IDEAS home Printed from https://ideas.repec.org/a/bla/jomstd/v53y2016i4p497-519.html
   My bibliography  Save this article

Market Timing and Internationalization Decisions: A Contingency Perspective

Author

Listed:
  • Lin Yuan
  • Xiaolin Qian
  • Nitin Pangarkar

Abstract

No abstract is available for this item.

Suggested Citation

  • Lin Yuan & Xiaolin Qian & Nitin Pangarkar, 2016. "Market Timing and Internationalization Decisions: A Contingency Perspective," Journal of Management Studies, Wiley Blackwell, vol. 53(4), pages 497-519, June.
    • Handle: RePEc:bla:jomstd:v:53:y:2016:i:4:p:497-519
    as

    Download full text from publisher

    File URL: http://hdl.handle.net/10.1111/joms.12181
    Download Restriction: Access to full text is restricted to subscribers.
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Malcolm Baker & Jeremy C. Stein & Jeffrey Wurgler, 2003. "When Does the Market Matter? Stock Prices and the Investment of Equity-Dependent Firms," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 118(3), pages 969-1005.
    2. Bowe, Michael & Filatotchev, Igor & Marshall, Andrew, 2010. "Integrating contemporary finance and international business research," International Business Review, Elsevier, vol. 19(5), pages 435-445, October.
    3. Shameen Prashantham & Charles Dhanaraj, 2010. "The Dynamic Influence of Social Capital on the International Growth of New Ventures," Journal of Management Studies, Wiley Blackwell, vol. 47(6), pages 967-994, September.
    4. R Greg Bell & Igor Filatotchev & Abdul A Rasheed, 2012. "The liability of foreignness in capital markets: Sources and remedies," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 43(2), pages 107-122, February.
    5. Guillaumont Jeanneney, S. & Hua, P., 2001. "How does real exchange rate influence income inequality between urban and rural areas in China?," Journal of Development Economics, Elsevier, vol. 64(2), pages 529-545, April.
    6. Alexander Ljungqvist & Vikram Nanda & Rajdeep Singh, 2006. "Hot Markets, Investor Sentiment, and IPO Pricing," The Journal of Business, University of Chicago Press, vol. 79(4), pages 1667-1702, July.
    7. Mike W Peng & Denis Y L Wang & Yi Jiang, 2008. "An institution-based view of international business strategy: a focus on emerging economies," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 39(5), pages 920-936, July.
    8. Tim Adam & Vidhan K. Goyal, 2008. "The Investment Opportunity Set And Its Proxy Variables," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 31(1), pages 41-63, March.
    9. Joel Stiebale, 2011. "Do Financial Constraints Matter for Foreign Market Entry? A Firm‐level Examination," The World Economy, Wiley Blackwell, vol. 34(1), pages 123-153, January.
    10. Amy Nicole Javernick-Will, 2009. "Organizational learning during internationalization: acquiring local institutional knowledge," Construction Management and Economics, Taylor & Francis Journals, vol. 27(8), pages 783-797.
    11. Hongxin Zhao & Chin-Chun Hsu, 2007. "Social ties and foreign market entry: An empirical inquiry," Management International Review, Springer, vol. 47(6), pages 815-844, December.
    12. Jianping Mei & Jose A. Scheinkman & Wei Xiong, 2009. "Speculative Trading and Stock Prices: Evidence from Chinese A-B Share Premia," Annals of Economics and Finance, Society for AEF, vol. 10(2), pages 225-255, November.
    13. Liu, Yi & Li, Yuan & Xue, Jiaqi, 2011. "Ownership, strategic orientation and internationalization in emerging markets," Journal of World Business, Elsevier, vol. 46(3), pages 381-393, July.
