Journal
JOURNAL OF CORPORATE FINANCE
Volume 41, Issue -, Pages 123-138Publisher
ELSEVIER SCIENCE BV
DOI: 10.1016/j.jcorpfin.2016.08.008
Keywords
Cross-listing; Corporate social responsibility (CSR); Bonding theory; Institutions
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Funding
- Fundamental Research Funds for the Central Universities (China)
- Research Funds of Renmin University of China [16XNF023]
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This paper investigates the dynamics of cross-listing and corporate social responsibility (CSR). Using a sample of 10,815 firm-year observations from 54 countries over the period 2002-2011, we find that cross-listed firms have better CSR performance than non-cross-listed domestic firms. This result is robust to endogeneity and different types of cross-listing. We also find that CSR increases (decreases) significantly after cross-listing in (delisting from) U.S. markets. The positive impact of cross-listing on CSR performance is stronger for firms from countries with weaker institutions, lower country-level sustainability, and higher liability of foreignness, and for firms operating in industries with high litigation risk. Finally, we find that cross-listed firms with better CSR performance exhibit higher valuations. (C) 2016 Elsevier B.V. All rights reserved.
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