南方科技大学知识苑(SUSTech KC): Cross-border enforcement of securities laws and dividend payouts

题名	Cross-border enforcement of securities laws and dividend payouts
作者	Chen，Xiaoqi 1; Chih-Chieh Chris，Hsieh 2; Tsang，Albert3 ; Xiang，Yi 4
通讯作者	Tsang，Albert
发表日期	2022
DOI	10.1016/j.bar.2022.101117
发表期刊	British Accounting Review 影响因子和分区
ISSN	0890-8389
EISSN	1095-8347
摘要	Following the September 11, 2001 attacks, numerous countries signed a special nonbinding arrangement to enhance cross-border enforcement of securities laws. This agreement is the Multilateral Memorandum of Understanding Concerning Consultation and Cooperation and the Exchange of Information (MMoU). This study examines whether and how a country's MMoU entry affects firms' dividend payout policies. Relative to domestic US firms, foreign firms cross-listed in the US report a significant increase in dividend payouts after their home country entered the MMoU. Furthermore, the effect of MMoU on corporate dividend payouts is pronounced for (1) firms with high agency costs, (2) countries with low external governance quality, and (3) countries with poor disclosure environments. Furthermore, we find that MMoU significantly changes the corporate governance structure. Our findings collectively corroborate the prediction of the dividend outcome model and are consistent with the notion that strengthening cross-border regulatory enforcement of foreign firms improves protection for outside shareholders and increases dividend payouts.
关键词	Agency problems Corporate governance Cross-listing Dividend payout
相关链接	[Scopus记录]
语种	英语
学校署名	通讯
资助项目	Fundamental Research Funds for the Central Universities[01552E0A-ZK1029];
Scopus记录号	2-s2.0-85136739867
来源库	Scopus
引用统计	被引频次[WOS]：0
成果类型	期刊论文
条目标识符	http://sustech.caswiz.com/handle/2SGJ60CL/401684
专题	南方科技大学
作者单位	1.The Institute for Financial & Accounting Studies,Xiamen University,China 2.Department of Accounting,Control and Legal Affairs,NEOMA Business School,China 3.SUSTech Business School,Southern University of Science and Technology,China 4.School of Accounting and Finance,The Hong Kong Polytechnic University,China
通讯作者单位	南方科技大学
推荐引用方式 GB/T 7714	Chen，Xiaoqi,Chih-Chieh Chris，Hsieh,Tsang，Albert,et al. Cross-border enforcement of securities laws and dividend payouts[J]. British Accounting Review,2022.
APA	Chen，Xiaoqi,Chih-Chieh Chris，Hsieh,Tsang，Albert,&Xiang，Yi.(2022).Cross-border enforcement of securities laws and dividend payouts.British Accounting Review.
MLA	Chen，Xiaoqi,et al."Cross-border enforcement of securities laws and dividend payouts".British Accounting Review (2022).