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Internationalization through foreign listing: A review and future research agenda
Authors:Anish Purkayastha  Vikas Kumar
Institution:1. Centre for International Business at the University of Leeds (CIBUL), UK;2. Retired, Professor of Business Strategy;3. Center for International Business Education and Research (CIBER), Georgia State University, United States;4. University of South Australia Business School, Adelaide, Australia;5. Leeds University Business School, Leeds, UK;6. College of Commerce, National Chengchi University, Taipei, Taiwan;1. Beijing Normal University, Beijing, China;2. Shanghai University of International Business and Economics, Shanghai, China;3. University of San Francisco, San Francisco, CA, United States;1. Lau China Institute and Department of International Development, School of Global Affairs, King’s College London, Bush House, Aldwych, London, WC2B 4BG, United Kingdom;2. Lau China Institute, School of Global Affairs, King’s College London, Bush House, Aldwych, London, WC2B 4BG, United Kingdom;1. Faculty of Economics and Business Administration, Ghent University, Sint-Pietersplein 7, 9000 Gent, Belgium;2. University of Exeter Business School, University of Exeter, Rennes Dr, Exeter EX4 4PU, UK;3. Carlson School of Management, University of Minnesota, 321 19th Avenue South, Minneapolis, MN 55455, USA;4. College of Business, Florida State University, 821 Academic Way, Tallahassee, FL 32306-1110, USA;5. College of Business and Economics, University of Johannesburg, PO Box 524, Auckland Park 2006, South Africa;1. Department of Finance, Cleveland State University, Cleveland, OH 44115-2214, United States;2. Quantitative Risk Analysis Group, KeyBank, Cleveland, OH 44114-1306, United States;1. Adam Smith Business School, University of Glasgow, Glasgow, G12 8QQ, United Kingdom;2. Business School, University of Edinburgh, United Kingdom;3. Harbert College of Business, Auburn University, United States
Abstract:This paper reviews and synthesizes literature on foreign listing from international business, management, and finance disciplines. A systematic review of 66 studies from 25 journals indicates fragmentation of the literature across the macro and firm-specific perspectives and a limited usage of current international business theories in research on foreign listing. We propose multiple developmental paths including use of institutional theory, especially institutional distance and institutional evolution to provide more comprehensive understanding of antecedents and contingent factors for foreign listing; supply-chain disaggregation of cross-border capital flow; integrate financial and strategic implications of foreign listing; and advancement of emerging market specific theories.
Keywords:Foreign listing  Institutional distance  Institutional evolution  Financial supply chain  Emerging markets  International business
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