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Foreign vs. domestic listing: An entrepreneurial decision

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  • Ding, Yuan
  • Nowak, Eric
  • Zhang, Hua
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    Abstract

    In this paper, we use a unique hand-collected dataset to analyze stock listing as an entrepreneurial decision. By comparing mainland Chinese entrepreneurial firms listed in Hong Kong with the same type of firms opting for a domestic listing on the Shenzhen second board market, we argue that the decision to list on a particular stock exchange is a question of entrepreneurial signaling, and often a trade-off between short-term financial considerations and the entrepreneur's pursuit of long-term benefits.

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    Bibliographic Info

    Article provided by Elsevier in its journal Journal of Business Venturing.

    Volume (Year): 25 (2010)
    Issue (Month): 2 (March)
    Pages: 175-191

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    Handle: RePEc:eee:jbvent:v:25:y:2010:i:2:p:175-191

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    Web page: http://www.elsevier.com/locate/jbusvent

    Related research

    Keywords: Entrepreneurial firms IPO Foreign stock listing Corporate governance China;

    References

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    15. Daily, Catherine M. & Certo, S. Trevis & Dalton, Dan R., 2005. "Investment bankers and IPO pricing: does prospectus information matter?," Journal of Business Venturing, Elsevier, vol. 20(1), pages 93-111, January.
    16. Yermack, David, 1996. "Higher market valuation of companies with a small board of directors," Journal of Financial Economics, Elsevier, vol. 40(2), pages 185-211, February.
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    20. Cooper, Arnold C. & Woo, Carolyn Y. & Dunkelberg, William C., 1988. "Entrepreneurs' perceived chances for success," Journal of Business Venturing, Elsevier, vol. 3(2), pages 97-108.
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    Cited by:
    1. Congsheng Wu, 2012. "Country risk and valuation of US-listed foreign IPOs," Managerial Finance, Emerald Group Publishing, vol. 38(10), pages 939-957, October.
    2. Bell, R. Greg & Moore, Curt B. & Filatotchev, Igor, 2012. "Strategic and institutional effects on foreign IPO performance: Examining the impact of country of origin, corporate governance, and host country effects," Journal of Business Venturing, Elsevier, vol. 27(2), pages 197-216.

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