Abstract / Description of output
This paper examines listing location as a managerial decision. Using a sample of IPOs of Chinese entrepreneurial firms in mainland China, the United States and Hong Kong, we show that Chinese entrepreneurial firms managed by CEOs international experience, are more likely to undertake foreign IPOs, especially those with experience of countries with more advanced legal institutions and those operating in high-tech industries. The credibility crisis for Chinese firms in 2010 switched the focus of foreign IPOs from the US to Hong Kong. These results are consistent across returnee CFOs and other senior executives with international experience.
Keywords / Materials (for Non-textual outputs)
- entrepreneurial firms
- IPO initial returns
- high tech industries