메뉴 건너뛰기




Volumn 63, Issue 4, 2008, Pages 1897-1937

International cross-listing, firm performance, and top management turnover: A test of the bonding hypothesis

Author keywords

[No Author keywords available]

Indexed keywords


EID: 47749147626     PISSN: 00221082     EISSN: 15406261     Source Type: Journal    
DOI: 10.1111/j.1540-6261.2008.01377.x     Document Type: Article
Times cited : (173)

References (65)
  • 1
    • 0037564563 scopus 로고    scopus 로고
    • Interaction terms in logit and probit models
    • and.
    • Ai, Chunrong, and Edward Norton, 2003, Interaction terms in logit and probit models, Economics Letters 80, 123 129.
    • (2003) Economics Letters , vol.80 , pp. 123-129
    • Ai, C.1    Norton, E.2
  • 3
    • 33745121556 scopus 로고    scopus 로고
    • The economic consequences of increased disclosure: Evidence from international cross-listings
    • and.
    • Bailey, Warren, Andrew Karolyi, and Carolina Salva, 2006, The economic consequences of increased disclosure: Evidence from international cross-listings, Journal of Financial Economics 81, 175 213.
    • (2006) Journal of Financial Economics , vol.81 , pp. 175-213
    • Bailey, W.1    Karolyi, A.2    Salva, C.3
  • 5
    • 0345868349 scopus 로고    scopus 로고
    • Stock markets, banks, and growth: Panel evidence
    • and.
    • Beck, Thorsten, and Ross Levine, 2004, Stock markets, banks, and growth: Panel evidence, Journal of Banking and Finance 28, 423 442.
    • (2004) Journal of Banking and Finance , vol.28 , pp. 423-442
    • Beck, T.1    Levine, R.2
  • 6
    • 3342963401 scopus 로고    scopus 로고
    • Private benefits and cross-listings in the United States
    • and.
    • Benos, Evangelos, and Michael Weisbach, 2004, Private benefits and cross-listings in the United States, Emerging Markets Review 5, 217 240.
    • (2004) Emerging Markets Review , vol.5 , pp. 217-240
    • Benos, E.1    Weisbach, M.2
  • 9
    • 0042261097 scopus 로고    scopus 로고
    • The future as history: The prospects for global convergence in corporate governance and its implications
    • Coffee, John, 1999, The future as history: The prospects for global convergence in corporate governance and its implications, Northwestern University Law Review 93, 641 708.
    • (1999) Northwestern University Law Review , vol.93 , pp. 641-708
    • Coffee, J.1
  • 11
    • 0042674101 scopus 로고    scopus 로고
    • The Cadbury committee, corporate performance, and top management turnover
    • and.
    • Dahya, Jay, John McConnell, and Nickolaos Travlos, 2002, The Cadbury committee, corporate performance, and top management turnover, Journal of Finance 57, 461 483.
    • (2002) Journal of Finance , vol.57 , pp. 461-483
    • Dahya, J.1    McConnell, J.2    Travlos, N.3
  • 13
    • 2442439827 scopus 로고    scopus 로고
    • Investor protection and corporate governance: Evidence from worldwide CEO turnover
    • and.
    • Defond, Mark, and Mingyi Hung, 2004, Investor protection and corporate governance: Evidence from worldwide CEO turnover, Journal of Accounting Research 42, 269 312.
    • (2004) Journal of Accounting Research , vol.42 , pp. 269-312
    • Defond, M.1    Hung, M.2
  • 15
    • 2442704358 scopus 로고    scopus 로고
    • U.S. cross-listings and the private benefits of control: Evidence from dual-class firms
    • Doidge, Craig, 2004, U.S. cross-listings and the private benefits of control: Evidence from dual-class firms, Journal of Financial Economics 72, 519 553.
    • (2004) Journal of Financial Economics , vol.72 , pp. 519-553
    • Doidge, C.1
  • 18
    • 0348197911 scopus 로고    scopus 로고
    • Why are foreign firms listed in the U.S. worth more?
