交叉上市、创新和国家级机构的作用

IF 4.2 2区经济学 Q1 BUSINESS, FINANCE

Journal of Financial Stability Pub Date : 2025-08-24 DOI:10.1016/j.jfs.2025.101457

Trung K. Do

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引用次数: 0

摘要

我们以1980-2016年间40个国家的公司为样本，分析了交叉上市与创新之间的关系。我们通过授予专利的数量和获得引用的数量来衡量创新。我们的研究结果显示，交叉上市与创新之间存在正相关关系，对于法律环境较差和金融体系较不发达的国家的公司来说，这种影响更为明显。总体而言，我们的研究结果与粘合理论一致，表明交叉上市公司的管理者通过遵守美国市场要求的高法律和监管标准来寻求约束自己。

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Cross-listing, innovation and the role of nation-level institutions

We analyze the relationship between cross-listing and innovation using a sample of firms from 40 countries spanning 1980–2016. We measure innovation through both the number of patents granted and citations received. Our results reveal a positive association between cross-listing and innovation, with this effect being more pronounced for firms from countries with poor legal environments and less developed financial systems. Overall, our findings align with bonding theory, suggesting that managers of cross-listed firms seek to bind themselves by adhering to the high legal and regulatory standards demanded by U.S. markets.

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来源期刊

Journal of Financial Stability Multiple-

CiteScore

7.70

自引率

9.30%

发文量

审稿时长

34 days

期刊介绍： The Journal of Financial Stability provides an international forum for rigorous theoretical and empirical macro and micro economic and financial analysis of the causes, management, resolution and preventions of financial crises, including banking, securities market, payments and currency crises. The primary focus is on applied research that would be useful in affecting public policy with respect to financial stability. Thus, the Journal seeks to promote interaction among researchers, policy-makers and practitioners to identify potential risks to financial stability and develop means for preventing, mitigating or managing these risks both within and across countries.