Abstract
This study aims to enhance our understanding of multiple listings by addressing the where question related to foreign listings. It examines factors that influence firms' choices of foreign stock exchanges. Based on a sample of 459 internationally traded MNCs, with at least one foreign listing on one of nine major stock exchanges (in eight countries) at year-end 1992, we find strong evidence that foreign listing locations are significantly influenced by 1) financial disclosure levels, and 2) the level of exports to a given foreign country.
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*Shahrokh Saudagaran (Ph.D., University of Washington) is the McCullough Professor of Accounting and Director of International Business Studies at Santa Clara University.
**Gary Biddle (Ph.D., University of Chicago) is Professor of Accounting and William R. Gregory Faculty Fellow at the University of Washington.
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Saudagaran, S., Biddle, G. Foreign Listing Location: A Study of MNCs and Stock Exchanges in Eight Countries. J Int Bus Stud 26, 319–341 (1995). https://doi.org/10.1057/palgrave.jibs.8490176
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DOI: https://doi.org/10.1057/palgrave.jibs.8490176