Ownership, Cross-Listing, and the Bonding Hypothesis: Evidence from China
- 주제(키워드) cross-listing , bonding hypothesis , SOE , family firm
- 발행기관 고려대학교 대학원
- 지도교수 정재호
- 발행년도 2020
- 학위수여년월 2020. 2
- 학위구분 석사
- 학과 대학원 국제경영학과
- 세부전공 국제경영론 전공
- 원문페이지 49 p
- UCI I804:11009-000000127844
- DOI 10.23186/korea.000000127844.11009.0000946
- 본문언어 영어
- 제출원본 000046022677
초록/요약
This research examines the bonding hypothesis (Coffee, 1999; Stulz, 1999), focusing on SOEs and family firms. This research incorporates cross-listing data of Chinese firms towards three destinations, namely the US, Hong Kong, and Singapore, between the period from 2000 to 2018 and finds results in contrast with the bonding hypothesis that Chinese firms cross-listed in the US are not significantly larger and have higher growth potential. Chinese family firms demonstrate a preference for the US as their cross-listing destination, while SOEs are reluctant to list their shares in the US.
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TABLE OF CONTENTS
1. INTRODUCTION ....................................................................................... 1
2. LITERATURE REVIEW ........................................................................... 8
2.1. Market segmentation theory....................................................................... 8
2.2 Bonding hypothesis ..................................................................................... 9
2.3 SOEs, family firms, and cross-listing ....................................................... 12
3. HYPOTHESIS DEVELOPMENT .......................................................... 13
3.1 Benefits and costs associated with bonding .............................................. 13
3.2 Chinese SOEs and cross-listing ................................................................ 14
3.3 Chinese family firms and cross-listing...................................................... 17
4. DATA AND SAMPLE .............................................................................. 19
5. VARIABLES AND MEASUREMENT ................................................... 22
5.1 Dependent variable ................................................................................... 22
5.2 Independent variables ............................................................................... 22
5.2 Control variables ....................................................................................... 23
5.2 Summary statistics and univariate test ...................................................... 25
6. METHOD .................................................................................................. 26
7. RESULTS .................................................................................................. 27
8. DISCUSSION AND CONCLUSION ...................................................... 28
9. REFERENCES .......................................................................................... 31
