Controlling shareholders and market timing: Evidence from cross-listing events

Esqueda, Omar A.

doi:10.1016/j.irfa.2016.11.008

Cited by 15 publications

(11 citation statements)

References 40 publications

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“…The results from SUR analysis suggests that the capabilities-performance relationship is stronger in non-cross-listed firms. As suggested by prior research (Esqueda, 2017;Foerster and Karolyi, 2000), compared to the non-cross-listed counterparts, cross-listed firms have access to external resources which, perhaps, reduces the need for significant internal resources and capabilities. This may thus explain the comparatively weaker relationship between internal capabilities and performance in this subgroup of firms.…”

Section: Additional Analyses and Summary Of Robustness Checksmentioning

confidence: 98%

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Internal capabilities, national governance and performance in African firms

Tunyi

Agyei‐Boapeah

Areneke

et al. 2019

Research in International Business and Finance

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We explore the relations between firms' internal capabilities, national governance quality (NGQ) and performance in the African context using a dataset comprised of 11,183 firm-year observations (1,490 unique firms from 15 African countries over a 17-year period). Our study offers new insights into how interlinkages between firms' internal and external environment, shape corporate success. Specifically, we find that (1) firms' internal capabilities (captured by financial resource-availability and growth prospects) are critical enablers of performance in both weak and strong institutional environments, (2) individual firms perform well in environments where their peers performs well, (3) NGQ directly enhances aggregate firm performance, and in tandem, the performance of individual firms, and (4) NGQ moderates the capability-performance nexus, by enhancing the translation of growth opportunities into profitability. The results highlight the critical role of firm-level financial resource availability and growth prospects in shaping corporate success in this challenging institutional environment.

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Section: Additional Analyses and Summary Of Robustness Checksmentioning

confidence: 98%

“…with capital investment in the short run (Baik et al, 2013). Finally, given our African sample, we control for cross-listing (CROSS) following evidence that cross-listed firms from emerging markets enjoy better access to capital and hence, better value (Esqueda, 2017). These variables are fully defined in Panel D of Appendix 1.…”

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confidence: 99%

Internal capabilities, national governance and performance in African firms

Tunyi

Agyei‐Boapeah

Areneke

et al. 2019

Research in International Business and Finance

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“…Firms can commit to limit expropriation of minority shareholder by voluntarily adopting more stringent legal and regulatory requirements (Coffee, 1999(Coffee, , 2002. The bonding effects have been studied extensively, particularly regarding U.S. cross-listings, for example, Doidge et al (2004), Esqueda and Jackson (2015), Esqueda (2017), Foley et al (2018), Ghadhab and M'rad (2018), among others.…”

Section: Introductionmentioning

confidence: 99%

Corporate governance and life cycles in emerging markets

Esqueda

O’Connor

2020

Research in International Business and Finance

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“…Hamilton (1979) is the first scholar who developed a theoretical model specifically to study the subject matter. Since then, the subject has been receiving a great deal of attention from researchers (Esqueda, 2017;Ghadhab & Hellara, 2016;Ghadhab & M'rad, 2018).…”

Section: Introductionmentioning

confidence: 99%