南方科技大学知识苑(SUSTech KC): Foreign institutional ownership and Cross-Listing

题名	Foreign institutional ownership and Cross-Listing
作者	Kong，Xiangting 1; Ng，Jeff 2; Tsang，Albert3 ; Yan，Shuo3
通讯作者	Yan，Shuo
发表日期	2024-02-01
DOI	10.1016/j.jimonfin.2023.102979
发表期刊	Journal of International Money and Finance 影响因子和分区
ISSN	0261-5606
卷号	140
摘要	Although foreign institutional ownership (FIO) is generally considered an important outcome of international cross-listings, most studies ignore the iterative nature of FIO—that is, FIO can also serve as a key determinant of cross-listings. Using a comprehensive dataset of international cross-listings of firms from 58 countries between 2001 and 2021, we examine the effect of FIO on firms’ cross-listing decision. Our results show that firms with a higher level of FIO before their cross-listing decision tend to have a significantly higher propensity to cross-list on foreign stock exchanges than firms with a lower level of FIO. Further analyses show that the positive association between FIO and cross-listings is weaker for firms with a better information environment, as evidenced by high analyst following, high media coverage, having a Big 4 auditor, and issuing management earnings forecasts. Additional evidence shows that FIO from countries with more developed institutions has a stronger effect on firms’ decision to cross-list. Taken together, our results are consistent with the argument that the presence of foreign institutional investors in firms signals their low information asymmetry and/or good corporate governance, thereby facilitating these firms’ international cross-listing decision.
关键词	Corporate governance Cross-listing Foreign institutional ownership Information asymmetry Institutional investors
相关链接	[Scopus记录]
收录类别	SSCI
语种	英语
学校署名	通讯
ESI学科分类	ECONOMICS BUSINESS
Scopus记录号	2-s2.0-85174400061
来源库	Scopus
引用统计	被引频次[WOS]：1
成果类型	期刊论文
条目标识符	http://sustech.caswiz.com/handle/2SGJ60CL/602194
专题	南方科技大学
作者单位	1.Business School,Sun Yat-Sen University,China 2.School of Accountancy and MIS,DePaul University,United States 3.SUSTech Business School,Southern University of Science and Technology,China
通讯作者单位	南方科技大学
推荐引用方式 GB/T 7714	Kong，Xiangting,Ng，Jeff,Tsang，Albert,et al. Foreign institutional ownership and Cross-Listing[J]. Journal of International Money and Finance,2024,140.
APA	Kong，Xiangting,Ng，Jeff,Tsang，Albert,&Yan，Shuo.(2024).Foreign institutional ownership and Cross-Listing.Journal of International Money and Finance,140.
MLA	Kong，Xiangting,et al."Foreign institutional ownership and Cross-Listing".Journal of International Money and Finance 140(2024).