    14. Sea‐Jin Chang & Philip M. Rosenzweig, 2001. "The choice of entry mode in sequential foreign direct investment," Strategic Management Journal, Wiley Blackwell, vol. 22(8), pages 747-776, August.
    15. Morck, Randall & Yeung, Bernard, 1991. "Why Investors Value Multinationality," The Journal of Business, University of Chicago Press, vol. 64(2), pages 165-187, April.
    16. Brad M. Barber & Terrance Odean & Ning Zhu, 2009. "Do Retail Trades Move Markets?," The Review of Financial Studies, Society for Financial Studies, vol. 22(1), pages 151-186, January.
    17. Nooteboom, Bart & Van Haverbeke, Wim & Duysters, Geert & Gilsing, Victor & van den Oord, Ad, 2007. "Optimal cognitive distance and absorptive capacity," Research Policy, Elsevier, vol. 36(7), pages 1016-1034, September.
    18. Evenson, Robert E, 1993. "Patents, R&D, and Invention Potential: International Evidence," American Economic Review, American Economic Association, vol. 83(2), pages 463-468, May.
    19. François Derrien, 2005. "IPO Pricing in 'Hot' Market Conditions: Who Leaves Money on the Table?," Post-Print hal-00480827, HAL.
    20. Bolton, Patrick & Chen, Hui & Wang, Neng, 2013. "Market timing, investment, and risk management," Journal of Financial Economics, Elsevier, vol. 109(1), pages 40-62.
    21. Stein, Jeremy C, 1996. "Rational Capital Budgeting in an Irrational World," The Journal of Business, University of Chicago Press, vol. 69(4), pages 429-455, October.
    22. Aydoğan Alti, 2006. "How Persistent Is the Impact of Market Timing on Capital Structure?," Journal of Finance, American Finance Association, vol. 61(4), pages 1681-1710, August.
    23. Alvaro Cuervo-Cazurra & Mehmet Genc, 2008. "Transforming disadvantages into advantages: developing-country MNEs in the least developed countries," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 39(6), pages 957-979, September.
    24. Franҫois Derrien, 2005. "IPO Pricing in “Hot” Market Conditions: Who Leaves Money on the Table?," Journal of Finance, American Finance Association, vol. 60(1), pages 487-521, February.
    25. Malcolm Baker & Jeffrey Wurgler, 2002. "Market Timing and Capital Structure," Journal of Finance, American Finance Association, vol. 57(1), pages 1-32, February.
    26. Taggart, Robert A, Jr, 1977. "A Model of Corporate Financing Decisions," Journal of Finance, American Finance Association, vol. 32(5), pages 1467-1484, December.
    27. Malcolm Baker & C. Fritz Foley & Jeffrey Wurgler, 2009. "Multinationals as Arbitrageurs: The Effect of Stock Market Valuations on Foreign Direct Investment," The Review of Financial Studies, Society for Financial Studies, vol. 22(1), pages 337-369, January.
    28. Shleifer, Andrei & Vishny, Robert W., 2003. "Stock market driven acquisitions," Journal of Financial Economics, Elsevier, vol. 70(3), pages 295-311, December.
    29. Francois Collet & Déborah Philippe, 2014. "From Hot Cakes to Cold Feet: A Contingent Perspective on the Relationship between Market Uncertainty and Status Homophily in the Formation of Alliances," Journal of Management Studies, Wiley Blackwell, vol. 51(3), pages 406-432, May.
    30. Malcolm Baker & Jeffrey Wurgler, 2007. "Investor Sentiment in the Stock Market," Journal of Economic Perspectives, American Economic Association, vol. 21(2), pages 129-152, Spring.
    31. Junjiang Li & Lei Hou & Jiarui Zhang, 2011. "Capital Endowment, Credit Constraint and FDI: Analysis Based on Heterogeneous Firms," Frontiers of Economics in China-Selected Publications from Chinese Universities, Higher Education Press, vol. 6(1), pages 55-75, March.
    32. Busenitz, Lowell W. & Barney, Jay B., 1997. "Differences between entrepreneurs and managers in large organizations: Biases and heuristics in strategic decision-making," Journal of Business Venturing, Elsevier, vol. 12(1), pages 9-30, January.
