Tobin, Damian and Sun, Laixiang (2009) 'International Listing as a Means to Mobilize the Benefits of Financial Globalization: Micro-Level Evidence from China.' World Development . (In Press)
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This paper proposes a micro-level framework to account for how firms in developing economies overcome domestic institutional constraints. It illustrates that the mechanisms enabling those firms to benefit from financial globalization are more complex than the “direct” financial channels outlined in the neo-classical approach. China provides an important example in this context, as its capital market liberalization has been limited and neither the legal nor financial system is well developed. Yet micro-level evidence from China’s internationally listed enterprises indicates that innovative firms can overcome institutional thresholds, secure access to international capital, and benefit and learn from international capital markets. This can in turn induce market-level improvements through regulatory competition and demands for a more standardized system of economic regulation.
|Keywords:||International listing, globalization, regulatory competition, corporate governance, East Asia, China|
|SOAS Departments & Centres:||Faculty of Law and Social Sciences > Department of Financial and Management Studies|
|Depositing User:||Laixiang Sun|
|Date Deposited:||30 Jun 2008 08:51|
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