We propose that cross-listing is associated with better environmental, social, and governance (ESG) performance, because cross-listed firms adopt ESG practices to mitigate the liability of foreignness (LOF) in foreign financial markets. Institutionalization processes have made ESG practices important for managing challenges associated with the LOF. With tests involving the S&P Global 1200 index, we show that cross-listing improves corporate social responsibility (CSR; i.e., social and environmental dimensions) but not corporate governance. The effects of cross-listing on CSR also depend on investor protection regimes of listing destinations: Stronger regimes correspond with poorer CSR performance, suggesting that they limit managerial discretion.
Del Bosco, B., & Misani, N. (2016). The effect of cross-listing on the environmental, social, and governance performance of firms. JOURNAL OF WORLD BUSINESS, 51(6), 977-990.
|Citazione:||Del Bosco, B., & Misani, N. (2016). The effect of cross-listing on the environmental, social, and governance performance of firms. JOURNAL OF WORLD BUSINESS, 51(6), 977-990.|
|Tipo:||Articolo in rivista - Articolo scientifico|
|Carattere della pubblicazione:||Scientifica|
|Presenza di un coautore afferente ad Istituzioni straniere:||No|
|Titolo:||The effect of cross-listing on the environmental, social, and governance performance of firms|
|Autori:||Del Bosco, B; Misani, N|
DEL BOSCO, BARBARA (Primo)
|Data di pubblicazione:||2016|
|Rivista:||JOURNAL OF WORLD BUSINESS|
|Digital Object Identifier (DOI):||http://dx.doi.org/10.1016/j.jwb.2016.08.002|
|Appare nelle tipologie:||01 - Articolo su rivista|