The effect of board gender diversity on cross-listing

Amir Shoham, Sang Mook Lee, Zaheer Khan, Shlomo Y. Tarba and Mohammad Faisal Ahammad

Journal of Corporate Finance, 2020, vol. 65, issue C

Abstract: This paper examines whether board gender diversity affects the decision to cross-list firms. The study is based on an extensive sample of 131,022 company-year observations consisting of 15,751 unique companies across 66 industries in 83 countries with different levels of institutional development from 1999 to 2018. Analysis reveals that cross-listing is not rare phenomena, but rather a very attractive strategy that is widely used by corporations seeking financial internationalization. The findings show that greater gender diversity on the board reduces the probability of cross-listing, and are robust to a battery of endogeneity tests including IV of gender grammatical marking, propensity score matching and reverse causality. In addition, we find that stronger institutional context will offset part of the negative effect that having women on the board has on cross-listing.

Keywords: Cross-listing; Board gender diversity; Gender grammatical marking (search for similar items in EconPapers)
JEL-codes: G32 G34 M14 (search for similar items in EconPapers)
Date: 2020
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (12)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:corfin:v:65:y:2020:i:c:s092911992030211x

DOI: 10.1016/j.jcorpfin.2020.101767

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