Document Type
Article
Language
eng
Publication Date
2012
Publisher
Emerald
Source Publication
International Journal of Accounting and Information Management
Abstract
Purpose – The purpose of this paper is to examine whether both country disclosure environment and firm-level disclosures are associated with cross-listing in the USA or London or otherwise.
Design/methodology/approach – The authors test the association using a sample of Asia-Pacific firms covered in the Standard and Poor's, 2001/2002 disclosure survey, capturing the country-level disclosure using the Center for International Financial Analysis and Research (CIFAR) score. The firm-level disclosure is measured using the S&P disclosure score. The authors conduct a logistic regression analysis and a two-stage least squares analysis to examine whether the outcome, cross-listing or not, is associated with the country disclosure environment and firm-level disclosures.
Findings – The authors find that Asia-Pacific firms from weak disclosure environments and having higher firm-level disclosure scores are more likely to seek listing in the USA. Further, the paper provides initial evidence that these Asia-Pacific firms are as likely to seek listing in London as in the USA. No significant difference was found in S&P scores between US and London cross-listings after controlling for the effects of other variables. This suggests that firms that cross-list in London present similar disclosure levels to firms that cross-list in the USA.
Originality/value – The paper's findings contribute to the cross-listing literature on disclosure by showing that the interaction between firm-level disclosure and country-level disclosure has an impact on whether a firm cross-lists in the USA/London or not. The authors' comparison of US cross-listings versus London cross-listings provides the first evidence that disclosures of US and London cross-listings are not significantly different.
Recommended Citation
Eng, Li Li and Ling, Qianhua, "Disclosure and Cross-listing: Evidence from Asia-Pacific Firms" (2012). Accounting Faculty Research and Publications. 43.
https://epublications.marquette.edu/account_fac/43
Comments
Accepted Version. International Journal of Accounting and Information Management, Vol. 20, No. 1 (2012): 6-25. DOI.This article is © Emerald Group Publishing and permission has been granted for this version to appear in e-Publications@Marquette. Emerald does not grant permission for this article to be further copied/distributed or hosted elsewhere without the express permission from Emerald Group Publishing Limited.