Cross-listing and the value of cash holdings: Evidence from Chinese cross-listed firms
| Autor: | VONG MINH YEN, 黃明燕 |
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| Rok vydání: | 2015 |
| Druh dokumentu: | 學位論文 ; thesis |
| Popis: | 103 This study investigates the effects of cross-listing on the value of cash holdings through financial constraints and agency problems. Using a sample of Chinese cross-listed firms from 2006 to 2013, we find that in consideration of financial constraints, cash holdings is less valuable for cross-listed firms than for non-cross-listed firms. More importantly, the decrease is more pronounced in non-SOEs than in SOEs. Consistent with bonding hypothesis, when we take agency problems into consideration, we find that the value of cash holdings is higher for cross-listed-firms than for non-cross-listed firms suggesting that cross-listing effect increases the value of cash holdings through reducing agency problems. Moreover, this effect is more pronounced in SOEs than in non-SOEs. Finally, we find that the effect of reducing financial constraints dominates the effect of reducing agency problems in non-SOEs. |
| Databáze: | Networked Digital Library of Theses & Dissertations |
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