Disclosure Practices of Foreign Companies Interacting with U.S. Markets
分析了来自亚太和欧洲24个国家794家公司的披露实践，发现与美国市场的互动（如在美国上市、投资、出口和运营）与更高的披露评分正相关，而国家层面的贸易则无显著关系。
ABSTRACT We analyze the disclosure practices of companies as a function of their interaction with U.S. markets for a group of 794 firms from 24 countries in the Asia‐Pacific and Europe. Our analysis uses the Transparency and Disclosure scores developed recently by Standard & Poor's. These scores rate the disclosure of companies from around the world using U.S. disclosure practices as an implicit benchmark. Results show a positive association between these disclosure scores and a variety of market interaction measures, including U.S. listing, U.S. investment flows, exports to, and operations in the United States. Trade with the United States at the country level, however, has an insignificant relationship with the disclosure scores. Our empirical analysis controls for the previously documented association between disclosure and firm size, performance, and country legal origin. Our results are broadly consistent with the hypothesis that cross‐border economic interactions are associated with similarities in disclosure and governance practices.