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International Listing as a Means to Mobilize the Benefits of Financial Globalization: Micro-Level Evidence from China

Tobin, Damian; Sun, Laixiang

Authors

Damian Tobin



Abstract

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.

Citation

Tobin, D., & Sun, L. (2009). International Listing as a Means to Mobilize the Benefits of Financial Globalization: Micro-Level Evidence from China. World Development, 37(4), 825-838. https://doi.org/10.1016/j.worlddev.2008.07.013

Journal Article Type Article
Publication Date Apr 1, 2009
Deposit Date Mar 26, 2009
Publicly Available Date Mar 26, 2009
Journal World Development
Print ISSN 0305-750X
Electronic ISSN 1873-5991
Publisher Elsevier
Peer Reviewed Peer Reviewed
Volume 37
Issue 4
Pages 825-838
DOI https://doi.org/10.1016/j.worlddev.2008.07.013
Keywords International listing, globalization, regulatory competition, corporate governance, East Asia, China
Publisher URL http://www.elsevier.com/locate/worlddev

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