English  |  正體中文  |  简体中文  |  Items with full text/Total items : 57970/91504 (63%)
Visitors : 13690702      Online Users : 65
RC Version 7.0 © Powered By DSPACE, MIT. Enhanced by NTU Library & TKU Library IR team.
Scope Tips:
  • please add "double quotation mark" for query phrases to get precise results
  • please goto advance search for comprehansive author search
  • Adv. Search
    HomeLoginUploadHelpAboutAdminister Goto mobile version
    Please use this identifier to cite or link to this item: http://tkuir.lib.tku.edu.tw:8080/dspace/handle/987654321/116959

    Title: Does Overseas-Listing Benefit the Shareholder?
    Authors: Pai, T.Y.;Huang, Chien-Ming;Wan, Y.L.
    Date: 2018-12
    Issue Date: 2019-09-11 12:10:35 (UTC+8)
    Abstract: This paper aims to investigate whether cross-listed companies experience changes in their ownership structure after the oversea listing to improve the firm performance or exploit the weak shareholder's rights. The conclusions are still ambiguous in the existence of current studies. Therefore, using the sample group of cross-listed companies in the Hang Seng China AH Premium Index from 2005 to 2014, we adopt the two-stage least square method to examine the alignment effects, conflict-of-interest hypothesis or strategic alignment hypothesis. To capture the relevant relationships between firm performance and controlling shareholders, the indicators of accounting-based performance and market-based performance are used in our analysis. The empirical results found that the largest ten shareholders will tend to increase the holding proportions when firm size and leveraged effect increase and the stock price commonly exists in over-reaction. Moreover, when the increase in the controlling shareholders' holdings can improve supervised qualification and increase firm profitability, foreign institutional investors will tend to sell their shares to the largest shareholders after cross-listing. This finding is consistent with the strategic alignment hypothesis. Finally, we conclude that the variation of foreign institutional holdings will provide important information to determine whether the stock price presents a premium or discount.
    Relation: Journal of Accounting, Finance, and Management Strategy 13(2), p.97-115
    Appears in Collections:[Graduate Institute & Department of Banking and Finance] Journal Article

    Files in This Item:

    File Description SizeFormat
    Does Overseas-Listing Benefit the Shareholder.pdf877KbAdobe PDF15View/Open

    All items in 機構典藏 are protected by copyright, with all rights reserved.

    DSpace Software Copyright © 2002-2004  MIT &  Hewlett-Packard  /   Enhanced by   NTU Library & TKU Library IR teams. Copyright ©   - Feedback