The Economic Consequences of Hosting the Olympic Games: International Evidence from Cross-Listings

IF 0.9 Q3 BUSINESS, FINANCE
Albert H. C. Tsang, K. Wang, Nathan Zhenghang Zhu, Li Yu
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引用次数: 5

Abstract

Based on evidence from nine countries that hosted the Olympic Games, we show that relative to firms domiciled in non-Olympics-hosting countries, firms domiciled in Olympics-hosting countries engage in more cross-listing in the years following the Olympics. The effect of hosting the Olympics on firms’ cross-listing activities is more pronounced for firms domiciled in host countries with better performance in the Games; for firms domiciled in countries hosting the Summer Olympics; and for domestic firms. We also find that cross-listing firms domiciled in an Olympics-hosting country tend to cross-list in foreign countries with a greater institutional distance from the host country after the Olympics. Finally, we document a positive effect of Olympics-hosting on the consequences of cross-listing. Taken together, our findings suggest that hosting the Olympics improves the international reputation of the host country, which helps firms domiciled in that country to overcome the liability of foreignness when making cross-listing decisions.
举办奥运会的经济后果:来自交叉上市的国际证据
基于来自9个奥运会主办国的证据,我们表明,与非奥运会主办国的公司相比,奥运会主办国的公司在奥运会后的几年里更多地参与交叉上市。举办奥运会对公司交叉上市活动的影响,在奥运会表现较好的主办国注册的公司更为明显;在举办夏季奥运会的国家注册的公司;对国内公司也是如此。我们还发现,在奥运会后,在主办国注册的交叉上市公司倾向于在与主办国制度距离更大的国家交叉上市。最后,我们记录了奥运会主办对交叉上市后果的积极影响。综上所述,我们的研究结果表明,举办奥运会提高了主办国的国际声誉,这有助于在该国注册的公司在做出交叉上市决策时克服外国责任。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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来源期刊
CiteScore
1.40
自引率
16.70%
发文量
19
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