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Legitimation Through Stakeholder Endorsements: How Political Affinity Shapes Foreign IPO Firm Survival

This paper shows how political affinity between home and host countries can be converted into firm-level legitimacy for foreign IPOs via local stakeholder endorsements (specifically analyst coverage and alliance partners), and when those pathways are strongest (hint: it matters how much firms orient toward external stakeholders).

Authors & affiliations:

  • You-Xiang (Joe) Song (University of Auckland Business Scho
  • Songcui Hu (University of Arizona), and Jun Xia (The University of Texas at Dallas)

Read the full paper here.

Author