Abstract
This study
examines the firm- and country-level antecedents of the decision to cross-list
on a sophisticated stock exchange. The study focuses on the New York Stock
Exchange (NYSE) listing decision of foreign firms that meet the NYSE’s
stringent listing criteria. The effects of firm and market level factors on the
cross-listing decision are examined. The study finds that larger, high-tech,
and more internationally oriented firms, and firms from countries
geographically closer to the US are more likely to list their securities on the
NYSE. Additionally, greater profitability is associated with an increased
likelihood of cross-listing for the largest foreign firms.
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IJBMS by IPRPD is licensed under a Creative Commons Attribution 4.0 International License.