| Summary: | 碩士 === 國立中正大學 === 會計與資訊科技研究所 === 102 === This paper focuses on the behaviors of British American Depositary Receipts (ADRs) during 2000-2013. We examine the motivation and impact of listing choices for different types of ADRs using variables of board structure, managerial characteristics, ownership structure, audit quality, and firm-specific characteristics.
We find that firms choose different types of ADRs based on their corporate governance quality and firm characteristics. Firms with lower ownership concentration, higher percent of independent directors, larger firm size are more likely to choose Level II and III of ADRs. After ADRs issuance, these companies benefit from enhanced corporate governance, increased return on assets (ROA) and sales (Ln Sales). Among the Level I ADRs, we find that firms with concentrated ownership, higher independent director percentage, and lower CEO duality are more likely to issue unsponsored Level I ADRs. We suspect that these companies choose unsponsored Level I ADRs is passively. Although unsponsored Level I ADRs is increase reputation but these firms further concentrate ownership to avoid ownership dilution.
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