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Does foreign institutional ownership motivate firms in an emerging market to increase voluntary disclosure? Evidence from Taiwan

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  • Jia-Wen Liang

    ()

  • Mei-Feng Lin

    ()

  • Chen-Lung Chin

    ()

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    Abstract

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    File URL: http://hdl.handle.net/10.1007/s11156-011-0245-0
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    Bibliographic Info

    Article provided by Springer in its journal Review of Quantitative Finance and Accounting.

    Volume (Year): 39 (2012)
    Issue (Month): 1 (July)
    Pages: 55-76

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    Handle: RePEc:kap:rqfnac:v:39:y:2012:i:1:p:55-76

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    Web page: http://springerlink.metapress.com/link.asp?id=102990

    Related research

    Keywords: Voluntary disclosure; Conference calls; Foreign institutional investors; Trading turnover;

    References

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    1. Franklin Allen & Antonio E. Bernardo & Ivo Welch, 2000. "A Theory of Dividends Based on Tax Clienteles," Journal of Finance, American Finance Association, vol. 55(6), pages 2499-2536, December.
    2. Jensen, Michael C. & Meckling, William H., 1976. "Theory of the firm: Managerial behavior, agency costs and ownership structure," Journal of Financial Economics, Elsevier, vol. 3(4), pages 305-360, October.
    3. Grossman, Sanford J, 1981. "The Informational Role of Warranties and Private Disclosure about Product Quality," Journal of Law and Economics, University of Chicago Press, vol. 24(3), pages 461-83, December.
    4. Craig Doidge & G. Andrew Karolyi & Rene M. Stulz, 2001. "Why are Foreign Firms Listed in the U.S. Worth More?," NBER Working Papers 8538, National Bureau of Economic Research, Inc.
    5. Paul R. Milgrom, 1979. "Good Nevs and Bad News: Representation Theorems and Applications," Discussion Papers 407R, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
    6. Vicentiu M. Covrig & Mark L. Defond & Mingyi Hung, 2007. "Home Bias, Foreign Mutual Fund Holdings, and the Voluntary Adoption of International Accounting Standards," Journal of Accounting Research, Wiley Blackwell, vol. 45(1), pages 41-70, 03.
    7. Jun-Koo Kang & Rene M. Stulz, 1995. "Why Is There a Home Bias? An Analysis of Foreign Portfolio Equity Ownership in Japan," NBER Working Papers 5166, National Bureau of Economic Research, Inc.
    8. Mark T. Bradshaw & Brian J. Bushee & Gregory S. Miller, 2004. "Accounting Choice, Home Bias, and U.S. Investment in Non-U.S. Firms," Journal of Accounting Research, Wiley Blackwell, vol. 42(5), pages 795-841, December.
    9. Eng, L. L. & Mak, Y. T., 2003. "Corporate governance and voluntary disclosure," Journal of Accounting and Public Policy, Elsevier, vol. 22(4), pages 325-345.
    10. Mark H. Lang & Karl V. Lins & Darius P. Miller, 2003. "ADRs, Analysts, and Accuracy: Does Cross Listing in the United States Improve a Firm's Information Environment and Increase Market Value?," Journal of Accounting Research, Wiley Blackwell, vol. 41(2), pages 317-345, 05.
    11. Bailey, Warren & Chung, Y. Peter & Kang, Jun-koo, 1999. "Foreign Ownership Restrictions and Equity Price Premiums: What Drives the Demand for Cross-Border Investments?," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 34(04), pages 489-511, December.
    12. Gelos, Gaston & Wei, Shang-Jin, 2004. "Transparency and International Portfolio Holdings," CEPR Discussion Papers 4476, C.E.P.R. Discussion Papers.
    13. Aggarwal, Reena & Klapper, Leora & Wysocki, Peter D., 2005. "Portfolio preferences of foreign institutional investors," Journal of Banking & Finance, Elsevier, vol. 29(12), pages 2919-2946, December.
    14. Igor Filatotchev & Roger Strange & Jenifer Piesse & Yung-Chih Lien, 2007. "FDI by firms from newly industrialised economies in emerging markets: corporate governance, entry mode and location," Journal of International Business Studies, Palgrave Macmillan, vol. 38(4), pages 556-572, July.
    15. Fan, Joseph P. H. & Wong, T. J., 2002. "Corporate ownership structure and the informativeness of accounting earnings in East Asia," Journal of Accounting and Economics, Elsevier, vol. 33(3), pages 401-425, August.
    16. Diamond, Douglas W & Verrecchia, Robert E, 1991. " Disclosure, Liquidity, and the Cost of Capital," Journal of Finance, American Finance Association, vol. 46(4), pages 1325-59, September.
    17. Danqing Young & David A. Guenther, 2003. "Financial Reporting Environments and International Capital Mobility," Journal of Accounting Research, Wiley Blackwell, vol. 41(3), pages 553-579, 06.
    18. Claessens, Stijn & Djankov, Simeon & Lang, Larry H. P., 2000. "The separation of ownership and control in East Asian Corporations," Journal of Financial Economics, Elsevier, vol. 58(1-2), pages 81-112.
    19. Tarun Khanna & Krishna G. Palepu & Suraj Srinivasan, 2004. "Disclosure Practices of Foreign Companies Interacting with U.S. Markets," Journal of Accounting Research, Wiley Blackwell, vol. 42(2), pages 475-508, 05.
    20. Stulz, René M, 1995. "Foreign Equity Investment Restrictions, Capital Flight, and Shareholder Wealth Maximization," CEPR Discussion Papers 1208, C.E.P.R. Discussion Papers.
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    Cited by:
    1. Siougle, Georgia & Spyrou, Spyros I. & Tsekrekos, Andrianos E., 2014. "Conference calls around merger and acquisition announcements: Do they reduce information asymmetry? UK Evidence," Research in International Business and Finance, Elsevier, vol. 30(C), pages 148-172.

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