preference in domestic portfolios. Journal of Finance, 54(6): 2045-2073.
    • (1999) Journal of Finance , vol.54 , Issue.6 , pp. 2045-2073
    • Coval, J.D.1    Moskowitz, T.2
  • 14
    • 0348197911 scopus 로고    scopus 로고
    • Why are foreign firms listed in the U.S. worth more?
    • DOI 10.1016/S0304-405X(03)00183-1, PII S0304405X03001831
    • Doidge, C., Karolyi, G. A., & Stulz, R. 2004. Why are foreign firms listed in the US worth more? Journal of Financial Economics, 71(2): 205-238. (Pubitemid 38065258)
    • (2004) Journal of Financial Economics , vol.71 , Issue.2 , pp. 205-238
    • Doidge, C.1    Karolyi, G.A.2    Stulz, R.M.3
  • 15
    • 22144435063 scopus 로고    scopus 로고
    • Distance matters: Liability of foreignness, institutional distance and ownership strategy
    • DOI 10.1016/S0747-7929(04)16010-1, PII S0747792904160101, Theories of the Multinational Enterprise: Diversity, Complexity and Relevance
    • Eden, L., & Miller, S. 2004. Distance matters: Liability of foreignness, institutional distance and ownership strategy. In M. Hitt & J. Cheng (Eds), Advances in international management, (Vol. 16): 187-221. New York: Elsevier. (Pubitemid 39753625)
    • (2004) Advances in International Management , vol.16 , pp. 187-221
    • Eden, L.1    Miller, S.R.2
  • 16
    • 46049088884 scopus 로고    scopus 로고
    • The colors of investors' money: The role of institutional investors around the world
    • Ferreira, M. A., & Matos, P. 2008. The colors of investors' money: The role of institutional investors around the world. Journal of Financial Economics, 88(3): 499-533.
    • (2008) Journal of Financial Economics , vol.88 , Issue.3 , pp. 499-533
    • Ferreira, M.A.1    Matos, P.2
  • 17
    • 0036783881 scopus 로고    scopus 로고
    • Board composition, share ownership, and "underpricing" of UK IPO firms
    • Filatotchev, I., & Bishop, K. 2002. Board composition, share ownership, and "underpricing" of UK IPO firms. Strategic Management Journal, 23(10): 941-955.
    • (2002) Strategic Management Journal , vol.23 , Issue.10 , pp. 941-955
    • Filatotchev, I.1    Bishop, K.2
  • 19
    • 0000815950 scopus 로고
    • Investor diversification and international equity markets
    • French, K., & Poterba, J. 1991. Investor diversification and international equity markets. The American Economic Review, 81(2): 222-226.
    • (1991) The American Economic Review , vol.81 , Issue.2 , pp. 222-226
    • French, K.1    Poterba, J.2
  • 22
    • 0033634041 scopus 로고    scopus 로고
    • The investment behavior and performance of various investor-types: A study of Finland's unique data set
    • Grinblatt, M., & Keloharju, M. 2000. The investment behavior and performance of various investor-types: A study of Finland's unique data set. Journal of Financial Economics, 55(1): 43-67.
    • (2000) Journal of Financial Economics , vol.55 , Issue.1 , pp. 43-67
    • Grinblatt, M.1    Keloharju, M.2
  • 24
    • 62649173407 scopus 로고    scopus 로고
    • Cost of capital effects and changes in growth expectations around US cross-listings
    • Hail, L., & Leuz, C. 2009. Cost of capital effects and changes in growth expectations around US cross-listings. Journal of Financial Economics, 93(3): 428-454.