    33. repec:fth:michin:282 is not listed on IDEAS
    34. Brad M. Barber & Terrance Odean, 2000. "Trading Is Hazardous to Your Wealth: The Common Stock Investment Performance of Individual Investors," Journal of Finance, American Finance Association, vol. 55(2), pages 773-806, April.
    35. Vibha Gaba & Yigang Pan & Gerardo R Ungson, 2002. "Timing of Entry in International Market: An Empirical Study of U.S. Fortune 500 Firms in China," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 33(1), pages 39-55, March.
    36. Alan Rugman, 1980. "Internalization as a general theory of foreign direct investment: A re-appraisal of the literature," Review of World Economics (Weltwirtschaftliches Archiv), Springer;Institut für Weltwirtschaft (Kiel Institute for the World Economy), vol. 116(2), pages 365-379, June.
    37. Michael Young & Terence Tsai & Xinran Wang & Shubo Liu & David Ahlstrom, 2014. "Strategy in emerging economies and the theory of the firm," Asia Pacific Journal of Management, Springer, vol. 31(2), pages 331-354, June.
    38. Gaur, Ajai S. & Kumar, Vikas & Singh, Deeksha, 2014. "Institutions, resources, and internationalization of emerging economy firms," Journal of World Business, Elsevier, vol. 49(1), pages 12-20.
    39. Michael A. Hitt & David Ahlstrom & M. Tina Dacin & Edward Levitas & Lilia Svobodina, 2004. "The Institutional Effects on Strategic Alliance Partner Selection in Transition Economies: China vs. Russia," Organization Science, INFORMS, vol. 15(2), pages 173-185, April.
    40. Constantinos C. Markides, 1995. "Diversification, restructuring and economic performance," Strategic Management Journal, Wiley Blackwell, vol. 16(2), pages 101-118.
    41. Francesca Cornelli & David Goldreich & Alexander Ljungqvist, 2006. "Investor Sentiment and Pre‐IPO Markets," Journal of Finance, American Finance Association, vol. 61(3), pages 1187-1216, June.
    42. Christian Geisler Asmussen & Torben Pedersen & Charles Dhanaraj, 2009. "Host-country environment and subsidiary competence: Extending the diamond network model," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 40(1), pages 42-57, January.
    43. Anders Richtnér & Pär Åhlström, 2006. "Influences On Organisational Slack In New Product Development Projects," International Journal of Innovation Management (ijim), World Scientific Publishing Co. Pte. Ltd., vol. 10(04), pages 375-406.
    44. Kent Eriksson & Jan Johanson & Anders Majkgård & D Deo Sharma, 1997. "Experimental Knowledge and Costs in the Internationalization Process," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 28(2), pages 337-360, June.
    45. Xu, Xiaonian & Wang, Yan, 1999. "Ownership structure and corporate governance in Chinese stock companies," China Economic Review, Elsevier, vol. 10(1), pages 75-98.
    46. Peter J. Buckley & Roger Strange, 2011. "The Governance of the Multinational Enterprise: Insights from Internalization Theory," Journal of Management Studies, Wiley Blackwell, vol. 48(2), pages 460-470, March.
    47. Chiung-Hui Tseng & Patriya Tansuhaj & William Hallagan & James McCullough, 2007. "Effects of firm resources on growth in multinationality," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 38(6), pages 961-974, November.
    48. Alok Kumar & Charles M.C. Lee, 2006. "Retail Investor Sentiment and Return Comovements," Journal of Finance, American Finance Association, vol. 61(5), pages 2451-2486, October.
    49. Lin, Wen-Ting & Cheng, Kuei-Yang & Liu, Yunshi, 2009. "Organizational slack and firm's internationalization: A longitudinal study of high-technology firms," Journal of World Business, Elsevier, vol. 44(4), pages 397-406, October.
