TY - JOUR
T1 - The effect of board gender diversity on cross-listing
AU - Shoham, Amir
AU - Lee, Sang Mook
AU - Khan, Zaheer
AU - Tarba, Shlomo Y.
AU - Ahammad, Mohammad Faisal
N1 - Publisher Copyright:
© 2020 Elsevier B.V.
PY - 2020/12
Y1 - 2020/12
N2 - This paper examines whether board gender diversity affects the decision to cross-list firms. The study is based on an extensive sample of 131,022 company-year observations consisting of 15,751 unique companies across 66 industries in 83 countries with different levels of institutional development from 1999 to 2018. Analysis reveals that cross-listing is not rare phenomena, but rather a very attractive strategy that is widely used by corporations seeking financial internationalization. The findings show that greater gender diversity on the board reduces the probability of cross-listing, and are robust to a battery of endogeneity tests including IV of gender grammatical marking, propensity score matching and reverse causality. In addition, we find that stronger institutional context will offset part of the negative effect that having women on the board has on cross-listing.
AB - This paper examines whether board gender diversity affects the decision to cross-list firms. The study is based on an extensive sample of 131,022 company-year observations consisting of 15,751 unique companies across 66 industries in 83 countries with different levels of institutional development from 1999 to 2018. Analysis reveals that cross-listing is not rare phenomena, but rather a very attractive strategy that is widely used by corporations seeking financial internationalization. The findings show that greater gender diversity on the board reduces the probability of cross-listing, and are robust to a battery of endogeneity tests including IV of gender grammatical marking, propensity score matching and reverse causality. In addition, we find that stronger institutional context will offset part of the negative effect that having women on the board has on cross-listing.
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U2 - 10.1016/j.jcorpfin.2020.101767
DO - 10.1016/j.jcorpfin.2020.101767
M3 - Article
AN - SCOPUS:85096233513
SN - 0929-1199
VL - 65
JO - Journal of Corporate Finance
JF - Journal of Corporate Finance
M1 - 101767
ER -