交叉上市和自愿披露:国际证据

IF 2.3 Q2 BUSINESS, FINANCE
Long Chen, Yashu Dong, Jeffrey Ng, Albert H. C. Tsang
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引用次数: 14

摘要

本文考察了交叉上市过程中企业信息披露行为的变化。在国际背景下,我们发现交叉上市公司和具有相似特征但非交叉上市公司的管理层预测可能性和频率存在显著差异;特别是当交叉上市公司的母国和目标国之间的会计准则差异较大时。此外,我们发现选择在会计准则差异较大的目标国家交叉上市的公司倾向于在新的交叉上市前两年提供更多的自愿披露,而不是在交叉上市的较早时期或交叉上市后的一段时间,这种自愿披露有助于公司在交叉上市的目标国家吸引更多的外国机构所有权。总的来说,我们的证据表明,尽管各国会计准则的差异阻碍了公司的交叉上市活动,但交叉上市公司通过自愿提供更多的管理层预测,先发制人地缓解了外国机构投资者面临的信息劣势。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Cross-Listings and Voluntary Disclosure: International Evidence
This paper examines changes in firms' disclosure behavior around cross-listings. Using an international setting, we find significant differences in management forecast likelihood and frequency between cross-listed firms and firms with similar characteristics but that are not cross-listed; particularly when differences in accounting standards between a cross-listed firm's home and target countries are larger. Further, we find that firms choosing to cross-list in target countries with larger accounting standards differences tend to provide more voluntary disclosure during the two years preceding a new cross-listing, rather than during the earlier time periods or the period after cross-listing, and such voluntary disclosure helps firms attract more foreign institutional ownership in their cross-listing target countries. Collectively, our evidence suggests that although differences in accounting standards across countries deter firms' cross-listing activities, cross-listed firms, by providing more management forecasts voluntarily, preemptively alleviate the information disadvantage faced by foreign institutional investors.
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来源期刊
Journal of Financial Reporting
Journal of Financial Reporting BUSINESS, FINANCE-
自引率
6.70%
发文量
19
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