Journal of Corporate Finance Vol. 14 No. 3 2008
Does corporate control determine the cross-listing location?
Abstract
This paper explains the choice of the cross-listing location with particular emphasis on the level of investor protection provided by the host market. We find that firms with concentrated control, with a higher level of risk and those with more pronounced financing needs cross-list on a market with better investor protection. We also find support for the bonding hypothesis as firms from markets with weak shareholder protection tend to cross-list on markets with significantly higher shareholder protection.
- DOI
- 10.1016/j.jcorpfin.2008.03.003
- Volume
- 14
- Issue
- 3
- Pages
- 183-199
- Language
- en
- Sources
- bibtex:phds-export.bib openalex crossref