    • and
    • Doidge, Craig, Andrew Karolyi, and Rene Stulz, 2004a, Why are foreign firms listed in the U.S. worth more? Journal of Financial Economics 71, 205 238.
    • (2004) Journal of Financial Economics , vol.71 , pp. 205-238
    • Doidge, C.1    Karolyi, A.2    Stulz, R.3
  • 20
    • 0034549667 scopus 로고    scopus 로고
    • Market segmentation and the cost of capital in international equity markets
    • and.
    • Errunza, Vihang, and Darius Miller, 2000, Market segmentation and the cost of capital in international equity markets, Journal of Financial and Quantitative Analysis 35, 577 600.
    • (2000) Journal of Financial and Quantitative Analysis , vol.35 , pp. 577-600
    • Errunza, V.1    Miller, D.2
  • 22
    • 0002357241 scopus 로고    scopus 로고
    • The effects of market segmentation and investor recognition on asset prices: Evidence from foreign stocks listing in the United States
    • and.
    • Foerster, Stephen, and Andrew Karolyi, 1999, The effects of market segmentation and investor recognition on asset prices: Evidence from foreign stocks listing in the United States, Journal of Finance 54, 981 1013.
    • (1999) Journal of Finance , vol.54 , pp. 981-1013
    • Foerster, S.1    Karolyi, A.2
  • 23
    • 84935633761 scopus 로고
    • Relative performance evaluation for chief executive officers
    • and.
    • Gibbons, Robert, and Kevin Murphy, 1990, Relative performance evaluation for chief executive officers, Industrial and Labor Relations Review 43, 30 51.
    • (1990) Industrial and Labor Relations Review , vol.43 , pp. 30-51
    • Gibbons, R.1    Murphy, K.2
  • 24
    • 0037349744 scopus 로고    scopus 로고
    • Is corporate governance ineffective in emerging markets?
    • Gibson, Michael, 2003, Is corporate governance ineffective in emerging markets? Journal of Financial and Quantitative Analysis 38, 231 250.
    • (2003) Journal of Financial and Quantitative Analysis , vol.38 , pp. 231-250
    • Gibson, M.1
  • 25
    • 0039647002 scopus 로고    scopus 로고
    • Compensation, turnover, and top management incentives: Historical evidence
    • and.
    • Hadlock, Charles, and Gerald Lumer, 1997, Compensation, turnover, and top management incentives: Historical evidence, Journal of Business 70, 153 188.
    • (1997) Journal of Business , vol.70 , pp. 153-188
    • Hadlock, C.1    Lumer, G.2
  • 27
    • 21844487168 scopus 로고
    • Predictable risk and returns in emerging markets
    • Harvey, Campbell R., 1995, Predictable risk and returns in emerging markets, Review of Financial Studies 8, 773 816.
    • (1995) Review of Financial Studies , vol.8 , pp. 773-816
    • Harvey, C.R.1
  • 28
    • 0012583968 scopus 로고    scopus 로고
    • Boards of directors as an endogenously determined institution: A survey of the economic literature
    • and.
    • Hermalin, Benjamin, and Michael Weisbach, 2003, Boards of directors as an endogenously determined institution: A survey of the economic literature, Economic Policy Review 9, 7 26.
    • (2003) Economic Policy Review , vol.9 , pp. 7-26
    • Hermalin, B.1    Weisbach, M.2
  • 29
    • 0040331678 scopus 로고    scopus 로고
    • Internal monitoring mechanisms and CEO turnover: A long-term perspective
    • and.
    • Huson, Mark R., Robert Parrino, and Laura T. Starks, 2001, Internal monitoring mechanisms and CEO turnover: A long-term perspective, Journal of Finance 56, 2265 2297.
    • (2001) Journal of Finance , vol.56 , pp. 2265-2297
    • Huson, M.R.1    Parrino, R.2    Starks, L.T.3
  • 30
    • 58149363437 scopus 로고
    • Firm performance, corporate governance, and top executive turnover in Japan
    • and.
    • Kang, Jun-Koo, and Anil Shivdasani, 1995, Firm performance, corporate governance, and top executive turnover in Japan, Journal of Financial Economics 38, 29 58.
