The corporate governance improvement firms recognize by cross-listing is partially offset by the reduced use of debt after the cross-listing. These governance characteristics may be especially relevant for shareholders in Level III cross-listings because those firms are actually raising addition cash.
Liao, M.-Y.(. and Tamm, C. (2014), "Capital Structure Changes around Cross-Listings", Corporate Governance in the US and Global Settings (Advances in Financial Economics, Vol. 17), Emerald Group Publishing Limited, Bingley, pp. 1-34. https://doi.org/10.1108/S1569-373220140000017002
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