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ѱȸ-ں忬_2017 5 м̳ ø
- Cross-listing and Foreign Directors: Evidence from China -

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Cross-listing and Foreign Directors
Evidence from China

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   This paper examines the roles played by the diversity of board structure in explaining the valuation
   premium of cross listing.  We use the foreign experiences of board directors to measure the heter-
   ogeneity of the board directors. Using Chinese cross listing firms, we find the cross listing premium
   are consistently observed for the numbers and the  proportion of  foreign directors. The foreign
   directors help their firms to enhance Tobins q ratio, foreign sales, and foreign M&A. Our evidence
   suggests that the improved board diversity is an economic channel of the cross listing premium.

   Keywords: cross listing, corporate boards, human capital, corporate governance, 
                  firm performance

2017.   10 

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