Performance implications of cross-listing for emerging vs. developed market firms: an institutional legitimacy approach
by Sudhir Nair; Bruce C. Skaggs
International Journal of Business and Emerging Markets (IJBEM), Vol. 4, No. 3, 2012

Abstract: Scholars suggest that cross-listing can enhance a firm's legitimacy. However, the performance implications of legitimacy derived from cross-listing have not been deeply examined. Our paper addresses this gap by analysing two sets of firms: one from a developed country and another from an emerging market. Using an institutional legitimacy perspective, we examine the secondary impact of cross-listing on firm performance of 362 firms that have differential needs for legitimacy. Our longitudinal analysis suggests that the impact of legitimacy is non-linear and that the legitimacy effect on performance for emerging market firms is significantly more than that for developed market firms.

Online publication date: Sat, 15-Nov-2014

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