    • (2009) Journal of Financial Economics , vol.93 , Issue.3 , pp. 428-454
    • Hail, L.1    Leuz, C.2
  • 25
    • 33748039409 scopus 로고    scopus 로고
    • World markets for raising new capital
    • DOI 10.1016/j.jfineco.2005.08.004, PII S0304405X06000432
    • Henderson, B., Jegadeesh, N., & Weisbach, M. 2006. World markets for raising new capital. Journal of Financial Economics, 82(1): 63-101. (Pubitemid 44296035)
    • (2006) Journal of Financial Economics , vol.82 , Issue.1 , pp. 63-101
    • Henderson, B.J.1    Jegadeesh, N.2    Weisbach, M.S.3
  • 26
    • 0031256734 scopus 로고    scopus 로고
    • Why is there a home bias? An analysis of foreign portfolio equity ownership in Japan
    • PII S0304405X97000238
    • Kang, J., & Stulz, R. 1997. Why is there a home bias? An analysis of foreign portfolio equity ownership in Japan. Journal of Financial Economics, 46(1): 3-28. (Pubitemid 127163074)
    • (1997) Journal of Financial Economics , vol.46 , Issue.1 , pp. 3-28
    • Kang, J.-K.1    Stulz, R.M.2
  • 27
    • 32144464931 scopus 로고    scopus 로고
    • The world of cross-listings and cross-listings of the world: Challenging conventional wisdom
    • DOI 10.1007/s10679-006-6980-8
    • Karolyi, G. 2006. The world of cross-listings and cross-listings of the world: Challenging conventional wisdom. Review of Finance, 10(1): 99-152. (Pubitemid 43207854)
    • (2006) Review of Finance , vol.10 , Issue.1 SPEC. ISS. , pp. 99-152
    • Karolyi, G.A.1
  • 28
    • 42049096798 scopus 로고    scopus 로고
    • Market segmentation and equity valuation: Comparing Canada and the United States
    • King, M. R., & Segal, D. 2008. Market segmentation and equity valuation: Comparing Canada and the United States. Journal of International Markets, Institutions and Money, 18(3): 245-258.
    • (2008) Journal of International Markets, Institutions and Money , vol.18 , Issue.3 , pp. 245-258
    • King, M.R.1    Segal, D.2
  • 29
    • 0038062629 scopus 로고    scopus 로고
    • ADRs, analysts, and accuracy: Does cross listing in the United States improve a firm's information environment and increase market value?
    • Lang, M., Lins, K., & Miller, D. 2003. ADRs, analysts, and accuracy: Does cross listing in the United States improve a firm's information environment and increase market value? Journal of Accounting Research, 41(2): 317-345. (Pubitemid 36571270)
    • (2003) Journal of Accounting Research , vol.41 , Issue.2 , pp. 317-345
    • Lang, M.H.1    Lins, K.V.2    Miller, D.P.3
  • 30
    • 42449123076 scopus 로고    scopus 로고
    • Attracting cross-border venture capital: The role of a local investor
    • Mäkelä, M., & Maula, M. J. 2008. Attracting cross-border venture capital: The role of a local investor. Entrepreneurship & Regional Development, 20(3): 237-257.
    • (2008) Entrepreneurship & Regional Development , vol.20 , Issue.3 , pp. 237-257
    • Mäkelä, M.1    Maula, M.J.2
  • 31
    • 30344436979 scopus 로고    scopus 로고
    • Security fungibility and the cost of capital: Evidence from global bonds
    • Miller, D. P., & Puthenpurackal, J. J. 2005. Security fungibility and the cost of capital: Evidence from global bonds. Journal of Financial and Quantitative Analysis, 40(4): 849-872. (Pubitemid 43057997)
    • (2005) Journal of Financial and Quantitative Analysis , vol.40 , Issue.4 , pp. 849-872
    • Miller, D.P.1    Puthenpurackal, J.J.2
  • 32
    • 33646558908 scopus 로고    scopus 로고
    • Local density and foreign subsidiary performance
    • DOI 10.1007/s10464-006-9053-4
    • Miller, S. R., & Eden, L. 2006. Local density and foreign subsidiary performance. Academy of Management Journal, 49(2): 341-355. (Pubitemid 43726609)
    • (2006) Academy of Management Journal , vol.49 , Issue.2 , pp. 341-355
    • Miller, S.R.1    Eden, L.2
  • 33
    • 0347533002 scopus 로고    scopus 로고
    • Liability of foreignness in global competition? Financial service affiliates in the City of London
    • Nachum, L. 2003. Liability of foreignness in global competition? Financial service affiliates in the City of London. Strategic Management Journal, 24(2): 1187-1208.
    • (2003) Strategic Management Journal , vol.24 , Issue.2 , pp. 1187-1208
    • Nachum, L.1
  • 34
    • 0013467834 scopus 로고    scopus 로고
    • The geography of equity listing: Why do companies list abroad?
