The effect of cross-listing on the environmental, social, and governance performance of firms

被引：111

作者：

Del Bosco, Barbara ^{[1
]}

Misani, Nicola ^{[2
]}

机构：

[1] Univ Milano Bicocca, Dept Business Adm Finance Management & Law, Via Bicocca degli Arcimboldi 8, I-20126 Milan, Italy

[2] Bocconi Univ, CRIOS, Dept Management & Technol, Via Roentgen 1, I-20136 Milan, Italy

来源：

JOURNAL OF WORLD BUSINESS | 2016年 / 51卷 / 06期

关键词：

Cross-listing; Corporate social responsibility (CSR); Corporate governance; Environmental; social; and governance (ESG) performance; Investor protection; CORPORATE GOVERNANCE; FOREIGN FIRMS; UNITED-STATES; INSTITUTIONAL COMPLEXITY; ECONOMIC CONSEQUENCES; RESPONSIBILITY; LEGITIMACY; CSR; STAKEHOLDERS; PROTECTION;

D O I：

10.1016/j.jwb.2016.08.002

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

We propose that cross-listing is associated with better environmental, social, and governance (ESG) performance, because cross-listed firms adopt ESG, practices to mitigate the liability of foreignness (LOF) in foreign financial markets. Institutionalization processes have made ESG practices important for managing challenges associated with the LOF. With tests involving the S&P Global 1200 index, we show that cross-listing improves corporate social responsibility (CSR; i.e., social and environmental dimensions) but not corporate governance. The effects of cross-listing on CSR also depend on investor protection regimes of listing destinations: Stronger regimes correspond with poorer CSR performance, suggesting that they limit managerial discretion. (C) 2016 Elsevier Inc. All rights reserved.

引用

页码：977 / 990

页数：14

共 129 条

[31] The role of environmental disclosures as tools of legitimacy: A research note [J].