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Korean Journal of Financial Studies 2015;44(2):343-371.
Published online April 30, 2015.
Corporate Governance and Depositary Receipts: Evidence from Korean Stock Listings
Joung Hwa Choi, Moon Sub Choi
기업지배구조와 주식예탁증서
최정화, 최문섭
Abstract
In the last several decades, companies around the world have increasingly diversified their stock listings abroad in order to minimize capital costs and improve liquidity. Cross-listings have, thus, attracted due managerial, practical and academic attention for their popularity as financing instruments, investment assets and research topics, respectively. Among the identified research strands are arbitrage on cross-listed pairs, the price discovery of multi-listed shares, and interactions between cross-listing and corporate governance. A dearth of articles in the Korean finance literature on the third agenda motivated our research, whose empirical findings are as follows: First, cross-listed firms are relatively worth more on Korean exchanges than others (cross-listing premium). Second, DR-listed Korean companies are relatively governed better than others. Their cross-listing decisions appear to have improved corporate governance. Lastly, as a proxy for the degree of price discovery and market integration, the price gap (DR premium) of a Korean cross-listed pair is, on average, determined by the firm, market, and country-level factors of risks and corporate governance. Specifically, corporate transparency is inversely associated with the DR premium.
Key Words: 기업지배구조,역외상장,역외상장 프리미엄,주식예탁증서,차익거래,Arbitrage,Corporate Governance,Cross-listing,Cross-listing premium,Depositary Receipts


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