Determinants of choice of depositary receipt programs: an exploratory study

Article

Sevic, Aleksandar, Krishnamurti, Chandrasekhar and Sevic, Zeljko. 2010. "Determinants of choice of depositary receipt programs: an exploratory study." Managerial Finance. 36 (12), pp. 990-1006. https://doi.org/10.1108/03074351011088414
Article Title

Determinants of choice of depositary receipt programs: an exploratory study

ERA Journal ID19584
Article CategoryArticle
AuthorsSevic, Aleksandar (Author), Krishnamurti, Chandrasekhar (Author) and Sevic, Zeljko (Author)
EditorsSevic, Zeljko
Journal TitleManagerial Finance
Journal Citation36 (12), pp. 990-1006
Number of Pages17
Year2010
Place of PublicationBingley, UK
ISSN0307-4358
1758-7743
Digital Object Identifier (DOI)https://doi.org/10.1108/03074351011088414
Abstract

Purpose – The purpose of this paper is to perform an exploratory study of depositary receipts (DRs). In addition to the geographical analysis it tests several hypothesis linked to various DRs’ issues.
Design/methodology/approach – Using the publicly available The Bank of New York’s (now The Bank of New York Mellon) database, descriptive statistics and logit analysis were applied.
Findings – It is evident that smaller firms issue DRs in lower level programs apparently due to the considerable cost barriers; firms with larger capital expenditure plans prefer to issue under level III or Rule 144A DR programs and higher quality firms, proxied by lower leverage, are likely to make higher level DR issues.
Research limitations/implications – The database is updated quite frequently and departures from enclosed findings are likely to occur in the years to come.
Practical implications – Management interested in issuing DRs may become acquainted with the pattern exercised by both small and large companies, or by companies with specific capital structures. In this manner the listing demonstrates less uncertainty as long as it is possible for managers to ascertain and compare own companies’ features.
Originality/value – The paper adds to the current literature regarding in-depth analysis of the DRs market.

Keywordssecurities; international investments; United States of America; accounting standards; raising capital
ANZSRC Field of Research 2020350202. Finance
500102. Business ethics
380110. International economics
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Byline AffiliationsUniversity of Newcastle
School of Accounting, Economics and Finance
University of Greenwich, United Kingdom
Institution of OriginUniversity of Southern Queensland
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