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Japanese management views on overseas exchange listings: survey results

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Author Info
Nobuyoshi Yamori
Taija Baba

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Abstract

Previous empirical studies cast a doubt on a positive effect of overseas listings on stockholders' wealth. We should investigate reasons for the steady growth of overseas listings other than the stockholders' wealth maximization. However, we have little information about management views on overseas listings except regarding U.S. firms. In this paper, we used a mail questionnaire to obtain information on overseas listing decisions of Japanese companies. As our survey shows, Japanese managers regard the disclosure and financial reporting requirements as the primary obstacles to overseas listings. This is why many Japanese companies do not list their stocks on overseas stock exchange in spite of the fact that they acknowledge the beneficial effects of overseas listings.

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Paper provided by Federal Reserve Bank of San Francisco in its series Pacific Basin Working Paper Series with number 99-05.

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Date of creation: 1999
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Handle: RePEc:fip:fedfpb:99-05

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Keywords: Stock exchanges ; Japan;

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Lau, Sie Ting & Diltz, J. David & Apilado, Vincent P., 1994. "Valuation effects of international stock exchange listings," Journal of Banking & Finance, Elsevier, vol. 18(4), pages 743-755, September. [Downloadable!] (restricted)
  2. Stephen R Foerster & G Andrew Karolyi, 1993. "International Listings of Stocks: The Case of Canada and the U.S," Journal of International Business Studies, Palgrave Macmillan Journals, vol. 24(4), pages 763-784, December. [Downloadable!] (restricted)
  3. Shahrokh M Saudagaran, 1988. "An Empirical Study of Selected Factors Influencing the Decision to List on Foreign Stock Exchanges," Journal of International Business Studies, Palgrave Macmillan Journals, vol. 19(1), pages 101-127, March. [Downloadable!] (restricted)
  4. Khan, Walayet A, et al, 1993. "Dual Domestic Listing, Market Structure and Shareholder Wealth," The Financial Review, Eastern Finance Association, vol. 28(3), pages 371-83, August.
  5. Alexander, Gordon J & Eun, Cheol S & Janakiramanan, S, 1987. " Asset Pricing and Dual Listing on Foreign Capital Markets: A Note," Journal of Finance, American Finance Association, vol. 42(1), pages 151-58, March. [Downloadable!] (restricted)
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  1. Spiegel, Mark M. & Yamori, Nobuyoshi, 2004. "Determinants of Voluntary Bank Disclosure: Evidence from Japanese Shinkin Banks," CESifo Working Paper Series CESifo Working Paper No. , CESifo Group Munich. [Downloadable!]
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