Seminar with Jane Lu, University of Melbourne

Research seminar at Center for Corporate Governance
Seminar with Jane Lu, James Riady Chair in Asian Business and Economics, the University of Melbourne.
Jane Lu presents the paper 'Cross-listings and Firm Performance: the Moderating Role of Corporate Governance'.

Abstract
The internationalization process (IP) model suggests that firms internationalize through incremental steps in global markets, with accumulated knowledge and enhanced commitment. This study extends the IP model by arguing that cross-listing in global equity markets is a stage of internationalization process. More specifically, firms gain international recognition and legitimacy through cross-listings in major stock exchanges, which affect their knowledge accumulation and perceived opportunities in the global markets. Greater knowledge and more opportunities enhance firm commitment and thus facilitate further internationalization process. Our empirical results, based on a panel data analysis of Chinese firms, suggest that for firms from emerging market, global IPO increases the degree of internationalization and leads to better firm performance. Moreover, empirical evidence indicates that the strategic value of cross-listings is contingent on firm corporate governance structure, in which the better the corporate governance, the greater the value of cross-listings.

Venue
Porcelænshaven 24, 2nd floor, room 2.68

Registration
Please sign up at ccg@cbs.dk