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Japanese management views on overseas exchange listings: survey results

Taija Baba and Nobuyoshi Yamori ()

No 99-05, Pacific Basin Working Paper Series from Federal Reserve Bank of San Francisco

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.

Keywords: Stock exchanges; Japan (search for similar items in EconPapers)
Date: 1999, Revised 1999
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Working Paper: Japanese Management Views on Overseas Exchange Listings: Survey Results (1999)
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