Listing Advantages Around the World

Kenichi Ueda and Somnath Sharma

Discussion papers from Research Institute of Economy, Trade and Industry (RIETI)

Abstract: Using the firm-level data of 33 countries over 10 years (2008-2017), we find that the listed firms have lower returns on assets than the similar unlisted firms, in most countries. The result is associated with a higher capital-labor ratio of listed firms, implying that listed firms face fewer financial constraints. Moreover, we investigate the institutional factors that exacerbate or mitigate the listing advantages (i.e., ROA difference) across the countries. Compared to English origin law, countries with German and Scandinavian legal origins strongly narrow the listing advantages but the French legal origin shows mixed results. Overall, the listing advantages seem narrowed with stronger creditor's rights, but show unclear associations with the strength of corporate governance.

Pages: 86 pages
Date: 2020-06
New Economics Papers: this item is included in nep-bec
References: View complete reference list from CitEc
Citations: View citations in EconPapers (1)

Downloads: (external link)
https://www.rieti.go.jp/jp/publications/dp/20e060.pdf (application/pdf)

Related works:
Journal Article: Listing advantages around the world (2020)
Working Paper: Listing Advantages Around the World (2020)
Chapter: Listing Advantages around the World (2019)
Working Paper: Listing Advantages Around the World (2019)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:eti:dpaper:20060

Access Statistics for this paper

More papers in Discussion papers from Research Institute of Economy, Trade and Industry (RIETI) Contact information at EDIRC.
Bibliographic data for series maintained by TANIMOTO, Toko ().