On the role of cultural distance in the decision to cross-list

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aut.researcherGilbert, Aaron
dc.contributor.authorDodd, O
dc.contributor.authorFrijns, BPM
dc.contributor.authorGilbert, A
dc.date.accessioned2013-11-28T22:11:49Z
dc.date.available2013-11-28T22:11:49Z
dc.date.copyright2013-10-25
dc.date.issued2013-10-25
dc.description.abstractThis paper examines the role of culture in the choice of the destination market for cross-listing firms. We argue that firms cross-list in markets with greater cultural similarities, because 1) investors are more willing to invest in culturally familiar firms and 2) managers seek to avoid potential conflicts with culturally disparate investors and managers. Employing Hofstede's cultural dimensions, we find that firms from developed countries display greater cross-listing propensity towards culturally similar countries. These results are robust to various alternative cultural measures. We further find that it is mainly the difference in uncertainty avoidance and individualism that affect cross-listing decisions.
dc.identifier.citationEuropean Financial Management
dc.identifier.doi10.1111/j.1468-036X.2013.12038.x
dc.identifier.urihttps://hdl.handle.net/10292/6023
dc.publisherJohn Wiley & Sons
dc.rightsCopyright © 2013 John Wiley & Sons. All rights reserved. Authors retain the right to place his/her pre-publication version of the work on a personal website or institutional repository. This article may not exactly replicate the final version published in (please see citation) as it is not a copy of this record. An electronic version of this article can be found online at: (Please see Publisher’s Version)
dc.rights.accessrightsOpenAccess
dc.subjectNational culture
dc.subjectCultural distance
dc.subjectInternational cross-listing
dc.titleOn the role of cultural distance in the decision to cross-list
dc.typeJournal Article
pubs.elements-id157386
pubs.organisational-data/AUT
pubs.organisational-data/AUT/Business & Law
pubs.organisational-data/AUT/Business & Law/Finance
pubs.organisational-data/AUT/Business & Law/Finance/Finance PBRF 2012
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