Private Benefits of Control, Ownership, and the Cross-listing Decision

被引：207

作者：

Doidge, Craig ^{[1
]}

Karolyi, G. Andrew

Lins, Karl V. ^{[3
]}

Miller, Darius P. ^{[4
]}

Stulz, Rene M. ^{[2
,5
]}

机构：

[1] Univ Toronto, Rotman Sch Management, Toronto, ON M5S 1A1, Canada

[2] Ohio State Univ, Fisher Coll Business, ECGI, Columbus, OH 43210 USA

[3] Univ Utah, Eccles Sch Business, Salt Lake City, UT 84112 USA

[4] So Methodist Univ, Cox Sch Business, Dallas, TX 75275 USA

[5] NBER, Cambridge, MA 02138 USA

来源：

JOURNAL OF FINANCE | 2009年 / 64卷 / 01期

关键词：

CORPORATE GOVERNANCE; UNITED-STATES; FIRM VALUE; EQUITY; PROTECTION; ANALYSTS;

D O I：

10.1111/j.1540-6261.2008.01438.x

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

This paper investigates how a foreign firm's decision to cross-list on a U.S. stock exchange is related to the consumption of private benefits of control by its controlling shareholders. Theory has proposed that when private benefits are high, controlling shareholders are less likely to choose to cross-list in the United States because of constraints on the consumption of private benefits resulting from such listings. Using several proxies for private benefits related to the control and cash flow ownership rights of controlling shareholders, we find support for this hypothesis with a sample of more than 4,000 firms from 31 countries.

引用

页码：425 / 466

页数：42

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