Local Institutional Investors and Corporate Monitoring: Evidence from Cross-Listed Korean Stocks in the US Market

被引：2

作者：

Choi, Changhwan ^{[1
]}

Chung, Chune Young ^{[2
]}

Song, Jun Myung ^{[3
]}

机构：

[1] Univ Int Business & Econ, UIBE Business Sch, Beijing, Peoples R China

[2] Chung Ang Univ, Coll Business & Econ, Sch Business Adm, 84 Heukseok Ro, Seoul 06974, South Korea

[3] Singapore Management Univ, Sim Kee Boon Inst Financial Econ, Singapore, Singapore

来源：

EMERGING MARKETS FINANCE AND TRADE | 2024年 / 60卷 / 03期

关键词：

Geographic proximity; market proximity; cross-listed firms; corporate governance; earnings management; RESEARCH-AND-DEVELOPMENT; EARNINGS MANAGEMENT; INFORMATION ASYMMETRY; HOMETOWN ADVANTAGE; DOMESTIC INVESTORS; PORTFOLIO FLOWS; VALUE-RELEVANCE; EQUITY; INVESTMENT; PERFORMANCE;

D O I：

10.1080/1540496X.2023.2229941

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

Using Korean firms that are cross-listed in the US market, this paper investigates whether there are standalone effects of geographic and market proximity of institutional investors on monitoring performance. We find that Korean institutional ownership is negatively associated with earnings management while the US institutional ownership has no impact on earnings management. This suggests that there is the geographic proximity advantage over the market proximity advantage in the emerging markets. Furthermore, we also show that the impact of geographic proximity is stronger for firms with high informational opacity.

引用

页码：456 / 477

页数：22

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