Earticle

초록

영어

This paper examines the firms’ foreign listing location decision, using cross-listings data from 28 origin countries to 9 destinations during 1994- 2008, Our main finding is that firms are more likely to choose crosslisting destinations that are less strict on regulating self-dealing or exhibit higher block premiums relative to the origin country, and that this tendency is more pronounced after Sarbanes-Oxley in 2002. Moreover, firm characteristics that are positively correlated with likelihood of a U.S. cross-listing, such as high-tech or high Tobin’s q, are also positively correlated with likelihood of cross-listings in Germany or Switzerland both of which exhibit low investor protection. These findings are in contrast to the widely accepted ‘bonding’ hypothesis that firms choose to cross-list to voluntarily commit themselves to higher disclosure standards.

목차

Abstract
 INTRODUCTION
 LITERATURE REVIEW
 DATA AND SAMPLE
  Sample Construction
  Main Explanatory Variables
  Control Variables
 EMPIRICAL ANALYSIS
  Univariate Analysis
  Distribution of Control Variables
  Multivariate Analysis: Choice-Specific Conditional Logit
  Sub-period Analysis: Before and After Sarbanes-Oxley
  Alternative Specification
 DISCUSSION AND CONCLUSION
 REFERENCES
 Table

키워드

저자

• Jaiho Chung [ Korea University Business School ]
• Hyejin Cho [ Korea University Business School ]
• Woojin Kim [ Korea University Business School ]

참고문헌

발행기관

간행물

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• 간행물명

  한국재무학회 학술대회

• 간기

  부정기

• 수록기간

  2006~2024

• 십진분류

  KDC 325 DDC 330