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Title: Cross-listing, bonding hypothesis and corporate governance
Authors: Charitou, Andreas 
Louca, Christodoulos 
Panayides, Stelios 
Keywords: Bonding hypothesis;Corporate governance;Cross-listing
Category: Economics and Business
Field: Social Sciences
Issue Date: 10-May-2007
Source: Journal of Business Finance & Accounting, 2007, vol. 34, no. 7-8, pp. 1281-1306.
Journal: Journal of Business Finance & Accounting 
Abstract: This paper examines the relationship between cross-listing and corporate governance for Canadian firms, that were cross-listed on US stock exchanges during the period 1997-2003. We find that cross-listed firms have more independent boards and audit committees after the listing relative to a non-cross-listed matched sample of firms and relative to the pre-listing period. Moreover, cross-listed firms experience changes in their ownership structure after the listing. Finally, we provide evidence that the sensitivity of the relation between cross-listed firm valuation with audit committee independence and ownership structure becomes more important after the listing. The results are robust after adjusting for various firm risk characteristics. Overall, the results are consistent with the literature on the bonding role of cross-listings on US stock exchanges.
ISSN: 0306-686X
DOI: 10.1111/j.1468-5957.2007.02021.x
Collaboration : University of Cyprus
Durham University
Rights: © Blackwell
Attribution-NonCommercial-NoDerivs 3.0 United States
Type: Article
Appears in Collections:Άρθρα/Articles

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