Does US cross-listing come with incremental benefit for already UK cross-listed firms

The determinants of dual listing decision of firms from ASEAN-5

“…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).…”

“…Firms from developing countries accepted listing abroad to overcome the high transaction and capital costs, high risks, poor governance, and information asymmetry in their home market. Listing in major markets found enables firms from developing countries to enhance their growth opportunity and overcome these obstacles (Ghadhab & M'rad, 2018;Singh, 2009;You et al, 2013). Moreover, firms are found to engage in an overseas listing to enhance their information disclosure, compete with other investors, and attain wider financial innovation for local and foreign investors (Kipkemoi, 2013;Makau et al, 2015;Wanjiru, 2013).…”

“…Previously, numerous theories were used to explain the impact of dual listing such as market segmentation (Cheronoh, 2015;Fernandes & Giannetti, 2014), legal bonding theory (Ghadhab & M'rad, 2018;Huang et al, 2016), and liquidity theory (Ball et al, 2018). The current situation of the integration and alliances between markets is found to facilitate firms in reaching foreign investors as well as increase capital flows between different markets, which is expected to decrease the firms' preference to list in other host markets (Chouinard & D'Souza, 2004;Mu, 2014).…”

“…This situation particularly in the Associated South East Asian Nation (hereafter known as ASEAN) markets renders the expected benefits from dual listing to disappear or at least reduced (Cavoli et al, 2011). Based on the above-mentioned theories, there is a lack of studies that use the global business strategy approach to explain the dual listing phenomena, which is suggested that firms are encouraged to seek a dual listing as part of their globalization strategy (Ghadhab & M'rad, 2018). Thus, the use of this theory in the current study to investigate the determinants will provide a reliable explanation in addressing the issue of the motivations that encourage firms to pursue a dual listing.…”

Can cross-listing improve investment efficiency? Empirical evidence from China

“…Research on cross-listing focuses on the effect of cross-listing on enterprise performance. The mainstream view is that cross-listing generates a positive effect on enterprise performance, and this improving effect is defined as 'cross-listing premium' (Damane, 2019;Doidge et al, 2004;Ghadhab & M'rad, 2018;King & Segal, 2008). However, some scholars have doubted the universality (Bhattacharyay & Jiao, 2019;Bianconia et al, 2013;Durand et al, 2006) and sustainability (Colaka et al, 2020;Esqueda, 2017;Jia & Zhou, 2019;King & Segal, 2009) of 'cross-listing premium.'…”