    • (1995) Journal of Financial Economics , vol.38 , pp. 29-58
    • Kang J.-Koo1    Shivdasani, A.2
  • 31
    • 77958402161 scopus 로고
    • Top executives, turnover, and firm performance in Germany
    • Kaplan, Steven, 1994, Top executives, turnover, and firm performance in Germany, Journal of Law Economics and Organization 10, 142 159.
    • (1994) Journal of Law Economics and Organization , vol.10 , pp. 142-159
    • Kaplan, S.1
  • 32
    • 43949159746 scopus 로고
    • Appointments of outsiders to Japanese boards: Determinants and implications for managers
    • and.
    • Kaplan, Steven, and Bernadette Minton. 1994, Appointments of outsiders to Japanese boards: Determinants and implications for managers, Journal of Financial Economics 36, 225 258.
    • (1994) Journal of Financial Economics , vol.36 , pp. 225-258
    • Kaplan, S.1    Minton, B.2
  • 34
    • 32144464931 scopus 로고    scopus 로고
    • The world of cross-listings and cross-listings of the world: Challenging conventional wisdom
    • Karolyi, Andrew, 2006, The world of cross-listings and cross-listings of the world: Challenging conventional wisdom, Review of Finance 10, 99 152.
    • (2006) Review of Finance , vol.10 , pp. 99-152
    • Karolyi, A.1
  • 40
    • 0038062629 scopus 로고    scopus 로고
    • ADRs, analysts, and accuracy: Does cross listing in the United States improve a firm's information environment and increase market value?
    • and
    • Lang, Mark, Karl Lins, and Darius Miller, 2003, ADRs, analysts, and accuracy: Does cross listing in the United States improve a firm's information environment and increase market value? Journal of Accounting Research 41, 317 345.
    • (2003) Journal of Accounting Research , vol.41 , pp. 317-345
    • Lang, M.1    Lins, K.2    Miller, D.3
  • 41
    • 2642546687 scopus 로고    scopus 로고
    • Concentrated control, analyst following, and valuation: Do analysts matter most when investors are protected least?
    • and
    • Lang, Mark, Karl Lins, and Darius Miller, 2004, Concentrated control, analyst following, and valuation: Do analysts matter most when investors are protected least? Journal of Accounting Research 42, 589 623.
    • (2004) Journal of Accounting Research , vol.42 , pp. 589-623
    • Lang, M.1    Lins, K.2    Miller, D.3
  • 42
    • 33746915153 scopus 로고    scopus 로고
    • Earnings management and cross listing: Are reconciled earnings comparable to U.S. earnings?
    • and
    • Lang, Mark, Jana Smith Raedy, and Wendy Wilson, 2006, Earnings management and cross listing: Are reconciled earnings comparable to U.S. earnings? Journal of Accounting and Economics 42, 255 283.
    • (2006) Journal of Accounting and Economics , vol.42 , pp. 255-283
    • Lang, M.1    Smith Raedy, J.2    Wilson, W.3
  • 43
    • 22144468372 scopus 로고    scopus 로고
    • Liquidity of emerging markets
    • Lesmond, David, 2005, Liquidity of emerging markets, Journal of Financial Economics 77, 411 452.
    • (2005) Journal of Financial Economics , vol.77 , pp. 411-452
    • Lesmond, D.1
  • 44
    • 33746877156 scopus 로고    scopus 로고
    • Cross listing, bonding, and firms' reporting incentives: A discussion of Lang, Raedy, and Wilson
    • Leuz, Christian, 2006, Cross listing, bonding, and firms' reporting incentives: A discussion of Lang, Raedy, and Wilson, Journal of Accounting and Economics 42, 285 299.
    • (2006) Journal of Accounting and Economics , vol.42 , pp. 285-299
    • Leuz, C.1
  • 45
    • 15844397767 scopus 로고    scopus 로고
    • Do non-U.S. firms issue equity on U.S. stock exchanges to relax capital constraints?
