Foreign firms face enormous obstacles in attracting investors and analysts when issuing securities in the United States.We use US-listed Chinese firms as our research sample and find that firms that hire top executive...Foreign firms face enormous obstacles in attracting investors and analysts when issuing securities in the United States.We use US-listed Chinese firms as our research sample and find that firms that hire top executives(i.e.,Chief Executive Officer[CEO]or Chief Financial Officer[CFO]) with work experience in the US or educational qualifications from the US attract more US institutional investors and analysts.Further,we find that CFOs' US experience dominates the results.Corroborating our results,we further find that firms with US-experienced CFOs are more likely to hold conference calls and voluntarily issue management forecasts,which suggests that CFOs with a US background are better at communicating with US investors and analysts and acting in alignment with US norms compared with Chinese CFOs.Collectively,our results suggest that hiring a CFO with a US background could facilitate cross-listed foreign firms to lower US investors' and analysts' information disadvantage.展开更多
Top executive succession is one of the most crucial events in the life of any firm. Based on the database of Chinese Entrepreneur Survey System, this research firstly reports new factors that influence the likelihood ...Top executive succession is one of the most crucial events in the life of any firm. Based on the database of Chinese Entrepreneur Survey System, this research firstly reports new factors that influence the likelihood of succession in Chinese corporations, which may not exist in western companies, then tests previous western research result in Chinese information technology （IT） industry and traditional industry. The results are hopefully to enlighten the reform of corporations during the period of China transitional economy.展开更多
基金the financial support from the National Natural Science Foundation of China(No.71272202)
文摘Foreign firms face enormous obstacles in attracting investors and analysts when issuing securities in the United States.We use US-listed Chinese firms as our research sample and find that firms that hire top executives(i.e.,Chief Executive Officer[CEO]or Chief Financial Officer[CFO]) with work experience in the US or educational qualifications from the US attract more US institutional investors and analysts.Further,we find that CFOs' US experience dominates the results.Corroborating our results,we further find that firms with US-experienced CFOs are more likely to hold conference calls and voluntarily issue management forecasts,which suggests that CFOs with a US background are better at communicating with US investors and analysts and acting in alignment with US norms compared with Chinese CFOs.Collectively,our results suggest that hiring a CFO with a US background could facilitate cross-listed foreign firms to lower US investors' and analysts' information disadvantage.
文摘Top executive succession is one of the most crucial events in the life of any firm. Based on the database of Chinese Entrepreneur Survey System, this research firstly reports new factors that influence the likelihood of succession in Chinese corporations, which may not exist in western companies, then tests previous western research result in Chinese information technology （IT） industry and traditional industry. The results are hopefully to enlighten the reform of corporations during the period of China transitional economy.
