Previous studies on investment location focused on local environmental factors, but tended to overlook the fact that firms' host-country experience might have an impact on their location strategies and influence the investment performance. This study categorized location strategy in the breadth and depth of foreign investment and hotspots for investment to compensate for the inadequacy of relevant studies. This study chose 120 listed Taiwanese electronics companies that had invested in China between 1999 and 2007, as the research data, to examine the impact of host-country experience on the three types of location strategies and the impact of a specific location strategy on investment performance. This study discovered that as firms increased their host-country experience, the breadth, and depth of their foreign investment increased, as well as their investment in hotspots. In addition, the wider the range a firm's foreign investments were, the better their investment performance would be. The impact of diversity on investment performance had a deferred effect. However, if firms invested in foreign hotspots, their potential profit might decrease, due to strong competition that detracted from investment performance.

When a company exhibits favorable management performance, investors may have higher intention to purchase its stock at a premium price; the company may also make more desirable decisions in international expansion, attain higher international competitiveness, win the preference of investors, and thus exhibit a higher stock price, which results in higher seasoned equity offering (SEO) underpricing. Therefore, international competitiveness possibly plays a crucial moderating role between corporate governance and SEO underpricing. The empirical results of this study show that compared with government-controlled companies, international competitiveness strengthens the relationship of SEO underpricing with one-family-controlled companies, two-or-more family-controlled companies, and manager-controlled companies. Accordingly, companies should improve their international competitiveness and conduct favorable corporate management to elicit the investment intention of market participants worldwide.