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industry
indicator variables)was repeated for only those sample firms in the manufacturing industry
(n=33).The H-Share firm indicator was again significant(p=0.01).In both analyses,all
other results remained unchanged.
6.Other proxies,such as membership in the telecommunication industry,led to
similar results.
7.Prior research has focused on the effect of multiple-listing status on disclosure in
firms’home place of listing.The home listing for multiple-listed H-Share firms,however,
is on the PRC exchanges,not the SEHK.To control for this,we re-estimated our regression
models after excluding H-Share firms also listed on the PRC exchanges.Consistent with
prior results(Cooke 1989,1991;Hossain et al.,1995;Meek et al.,1995),we find a signifi-
cant and positive relation between multiple-listing status and overall disclosure(t=1.82;
p 0.10)and financial disclosure(t=2.11;p 0.05)for this restricted sample.All other
qualitative results remain unchanged.
8.We are indebted to the Associate Editor,Charles Smith,for suggesting this
alternative explanation.
9.The 18 largest consumer electronics firms were used to attempt to control for the
effects of size differences on disclosure.H-Share firms are among the largest PRC firms.
None of the H&A-Share firms are in the electronics industry.
10.As a further test of the showcasing hypothesis,we also examined whether the
coefficients on the control variables differed between H-Share and all other firms listed on
the SEHK.(We thank Charles Smith for proposing this additional test.)Differences would
indicate that the costs and benefits of disclosure affect H-Share firms differently than other
listed firms,a result which,in turn,would provide support for showcasing effects.To ex-
amine this possibility,our primary analysis(equation 1)for the full sample was rerun after
excluding the Red-Chip indicator variable and including an H-Share by control variable
interaction term for each of the control variables,following the procedure recommended
by Gujarti(1978,p.297).As in our primary analysis,this analysis was repeated to exam-
ine effects on type of information disclosure.None of the coefficients on the interaction
terms were significant in any of these models.Due to the lack of power,however,this
result is not necessarily strong evidence against the showcasing hypothesis.
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