Investor Protection and the Role of Firm‐Level Financial Transparency in Attracting Foreign Investment
研究了企业提高财务报表透明度能否吸引外资，发现只有在投资者保护较好的国家才有效，且采用国际财务报告准则后效果更强。
Abstract We ask if companies can attract foreign equity capital by improving the transparency of their financial statements. Using a large panel of firms across 51 countries outside the United States, we show that the answer is yes, but only in countries with relatively high levels of investor protection. In countries with poor investor protection, unilaterally increasing firm‐level transparency has no effect on foreign ownership. Furthermore, our results indicate that in countries with higher levels of investor protection, the positive association between transparency and foreign ownership is stronger following a country's adoption of the International Financial Reporting Standards.