CEO international experience and foreign IPOs

Tinghua Duan, Wenxuan Hou and William Rees
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Tinghua Duan: LEM - Lille économie management - UMR 9221 - UA - Université d'Artois - UCL - Université catholique de Lille - Université de Lille - CNRS - Centre National de la Recherche Scientifique

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Abstract: This paper examines listing location as a managerial decision by using a sample of IPOs of Chinese entrepreneurial firms in mainland China, the United States and Hong Kong. We find that Chinese entrepreneurial firms managed by CEOs with international experience are more likely to undertake foreign IPOs, especially those returned from 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: Returnee; Foreign IPOs; Entrepreneurial firms; CEO; International experience (search for similar items in EconPapers)
Date: 2020-05
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Citations: View citations in EconPapers (4)

Published in Economic Modelling, 2020, 87, pp.461-470. ⟨10.1016/j.econmod.2019.11.033⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-02993076

DOI: 10.1016/j.econmod.2019.11.033

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