Signaling organizational virtue: An examination of virtue rhetoric, country-level corruption, and performance of foreign ipos from emerging and developed economies

  • Payne G
  • Moore C
  • Bell R
 et al. 
  • 55


    Mendeley users who have this article in their library.
  • 21


    Citations of this article.


Extending signaling theory by discussing rhetoric in terms of cost and observability, we examine the relationship between organizational virtue rhetoric in prospectuses and the per- formance of foreign IPOs from 35 different countries. We also explore how the nature of this relationship is contingent upon the level of perceived corruption for each IPO firm’s home country, a pervasive and costly problem for emerging economy countries due to its impact on economic growth and national governance. Our results indicate that signaling organizational virtue in prospectuses leads to higher levels of foreign IPO performance, which is positively moderated by perceived home country corruption. Copyright

Author-supplied keywords

  • Corruption
  • Emerging economies
  • Ethics
  • Foreign IPOs
  • Organizational virtue
  • Signaling theory
  • Underpricing

Get free article suggestions today

Mendeley saves you time finding and organizing research

Sign up here
Already have an account ?Sign in

Find this document


Cite this document

Choose a citation style from the tabs below

Save time finding and organizing research with Mendeley

Sign up for free