Does top executives' US experience matter? Evidence from US-listed Chinese firms

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外文摘要：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.

外文关键词：

US-listed Chinese firmsTop executives' US experienceAnalysts followingInstitutional holdings

作者：

Jingjing Li、Minghai Wei、Bingxuan Lin

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作者单位：

School of Business, Sun Yat-sen University, China

College of Business Administration, University of Rhode Island, USA

基金：

We appreciate the financial support from the National Natural Science Foundation of China

项目编号：

No. 71272202

出版年：

2016

DOI：

10.1016/j.cjar.2015.11.002

ISSN：

年,卷(期)：2016.(4)

参考文献量24