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Ling Mei Cong ORCID logo, Gregory Tower, Mitchell Van der Zahn ORCID logo, Alistair Brown ORCID logo


This paper investigates whether a foreign primary listing is associated with corporate governance bonding of PRC firms listed in Hong Kong and Singapore. Consistent with bonding theory, there is a significant difference between the corporate governance quality of PRC firms with a foreign primary listing and counterparts with a domestic primary listing only (i.e. the PRC benchmark). The corporate governance quality of PRC foreign primary listing firms is not significantly different from foreign market benchmarks. The association between the foreign primary listing and corporate governance quality holds when firm characteristics are controlled for. Findings from this paper contribute to the cross listing literature by providing direct evidence on the corporate governance bonding associated with PRC foreign primary listings.

Keywords: Foreign Primary Listings, Corporate Governance, Bonding

How to cite this paper: Cong, L. M., Tower, G., Van der Zahn, J-L.W. M., & Brown, A. (2010). Foreign primary listings and corporate governance bonding. Corporate Ownership & Control, 8(1-8), 800-817.