The effect of board gender diversity on cross-listing

Amir Shoham; Sang Mook  Lee; Zaheer Khan; Shlomo Y.  Tarbac; Mohammad Faisal Ahammad

doi:10.1016/j.jcorpfin.2020.101767

The effect of board gender diversity on cross-listing

Amir Shoham^* (Corresponding Author), Sang Mook Lee, Zaheer Khan, Shlomo Y. Tarbac, Mohammad Faisal Ahammad

^*Corresponding author for this work

Business Management

Research output: Contribution to journal › Article › peer-review

14 Citations (Scopus)

Abstract

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.

Original language	English
Article number	101767
Number of pages	31
Journal	Journal of Corporate Finance
Volume	65
Early online date	21 Oct 2020
DOIs	https://doi.org/10.1016/j.jcorpfin.2020.101767
Publication status	Published - Dec 2020

Keywords

cross-listing
board gender diversity
gender grammatical marking
Gender grammatical marking
Board gender diversity
Cross-listing

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Cite this

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title = "The effect of board gender diversity on cross-listing",

abstract = "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.",

keywords = "cross-listing, board gender diversity, gender grammatical marking, Gender grammatical marking, Board gender diversity, Cross-listing",

author = "Amir Shoham and Lee, {Sang Mook} and Zaheer Khan and Tarbac, {Shlomo Y.} and Ahammad, {Mohammad Faisal}",

note = "Acknowledgments: We greatly appreciate the feedback provided by Geoff Wood, Ofra BazelShoham, participants of the annual meeting of the Academy of International Business 2018, and the participants of the paper development workshop at Kent Business School, University of Kent, UK. We also like to thank the TU CIBER grant for supporting this research.",

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AU - Lee, Sang Mook

AU - Khan, Zaheer

AU - Tarbac, Shlomo Y.

AU - Ahammad, Mohammad Faisal

N1 - Acknowledgments: We greatly appreciate the feedback provided by Geoff Wood, Ofra BazelShoham, participants of the annual meeting of the Academy of International Business 2018, and the participants of the paper development workshop at Kent Business School, University of Kent, UK. We also like to thank the TU CIBER grant for supporting this research.

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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KW - Gender grammatical marking

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The effect of board gender diversity on cross-listing

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Keywords

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