资本市场的外资责任与原产国刻板印象:实证调查

IF 1.6 Q3 BUSINESS Transnational Corporations Review Pub Date : 2023-12-01 DOI:10.1016/j.tncr.2023.07.002
Abiodun Ige (Abi) , Marvin Washington
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引用次数: 0

摘要

外国企业在本国以外的资本市场上面临着外资责任(LOF)。我们将歧视危害作为资本市场外资责任(CMLOF)的前因,扩展了原籍国刻板印象的概念,以捕捉资本市场中的歧视危害。我们利用 2002 年至 2016 年在美国三大证券交易所上市的外国公司的数据,证明与美国本土公司相比,外国公司在美国主要证券交易所的股价会打折扣,而来自被刻板印象为高热度和高能力国家的外国公司不会打折扣。我们的研究结果表明,歧视性危害确实会影响CMLOF,这表明进军外国资本市场的企业应在温暖感方面进行投资,以减轻CMLOF。
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Capital market liability of foreignness and country-of-origin stereotype: An empirical investigation

Foreign firms face a liability of foreignness (LOF) in capital markets outside their home countries. Focusing on discrimination hazards as an antecedent to capital market liability of foreignness (CMLOF), we extend the concept of country-of-origin stereotypes to capture discrimination hazards in capital markets. We employ data from foreign firms listed on the three major stock exchanges in the United States from 2002 to 2016 to demonstrate that, compared with domestic US firms, foreign firms are discounted on major stock exchanges in the US and that foreign firms from countries stereotyped as high-warmth and high-competence are not discounted. Our results reveal that discrimination hazards do impact CMLOFs, suggesting that firms venturing into foreign capital markets should invest in perceptions of warmth to mitigate CMLOFs.

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CiteScore
5.20
自引率
5.70%
发文量
37
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