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Pesque-Cela, Vanesa, Li, Jiarong and Kim, Yun Kyung (2023) 'Overcoming the liability of foreignness in US capital markets: the case of Alibaba and Coupang.' Asia Pacific Business Review, 29 (2). pp. 323-349.

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Abstract

Drawing on signalling theory and using the cases of Alibaba and Coupang, we investigate whether and how venture capital-backed companies from emerging markets use CSR to overcome the liability of foreignness when going public in the US. Our findings suggest that such firms strategically increase their CSR activities prior to their IPO in order to signal legitimacy to investors. They also suggest that firms with both strong and weak CSR signalling strategies (as measured by signal cost, frequency and consistency) are equally likely to have successful IPOs when they are backed by reputable venture capital firms.

Item Type: Journal Article
Keywords: Alibaba, Coupang, IPO, liability of foreignness, signalling theory, strategic CSR, venture capital, China, Korea
SOAS Departments & Centres: Departments and Subunits > School of Finance & Management
ISSN: 13602381
DOI (Digital Object Identifier): https://doi.org/10.1080/13602381.2022.2121522
SWORD Depositor: JISC Publications Router
Date Deposited: 04 Oct 2022 14:37
URI: https://eprints.soas.ac.uk/id/eprint/38063
Funders: Other

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