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Performance implications of cross-listing for emerging vs. developed market firms: an institutional legitimacy approach

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  • Sudhir Nair
  • Bruce C. Skaggs

Abstract

Scholars suggest that cross-listing can enhance a firm's legitimacy. However, the performance implications of legitimacy derived from cross-listing have not been deeply examined. Our paper addresses this gap by analysing two sets of firms: one from a developed country and another from an emerging market. Using an institutional legitimacy perspective, we examine the secondary impact of cross-listing on firm performance of 362 firms that have differential needs for legitimacy. Our longitudinal analysis suggests that the impact of legitimacy is non-linear and that the legitimacy effect on performance for emerging market firms is significantly more than that for developed market firms.

Suggested Citation

  • Sudhir Nair & Bruce C. Skaggs, 2012. "Performance implications of cross-listing for emerging vs. developed market firms: an institutional legitimacy approach," International Journal of Business and Emerging Markets, Inderscience Enterprises Ltd, vol. 4(3), pages 223-240.
    • Handle: RePEc:ids:ijbema:v:4:y:2012:i:3:p:223-240
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    Cited by:

    1. Sapovadia, Vrajlal & Madhani, Pankaj, 2015. "Corporate Governance and Disclosure Practices in India: MNC Subsidiaries versus Domestic Cross-Listed Firms," MPRA Paper 96043, University Library of Munich, Germany.

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