Title: Cross-Border Cooperation Among Securities Regulators and Supply Chain Collaboration: Evidence from U.S.–Listed Foreign Firms

Speaker: Jiang Jingjing, Associate Professor, School of Accounting and Finance, Hong Kong Polytechnic University.

Abstract: International supply chains are essential for linking global markets but face persistent challenges. While regulatory frameworks are crucial for supporting international business operations, fragmented oversight across jurisdictions often undermines supply chain resilience. We examine how cooperation between securities regulators through the adoption of the Multilateral Memorandum of Understanding (MMoU) affects global supply chain contracting. Using a stacked difference-in-differences model, we find that relative to domestic firms, foreign firms listed in the U.S. experience increases in both new contracts and new customers from MMoU signatory countries after their home countries sign the agreement. This suggests that the MMoU facilitates supplier firms' securing new global supply chain collaborations. This positive effect is more pronounced among firms facing higher agency costs and tighter financial constraints, and in countries with greater barriers to regulatory enforcement. Moreover, we document that the MMoU boosts suppliers' financing strength and extends supply chain relationship duration and contract length. Overall, our findings demonstrate that cross-border regulatory cooperation generates positive spillovers in fostering global supply chains.

Date & time: 21 May 2026, 14:15 - 15:30

Venue: B321, Zhixin Building, Central Campus, Shandong University