A strategic perspective of cross-listing by emerging market firms:evidence from Indonesia, Mexico, Poland and South Africa


This paper develops an approach to the analysis of cross-listing that brings together the financial and non-financial benefits of the phenomenon. We employ the real options framework, which offers a detailed characterisation of the strategic issues associated with cross-listing, in the context of internationalisation of emerging market firms. The associated hypotheses are tested using firm-level data from four large emerging market economies with different profiles in terms of institutional quality and financial development. This allows us to extend the existing literature by isolating the relative importance of institutional quality and financial development for the benefits of cross-listing.

Publication DOI: https://doi.org/10.1016/j.intman.2016.04.003
Divisions: College of Business and Social Sciences > Aston Business School > Economics, Finance & Entrepreneurship
Additional Information: Creative Commons Attribution 4.0 International (CC BY 4.0)
Uncontrolled Keywords: corporate governance,cross-listing,emerging market economies,investor protection,real options,Business and International Management,Strategy and Management,Finance
Publication ISSN: 1873-0620
Last Modified: 18 Mar 2024 08:17
Date Deposited: 02 Jun 2016 13:10
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Related URLs: http://www.scop ... tnerID=8YFLogxK (Scopus URL)
https://www.sci ... 1533?via%3Dihub (Publisher URL)
PURE Output Type: Article
Published Date: 2016-09-01
Published Online Date: 2016-05-24
Accepted Date: 2016-05-21
Submitted Date: 2015-06-04
Authors: Temouri, Yama (ORCID Profile 0000-0003-3014-258X)
Driffield, Nigel
Kumar Bhaumik, Sumon



Version: Published Version

License: Creative Commons Attribution

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