    • Pagano, M., Roell, A. A., & Zechner, J. 2002. The geography of equity listing: Why do companies list abroad? Journal of Finance, 57(6): 2651-2694. (Pubitemid 36932097)
    • (2002) Journal of Finance , vol.57 , Issue.6 , pp. 2651-2694
    • Pagano, M.1    Roell, A.A.2    Zechner, J.3
  • 36
    • 14644417866 scopus 로고    scopus 로고
    • The determinants of cross-border equity flows
    • DOI 10.1016/j.jinteco.2004.05.002, PII S0022199604000716
    • Portes, R., & Rey, H. 2005. The determinants of cross-border equity flows. Journal of International Economics, 65(2): 269-296. (Pubitemid 40318204)
    • (2005) Journal of International Economics , vol.65 , Issue.2 , pp. 269-296
    • Portes, R.1    Rey, H.2
  • 37
    • 84989092289 scopus 로고
    • The social construction of reputation: Certification contests, legitimation, and the survival of organizations in the American automobile industry: 1895-1912
    • Rao, H. 1994. The social construction of reputation: Certification contests, legitimation, and the survival of organizations in the American automobile industry: 1895-1912. Strategic Management Journal, 15(S1): 29-44.
    • (1994) Strategic Management Journal , vol.15 , Issue.S1 , pp. 29-44
    • Rao, H.1
  • 38
    • 0036788673 scopus 로고    scopus 로고
    • Protection of minority shareholder interests, cross-listings in the United States, and subsequent equity offerings
    • Reese, W., & Weisbach, M. 2002. Protection of minority shareholder interests, cross-listings in the United States, and subsequent equity offerings. Journal of Financial Economics, 66(1): 65-104.
    • (2002) Journal of Financial Economics , vol.66 , Issue.1 , pp. 65-104
    • Reese, W.1    Weisbach, M.2
  • 39
    • 0742268559 scopus 로고    scopus 로고
    • Sorting things out: Valuation of new firms in uncertain markets
    • Sanders, W., & Boivie, S. 2004. Sorting things out: Valuation of new firms in uncertain markets. Strategic Management Journal, 25(2): 167-186.
    • (2004) Strategic Management Journal , vol.25 , Issue.2 , pp. 167-186
    • Sanders, W.1    Boivie, S.2
  • 40
    • 4344623288 scopus 로고    scopus 로고
    • The overseas listing decision: New evidence of proximity preference
    • DOI 10.1093/rfs/hhg048
    • Sarkissian, S., & Schill, M. 2004. The overseas listing decision: New evidence of proximity preference. Review of Financial Studies, 17(3): 769-809. (Pubitemid 39159659)
    • (2004) Review of Financial Studies , vol.17 , Issue.3 , pp. 769-809
    • Sarkissian, S.1    Schill, M.J.2
  • 41
    • 85132195198 scopus 로고
    • An empirical study of selected factors influencing the decision to list on foreign stock exchanges
    • Saudagaran, S. 1988. An empirical study of selected factors influencing the decision to list on foreign stock exchanges. Journal of International Business Studies, 19(1): 101-127.
    • (1988) Journal of International Business Studies , vol.19 , Issue.1 , pp. 101-127
    • Saudagaran, S.1
  • 42
    • 70350616201 scopus 로고    scopus 로고
    • Liability of foreignness as a barrier to knowledge spillovers: Lost in translation?
    • Schmidt, T., & Sofka, W. 2009. Liability of foreignness as a barrier to knowledge spillovers: Lost in translation? Journal of International Management, 15(4): 460-474.
    • (2009) Journal of International Management , vol.15 , Issue.4 , pp. 460-474
    • Schmidt, T.1    Sofka, W.2
  • 44
    • 0035630433 scopus 로고    scopus 로고
    • Cultural distance revisited: Towards a more rigorous conceptualization and measurement of cultural differences
    • Shenkar, O. 2001. Cultural distance revisited: Towards a more rigorous conceptualization and measurement of cultural differences. Journal of International Business Studies, 32(3): 519-535. (Pubitemid 33583092)
    • (2001) Journal of International Business Studies , vol.32 , Issue.3 , pp. 519-535
    • Shenkar, O.1
  • 46
    • 84993045814 scopus 로고
    • Overcoming the liability of foreignness
    • Zaheer, S. 1995. Overcoming the liability of foreignness. Academy of Management Journal, 38(2): 341-363.
    • (1995) Academy of Management Journal , vol.38 , Issue.2 , pp. 341-363
    • Zaheer, S.1
  • 47
    • 0001171863 scopus 로고    scopus 로고
    • The dynamics of the liability of foreignness: A global study of survival in financial services
    • Zaheer, S., & Mosakowski, E. 1997. The dynamics of the liability of foreignness: A global study of survival in financial services. Strategic Management Journal, 18(6): 439-464. (Pubitemid 127467142)
    • (1997) Strategic Management Journal , vol.18 , Issue.6 , pp. 439-464
    • Zaheer, S.1    Mosakowski, E.2


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.