| Popis: |
We expand the Liability of Foreignness (LOF) construct beyond the product market domain to include liabilities faced by firms attempting to secure resources in host capital markets. Drawing from institutional theory and research in finance, we identify institutional distance, information asymmetry, unfamiliarity, and cultural differences as the main sources of capital market LOF (CMLOF). We then propose that the impact of these antecedent factors can be moderated through bonding, signaling, organizational isomorphism, and reputational endorsements. |
