Corporate Governance and Firm Performance: Evidence From the ADRs of Tiger Cub Economies

Lee-Hsien Pan, Shuo Chen, Chieh-Chung Wu, K. C. Chen


This paper examines the effects of cross listing and Sarbanes-Oxley Act (SOX) on corporate governance and firm performance of the cross-listed firms from four Tiger Cub Economics: Indonesia, Malaysia, Philippines, and Thailand. We find that these non-U.S. firms that list their shares as American Depositary Receipts (ADRs) experience an improvement in corporate governance and a decrease in firm performance after issuing ADRs in the U.S. However, SOX appears to be effective in enhancing firm performance for these ADRs, though it has little impact on improving corporate governance.

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