    • and
    • Lins, Karl, Deon Strickland, and Marc Zenner, 2005, Do non-U.S. firms issue equity on U.S. stock exchanges to relax capital constraints? Journal of Financial and Quantitative Analysis 40, 109 134.
    • (2005) Journal of Financial and Quantitative Analysis , vol.40 , pp. 109-134
    • Lins, K.1    Strickland, D.2    Zenner, M.3
  • 46
    • 0001759920 scopus 로고    scopus 로고
    • From state to market: A survey of empirical studies on privatization
    • and.
    • Megginson, William, and Jeffry Netter, 2001, From state to market: A survey of empirical studies on privatization, Journal of Economic Literature 39, 321 389.
    • (2001) Journal of Economic Literature , vol.39 , pp. 321-389
    • Megginson, W.1    Netter, J.2
  • 47
    • 0031138809 scopus 로고    scopus 로고
    • The decline of takeovers and disciplinary managerial turnover
    • and.
    • Mikkelson, Wayne, and Megan Partch, 1997, The decline of takeovers and disciplinary managerial turnover, Journal of Financial Economics 44, 205 239.
    • (1997) Journal of Financial Economics , vol.44 , pp. 205-239
    • Mikkelson, W.1    Partch, M.2
  • 48
    • 0042042166 scopus 로고    scopus 로고
    • The market reaction to international cross-listings: Evidence from depositary receipts
    • Miller, Darius, 1999, The market reaction to international cross-listings: Evidence from depositary receipts, Journal of Financial Economics 51, 103 123.
    • (1999) Journal of Financial Economics , vol.51 , pp. 103-123
    • Miller, D.1
  • 49
    • 0036094466 scopus 로고    scopus 로고
    • A cross-firm analysis of the impact of corporate governance on the East Asian financial crisis
    • Mitton, Todd, 2002, A cross-firm analysis of the impact of corporate governance on the East Asian financial crisis, Journal of Financial Economics 64, 215 241.
    • (2002) Journal of Financial Economics , vol.64 , pp. 215-241
    • Mitton, T.1
  • 50
    • 33645896609 scopus 로고
    • Management ownership and market valuation: An empirical analysis
    • and.
    • Morck, Randall, Andrei Shleifer, and Robert Vishny, 1988, Management ownership and market valuation: An empirical analysis, Journal of Financial Economics 20, 293 315.
    • (1988) Journal of Financial Economics , vol.20 , pp. 293-315
    • Morck, R.1    Shleifer, A.2    Vishny, R.3
  • 51
    • 0001042527 scopus 로고    scopus 로고
    • Executive compensation
    • in. O. Ashenfelter, and. D. Card, eds. Amsterdam, North Holland).
    • Murphy, Kevin, 1999, Executive compensation, in O. Ashenfelter, and D. Card, eds Handbook of Labor Economics (Amsterdam, North Holland).
    • (1999) Handbook of Labor Economics
    • Murphy, K.1
  • 52
    • 85084979416 scopus 로고    scopus 로고
    • Computing interaction effects and standard errors in logit and probit models
    • and.
    • Norton, Edward, Hua Wang, and Chunrong Ai, 2004, Computing interaction effects and standard errors in logit and probit models, Stata Journal 4, 103 116.
    • (2004) Stata Journal , vol.4 , pp. 103-116
    • Norton, E.1    Wang, H.2    Ai, C.3
  • 53
    • 19744374458 scopus 로고    scopus 로고
    • The political economy of corporate governance
    • and.
    • Pagano, Marco, and Paolo F. Volpin, 2005, The political economy of corporate governance, American Economic Review 95, 1005 1030.
    • (2005) American Economic Review , vol.95 , pp. 1005-1030
    • Pagano, M.1    Volpin, P.F.2
  • 54
    • 0031280670 scopus 로고    scopus 로고
    • CEO turnover and outside succession: A cross-sectional analysis
    • Parrino, Robert, 1997, CEO turnover and outside succession: A cross-sectional analysis, Journal of Financial Economics 46, 165 197.