    50. Peter J Buckley & Mark C Casson, 2009. "The internalisation theory of the multinational enterprise: A review of the progress of a research agenda after 30 years," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 40(9), pages 1563-1580, December.
    51. Manolova, Tatiana S. & Manev, Ivan M. & Gyoshev, Bojidar S., 2010. "In good company: The role of personal and inter-firm networks for new-venture internationalization in a transition economy," Journal of World Business, Elsevier, vol. 45(3), pages 257-265, July.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Eduardsen, Jonas & Marinova, Svetla, 2020. "Internationalisation and risk: Literature review, integrative framework and research agenda," International Business Review, Elsevier, vol. 29(3).
    2. Sven Kunisch & Julian Birkinshaw & Michael Boppel & Kira Choi, 2023. "Why do firms launch corporate change programs?," Post-Print hal-04325790, HAL.
    3. Thomas Hutzschenreuter & Philippa-Luisa Harhoff, 2020. "National capital city location and subsidiary portfolio expansion: The negative effect of geographic distance to the capital city at inception on the speed of subsequent investments," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 51(7), pages 1107-1132, September.
    4. Jonas Eduardsen & Svetla Marinova, 2016. "Decision-makers' risk perception in the internationalisation of small and medium-sized firms," International Journal of Export Marketing, Inderscience Enterprises Ltd, vol. 1(1), pages 4-26.
    5. Hutzschenreuter, Thomas & Harhoff, Philippa-Luisa, 2021. "The accelerating effect of institutional environment unfamiliarity on subsidiary portfolio expansion in a new host country," International Business Review, Elsevier, vol. 30(3).
    6. Knoll, Susanne & Padula, Antonio Domingos & Crespolini dos Santos, Mariane & Pumi, Guilherme & Zhou, Shudong & Zhong, Funing & Jardim Barcellos, Julio Otavio, 2018. "Information flow in the Sino-Brazilian beef trade," International Food and Agribusiness Management Review, International Food and Agribusiness Management Association, vol. 21(1).
    7. Guoliang Frank Jiang & Jeffrey J. Reuer & Colette Southam & Paul W. Beamish, 2022. "The impact of initial public offerings on SMEs’ foreign investment decisions," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 53(5), pages 879-901, July.
    8. S. Veeramani & Abha Shukla & Mariam Jamaleh, 2020. "Financial theories of foreign direct investment: a review of literature," Economia e Politica Industriale: Journal of Industrial and Business Economics, Springer;Associazione Amici di Economia e Politica Industriale, vol. 47(2), pages 185-217, June.
    9. Irina Surdu & Kamel Mellahi & Keith Glaister & Giulio Nardella, 2017. "Why Wait? The Speed of Foreign Market Re-Entry after Initial Entry and Exit," John H Dunning Centre for International Business Discussion Papers jhd-dp2017-05, Henley Business School, University of Reading.
    10. García-García, Raquel & García-Canal, Esteban & Guillén, Mauro F., 2017. "Rapid internationalization and long-term performance: The knowledge link," Journal of World Business, Elsevier, vol. 52(1), pages 97-110.
    11. Danchi Tan & Weichieh Su & Joseph T. Mahoney & Yasemin Kor, 2020. "A review of research on the growth of multinational enterprises: A Penrosean lens," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 51(4), pages 498-537, June.
    12. Drori, Netanel & Hashai, Niron & Clougherty, Joseph A., 2023. "Fire and ice: The incompatible impact of industry-wide domestic patents and international standards on firm internationalization," International Business Review, Elsevier, vol. 32(5).

