We examine the impact of foreign institutional investors on firms' voluntary disclosure practices measured by management forecasts. In a sample of 32 non-U.S. countries, we find that, on average, foreign institutional investments lead to improved voluntary disclosure and their impact is larger...

Although foreign institutional ownership (FIO) is generally considered as an important outcome of international cross-listings, much of the prior research ignores the iterative nature of FIO – that is, FIO may also serve as a key determinant of cross-listings. Using a comprehensive dataset of...