Cross-listing flows under uncertainty: an international perspective
Agyemang A. Balli F. Gregory-Allen R. Balli H.O.
2024Routledge
Applied Economics
2024#56Issue 192357 - 2374 pp.
The impact of policy uncertainty on corporate decisions and strategies continues to receive significant interest in recent discussions. As a contribution, this study examines how economic policy uncertainty (EPU) in the domestic and global markets impacts corporate cross-listing decisions. To this end, we employ firm and country-level data from 1990 to 2016 from 13 countries. We implement a Granger Causality, Quantile on Quantile Regression (QQR), and Wavelet Coherence approaches and show that monthly local and global EPU influence the cross-listing decisions of firms, with stronger influence for firms from smaller domestic markets. We suggest that firms from smaller domestic markets seek more cross-listing in the face of high local EPU and reduce or avoid cross-listing during high global EPU periods. Our findings suggest that policy transparency could have important implications for current and future corporate decisions.
and Wavelet Coherence , cross-listing , Economic policy uncertainty , Granger Causality , Quantile on Quantile Regression
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School of Economics and Finance, Massey University, Auckland, New Zealand
Higher School of Economics and Business of Al-Farabi Kazakh National University, Almaty, Kazakhstan
School of Economics and Finance
Higher School of Economics and Business of Al-Farabi Kazakh National University
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