Foreign IPOs in the U.S.: When Entrepreneurial Orientation Meets Institutional Distance

International entrepreneurship research has grown substantially at the intersection of international business and entrepreneurship. However, the majority of research has focused on the product market and examined the impact of country-level institutions. We shift focus to the capital market and investigate how firm-level strategic orientation such as entrepreneurial orientation (EO) would affect IPO performance in a foreign capital market. In addition, we suggest that the effects of EO would be moderated by institutional distance. Implications for research are discussed.