    • (1997) Journal of Financial Economics , vol.46 , pp. 165-197
    • Parrino, R.1
  • 55
    • 20444477107 scopus 로고    scopus 로고
    • Interpreting logit regressions with interaction terms: An application to the management turnover literature
    • Powers, Eric, 2005, Interpreting logit regressions with interaction terms: An application to the management turnover literature, Journal of Corporate Finance 11, 504 522.
    • (2005) Journal of Corporate Finance , vol.11 , pp. 504-522
    • Powers, E.1
  • 56
    • 0036788673 scopus 로고    scopus 로고
    • Protection of minority shareholder interests, cross-listings in the United States, and subsequent equity offerings
    • and.
    • Reese, William, and Michael Weisbach, 2002, Protection of minority shareholder interests, cross-listings in the United States, and subsequent equity offerings, Journal of Financial Economics 66, 65 104.
    • (2002) Journal of Financial Economics , vol.66 , pp. 65-104
    • Reese, W.1    Weisbach, M.2
  • 57
    • 47749126717 scopus 로고    scopus 로고
    • Are there permanent valuation gains to overseas listing?
    • and. forthcoming.
    • Sarkissian, Sergei, and Michael Schill, 2006, Are there permanent valuation gains to overseas listing? Review of Financial Studies, forthcoming.
    • (2006) Review of Financial Studies
    • Sarkissian, S.1    Schill, M.2
  • 58
    • 0036183815 scopus 로고    scopus 로고
    • Litigation risk and audit fees: Evidence from U.K. firms cross-listed on U.S. markets
    • and.
    • Seetharaman, Ananth, Ferdinand Gul, and Stephen Lynn, 2002, Litigation risk and audit fees: Evidence from U.K. firms cross-listed on U.S. markets, Journal of Accounting and Economics 33, 91 115.
    • (2002) Journal of Accounting and Economics , vol.33 , pp. 91-115
    • Seetharaman, A.1    Gul, F.2    Lynn, S.3
  • 59
    • 45349109969 scopus 로고
    • Management entrenchment: The case of manager-specific investment
    • and.
    • Shleifer, Andrei, and Robert Vishny, 1989, Management entrenchment: The case of manager-specific investment, Journal of Financial Economics 25, 123 140.
    • (1989) Journal of Financial Economics , vol.25 , pp. 123-140
    • Shleifer, A.1    Vishny, R.2
  • 60
    • 0001026456 scopus 로고    scopus 로고
    • A survey of corporate governance
    • and.
    • Shleifer, Andrei, and Robert Vishny, 1997, A survey of corporate governance, Journal of Finance 52, 737 783.
    • (1997) Journal of Finance , vol.52 , pp. 737-783
    • Shleifer, A.1    Vishny, R.2
  • 61
    • 12144259346 scopus 로고    scopus 로고
    • Can foreign firms bond themselves effectively by submitting to U.S. law?
    • Siegel, Jordan, 2005, Can foreign firms bond themselves effectively by submitting to U.S. law? Journal of Financial Economics 75, 319 359.
    • (2005) Journal of Financial Economics , vol.75 , pp. 319-359
    • Siegel, J.1
  • 63
    • 0038742531 scopus 로고    scopus 로고
    • Globalization, corporate finance, and the cost of capital
    • Stulz, Rene, 1999, Globalization, corporate finance, and the cost of capital, Journal of Applied Corporate Finance 26, 3 28.
    • (1999) Journal of Applied Corporate Finance , vol.26 , pp. 3-28
    • Stulz, R.1
  • 64
    • 0036234941 scopus 로고    scopus 로고
    • Governance with poor investment protection: Evidence from top executive turnover in Italy
    • Volpin, Paolo, 2002, Governance with poor investment protection: Evidence from top executive turnover in Italy, Journal of Financial Economics 64, 61 91.
    • (2002) Journal of Financial Economics , vol.64 , pp. 61-91
    • Volpin, P.1
  • 65
    • 33845790377 scopus 로고
    • Outside directors and CEO turnover
    • Weisbach, Michael, 1988, Outside directors and CEO turnover, Journal of Financial Economics 20, 431 460.
    • (1988) Journal of Financial Economics , vol.20 , pp. 431-460
    • Weisbach, M.1


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.