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Listing Advantages Around the World

Author

Listed:
  • Kenichi Ueda
  • Somnath Sharma

Abstract

Using the firm-level data of 33 countries over 10 years (from 2008-2017), we find that the listed firms, on average, have lower marginal products of capital (measured by return on assets) than the unlisted firms in many countries. This implies that the listed firms face less financial constraints. Moreover, we investigate the institutional factors that exacerbate or mitigate the listing advantages across the countries. The listing advantages seem enlarged with better corporate governance and narrowed with stronger creditor's rights.

Suggested Citation

  • Kenichi Ueda & Somnath Sharma, 2019. "Listing Advantages Around the World," NBER Working Papers 26446, National Bureau of Economic Research, Inc.
  • Handle: RePEc:nbr:nberwo:26446
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    More about this item

    JEL classification:

    • E22 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Investment; Capital; Intangible Capital; Capacity
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill

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