Performance implications of cross-listing for emerging vs. developed market firms: an institutional legitimacy approach

Sudhir Nair and Bruce C. Skaggs

International Journal of Business and Emerging Markets, 2012, vol. 4, issue 3, 223-240

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.

Keywords: cross-listing; institutional legitimacy; emerging markets; developed markets; isomorphism; firm performance. (search for similar items in EconPapers)
Date: 2012
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Persistent link: https://EconPapers.repec.org/RePEc:ids:ijbema:v:4:y:2012:i:3:p:223-240

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