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Mapping the Themes Underlying the Literature on Cross-Listing of Shares—A Contemporary Corporate Strategy of Sustainable Growth

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  • Qiuyuan Lei

    (School of Economics and Management, University of Science and Technology Beijing, Beijing 100083, China)

  • Muhammad Umer Quddoos Attari

    (Department of Commerce, Bahauddin Zakariya University, Multan 60800, Pakistan)

  • Mustansar Hayat

    (Department of Commerce, Bahauddin Zakariya University, Multan 60800, Pakistan)

  • Muhammad Munir Ahmad

    (Department of Commerce, Allama Iqbal Open University, Islamabad 44310, Pakistan)

  • Abdul Haseeb

    (Department of Management Sciences, University of Haripur, Haripur 22620, Pakistan)

  • Amir Rafique

    (Department of Management Sciences, COMSATS University Islamabad, Islamabad 45550, Pakistan)

Abstract

In the current era of globalization, cross-listing literature has been growing as a tool to achieve sustainable growth and provide policy implications for multinationals, international investors, and regulators. This research explores the three themes—influential aspects, intellectual structure, and conceptual structure—that underpin the growing cross-listing-based literature published in the Web of Sciences until July 2020. This study used bibliometric coupling to segregate the research front of cross-listing and then studied each theme’s conceptual structure and influential aspects separately. The analysis revealed that the cross-listing literature could be divided into three clusters: (1) price discrepancies and stock returns related to asymmetric information and market efficiencies, (2) earnings quality, earnings management, and the adoption of accounting standards, and (3) cross-listing benefits covering the growth, informativeness, and liquidity. For instance, our analysis identifies the impact of cross-listing on local market developments regarding trading volume and liquidity, secondly the benefits of financial market liberalization for cross-listing, particularly regarding the cost of capital, and thirdly the variation in abnormal returns after cross-listing with changing risk exposure, shareholding base, and amount of money raised. This research also proposes a future research agenda for the advancement of each cluster of cross-listing identified. The outcomes of this literature review will provide valuable information to practitioners and researchers and help them to further understand the broad perspective and prospects of cross-listing.

Suggested Citation

  • Qiuyuan Lei & Muhammad Umer Quddoos Attari & Mustansar Hayat & Muhammad Munir Ahmad & Abdul Haseeb & Amir Rafique, 2023. "Mapping the Themes Underlying the Literature on Cross-Listing of Shares—A Contemporary Corporate Strategy of Sustainable Growth," Sustainability, MDPI, vol. 15(12), pages 1-26, June.
    • Handle: RePEc:gam:jsusta:v:15:y:2023:i:12:p:9316-:d:1167179
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