Performance, diversity, and multiplicity of foreign cross-listing portfolios

Elitsa R. Banalieva and Christopher J. Robertson

International Business Review, 2010, vol. 19, issue 6, 531-547

Abstract: We analyze an underrepresented area in the international business (IB) and finance literatures: the simultaneous effects of multinational enterprises' (MNEs) portfolios of foreign cross-listings' and firm performance. We build on the literatures of multinationality-performance in the IB field and foreign cross-listings in the international finance domain. We advance a theoretical framework of the simultaneous relationships among multiplicity of MNEs' foreign cross-listings (number of foreign stock exchanges), diversity (dispersion of the host countries' quality of institutions) of MNEs' foreign cross-listings, and firm performance (ROA). The simultaneous equations model results based on a sample of 330 Triad MNEs during 2004-2006 provide fresh insights for future theory development and managerial practice.

Keywords: Foreign; cross-listing; portfolios; Internationalization; Institutional; theory; MNEs (search for similar items in EconPapers)
Date: 2010
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Citations: View citations in EconPapers (11)

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