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Is there a better commitment mechanism than cross-listings for emerging-economy firms? Evidence from Mexico

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  • Jordan Siegel

    (Harvard Business School, Boston, USA)

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    Abstract

    The last decade of work in corporate governance has shown that weak legal institutions at the country level hinder firms in emerging economies from accessing finance and technology affordably. To attract outside resources, these firms must often use external commitments for repayment. Research suggests that a common commitment mechanism is to borrow US securities laws, which involves listing the emerging economy firm's shares on a US exchange. This paper uses a quasi-natural experiment from Mexico to examine the conditions under which forming a strategic alliance with a foreign multinational firm is actually a superior mechanism for ensuring good corporate governance.

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    Bibliographic Info

    Article provided by Palgrave Macmillan in its journal Journal of International Business Studies.

    Volume (Year): 40 (2009)
    Issue (Month): 7 (September)
    Pages: 1171-1191

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    Handle: RePEc:pal:jintbs:v:40:y:2009:i:7:p:1171-1191

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    Cited by:
    1. Fernandes, Nuno & Giannetti, Mariassunta, 2013. "On the fortunes of stock exchanges and their reversals: evidence from foreign listings," Working Paper Series, European Central Bank 1585, European Central Bank.
    2. Karolyi, G. Andrew, 2012. "Corporate governance, agency problems and international cross-listings: A defense of the bonding hypothesis," Emerging Markets Review, Elsevier, Elsevier, vol. 13(4), pages 516-547.
    3. Thomas O'Connor, 2012. "Legal bonding, investor recognition, and cross-listing premia in emerging markets," Economics, Finance and Accounting Department Working Paper Series, Department of Economics, Finance and Accounting, National University of Ireland - Maynooth n226-12.pdf, Department of Economics, Finance and Accounting, National University of Ireland - Maynooth.
    4. Claessens, Stijn & Yurtoglu, B. Burcin, 2013. "Corporate governance in emerging markets: A survey," Emerging Markets Review, Elsevier, Elsevier, vol. 15(C), pages 1-33.
    5. Peng, Mike W. & Su, Weichieh, 2014. "Cross-listing and the scope of the firm," Journal of World Business, Elsevier, Elsevier, vol. 49(1), pages 42-50.

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