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Kaustia, Markku & Knüpfer, Samuli, 2012. "Peer performance and stock market entry," Journal of Financial Economics, Elsevier, vol. 104(2), pages 321-338.
    2. Alimov, Azizjon & Mikkelson, Wayne, 2012. "Does favorable investor sentiment lead to costly decisions to go public?," Journal of Corporate Finance, Elsevier, vol. 18(3), pages 519-540.
    3. Aissia, Dorsaf Ben, 2016. "Home and foreign investor sentiment and the stock returns," The Quarterly Review of Economics and Finance, Elsevier, vol. 59(C), pages 71-77.
    4. Jiang, Li & Li, Gao, 2013. "Investor sentiment and IPO pricing during pre-market and aftermarket periods: Evidence from Hong Kong," Pacific-Basin Finance Journal, Elsevier, vol. 23(C), pages 65-82.
    5. David Hirshleife, 2015. "Behavioral Finance," Annual Review of Financial Economics, Annual Reviews, vol. 7(1), pages 133-159, December.
    6. Peter J Buckley & Liang Chen & L Jeremy Clegg & Hinrich Voss, 2018. "Risk propensity in the foreign direct investment location decision of emerging multinationals," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 49(2), pages 153-171, February.
    7. Chen, Yangyang & Goyal, Abhinav & Veeraraghavan, Madhu & Zolotoy, Leon, 2020. "Terrorist attacks, investor sentiment, and the pricing of initial public offerings," Journal of Corporate Finance, Elsevier, vol. 65(C).
    8. Malcolm Baker & Richard S. Ruback & Jeffrey Wurgler, 2004. "Behavioral Corporate Finance: A Survey," NBER Working Papers 10863, National Bureau of Economic Research, Inc.
    9. Wen-Ting Lin & Linda C. Wang, 2021. "Family firms, R&D, and internationalization: the stewardship and socio-emotional wealth perspectives," Asia Pacific Journal of Management, Springer, vol. 38(1), pages 91-119, March.
    10. Güçbilmez, Ufuk, 2015. "IPO waves in China and Hong Kong," International Review of Financial Analysis, Elsevier, vol. 40(C), pages 14-26.
    11. Mike W. Peng & Joyce C. Wang & Nishant Kathuria & Jia Shen & Miranda J. Welbourne Eleazar, 2023. "Toward an institution-based paradigm," Asia Pacific Journal of Management, Springer, vol. 40(2), pages 353-382, June.
    12. Liu Yang & Qing Zhou, 2021. "Leverage constraints and corporate financing decisions," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 61(4), pages 5199-5230, December.
    13. Danchi Tan & Weichieh Su & Joseph T. Mahoney & Yasemin Kor, 2020. "A review of research on the growth of multinational enterprises: A Penrosean lens," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 51(4), pages 498-537, June.
    14. Dorsaf Ben Aissia, 2017. "The mispricing of equity risk: behavioral and corporate leverage factors," Journal of Asset Management, Palgrave Macmillan, vol. 18(6), pages 421-432, October.
    15. Feng, Xunan & Johansson, Anders C., 2016. "Judging a Book by Its Cover: Analysts and Attention-Driven Price Patterns in China’s IPO Market," Stockholm School of Economics Asia Working Paper Series 2016-39, Stockholm School of Economics, Stockholm China Economic Research Institute.
    16. Bhattacharya, Arnab, 2017. "Innovations in new venture financing: Evidence from Indian SME IPOs," Global Finance Journal, Elsevier, vol. 34(C), pages 72-88.
    17. Qian, Xiaolin, 2014. "Small investor sentiment, differences of opinion and stock overvaluation," Journal of Financial Markets, Elsevier, vol. 19(C), pages 219-246.
    18. Minhas Akbar & Ahsan Akbar & Muhammad Azeem Qureshi & Petra Poulova, 2021. "Sentiments–Risk Relationship across the Corporate Life Cycle: Evidence from an Emerging Market," Economies, MDPI, vol. 9(3), pages 1-17, August.
    19. Ma, Xufei & Ding, Zhujun & Yuan, Lin, 2016. "Subnational institutions, political capital, and the internationalization of entrepreneurial firms in emerging economies," Journal of World Business, Elsevier, vol. 51(5), pages 843-854.
    20. Luis Alfonso Dau & Randall Morck & Bernard Yin Yeung, 2021. "Business groups and the study of international business: A Coasean synthesis and extension," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 52(2), pages 161-211, March.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:bla:jomstd:v:53:y:2016:i:4:p:497-519. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Wiley Content Delivery (email available below). General contact details of provider: http://www.blackwellpublishing.com/journal.asp?ref=0022-2380 .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.