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dc.contributor.authorPan, Lee-Hsienen_US
dc.contributor.authorLin, Chien-Tingen_US
dc.contributor.authorYang, Pei-Chien_US
dc.date.accessioned2014-12-08T15:34:18Z-
dc.date.available2014-12-08T15:34:18Z-
dc.date.issued2013-09-01en_US
dc.identifier.issn0927-538Xen_US
dc.identifier.urihttp://dx.doi.org/10.1016/j.pacfin.2013.07.002en_US
dc.identifier.urihttp://hdl.handle.net/11536/23503-
dc.description.abstractWe examine the inter-relationships among internal governance, firm attributes, and the listing choices of American Depositary Receipts (ADRs) for Chinese firms. We find that Chinese ADRs exhibit better performance, higher growth opportunities, and stronger internal governance than domestic firms prior to and after ADR listings. Furthermore, we find that the listing choices are influenced by Chinese firms' growth opportunities and internal governance. Those with lower growth opportunities tend to choose a Level 1 listing that restricts capital-raising but does not require U.S. regulatory compliance. In contrast, those with higher growth opportunities prefer a Level 3 listing that permits public offerings but requires full regulatory compliance. As a result, the improvement in the internal governance of Level 3 ADRs is more pronounced than that of Level 1 ADRs in the post-listing period. This suggests that the extent of improvement in governance is related to the firm attributes and the motivations behind cross-listings. (C) 2013 Elsevier B.V. All rights reserved.en_US
dc.language.isoen_USen_US
dc.subjectChinese ADRsen_US
dc.subjectFirm characteristicsen_US
dc.subjectCorporate governanceen_US
dc.subjectCross-listingsen_US
dc.titleCorporate governance, growth opportunities, and the choices of cross-listings: The case of Chinese ADRsen_US
dc.typeArticleen_US
dc.identifier.doi10.1016/j.pacfin.2013.07.002en_US
dc.identifier.journalPACIFIC-BASIN FINANCE JOURNALen_US
dc.citation.volume24en_US
dc.citation.issueen_US
dc.citation.spage221en_US
dc.citation.epage234en_US
dc.contributor.department資訊管理與財務金融系 註:原資管所+財金所zh_TW
dc.contributor.departmentDepartment of Information Management and Financeen_US
dc.identifier.wosnumberWOS:000329380300011-
dc.citation.woscount1-
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