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Conference Paper: Delisting of Foreign Firms and market perception on their competitors
Title | Delisting of Foreign Firms and market perception on their competitors Alike but Unlike: Peer Firms’ IPO Delisting and the Spillovers of Legitimacy Loss |
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Authors | |
Issue Date | 2019 |
Publisher | Strategic Management Society. |
Citation | 39th Strategic Management Society (SMS) Annual International Conference: Out of the Spotlight Strategies, Minneapolis, MN, USA, 19-22 October 2019 How to Cite? |
Abstract | Recent works have documented how one firm’s legitimacy loss may spread to other firms through similarity-based negative spillovers. We complement this line of research by proposing the coexistence of
contagion and substitution effects. From the social judgment lens, we propose that while category-based judgments of stakeholders can yield a similarity-based contagion effect, feature-based judgments can identify a similarity-based substitution effect. Utilizing delisting by foreign firms as a natural laboratory, we found that a foreign firm’s delisting negatively affects investors’ and media’s valuation of other stay-listed foreign firms from the same country (the contagion effect), but positively affected investors’ valuation of other stay-listed foreign firms followed by the same analysts (the substitution effect). We also theorize the moderating effect of host-country anti-globalization sentiments in the process. |
Description | Session 1420: Liability of Foreignness and Distance -Track G Host: University of Minnesota, Carlson School of Management |
Persistent Identifier | http://hdl.handle.net/10722/275445 |
DC Field | Value | Language |
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dc.contributor.author | Wang, S | - |
dc.contributor.author | Tang, Y | - |
dc.contributor.author | Bu, J | - |
dc.date.accessioned | 2019-09-10T02:42:43Z | - |
dc.date.available | 2019-09-10T02:42:43Z | - |
dc.date.issued | 2019 | - |
dc.identifier.citation | 39th Strategic Management Society (SMS) Annual International Conference: Out of the Spotlight Strategies, Minneapolis, MN, USA, 19-22 October 2019 | - |
dc.identifier.uri | http://hdl.handle.net/10722/275445 | - |
dc.description | Session 1420: Liability of Foreignness and Distance -Track G | - |
dc.description | Host: University of Minnesota, Carlson School of Management | - |
dc.description.abstract | Recent works have documented how one firm’s legitimacy loss may spread to other firms through similarity-based negative spillovers. We complement this line of research by proposing the coexistence of contagion and substitution effects. From the social judgment lens, we propose that while category-based judgments of stakeholders can yield a similarity-based contagion effect, feature-based judgments can identify a similarity-based substitution effect. Utilizing delisting by foreign firms as a natural laboratory, we found that a foreign firm’s delisting negatively affects investors’ and media’s valuation of other stay-listed foreign firms from the same country (the contagion effect), but positively affected investors’ valuation of other stay-listed foreign firms followed by the same analysts (the substitution effect). We also theorize the moderating effect of host-country anti-globalization sentiments in the process. | - |
dc.language | eng | - |
dc.publisher | Strategic Management Society. | - |
dc.relation.ispartof | Strategic Management Society (SMS) Annual International Conference. 2019 | - |
dc.title | Delisting of Foreign Firms and market perception on their competitors | - |
dc.title | Alike but Unlike: Peer Firms’ IPO Delisting and the Spillovers of Legitimacy Loss | - |
dc.type | Conference_Paper | - |
dc.identifier.email | Tang, Y: tangyn04@hku.hk | - |
dc.identifier.authority | Tang, Y=rp02042 | - |
dc.identifier.hkuros | 304450 | - |
dc.publisher.place | United States | - |