Value relevance of multinational directorship and cross-listing on MNEs national governance disclosure practices in Sub-Saharan Africa: Evidence from Nigeria
基于制度同构理论，研究了尼日利亚跨国企业如何通过外国董事和交叉上市来管理国内外公司治理规则冲突，并改善本国治理披露实践。
We draw on institutional isomorphism literature to develop a conceptual framework which uncovers how emerging market MNEs manage institutional tensions and complexity in corporate governance (CG) regulations within and across economic environments. Using a sample of 400 firm-year observations (2011–2015) from Nigeria, we show foreign directorship and cross-listing as significant avenues for governance isomorphism. MNEs employ these mechanisms to manage and reconcile foreign and Nigerian CG regulations whilst overcoming institutional weaknesses at home. Specifically, governance isomorphism leads to improvement of home country CG disclosures practices because of associated linkages with international CG systems through cross-listing and employment of multinational directors.