Financial leverage and competitive strategy of cross-listing firms

Chi Lin Yang, Min Hsien Chiang, Chien Wei Chen

研究成果: Article同行評審

摘要

This study investigates the relationship between financial leverage and competitive strategies based on the investigation into the cross-listing announcements, through which the financial condition of a firm might shape the competition outcome. The empirical evidence shows that cross-listing announcements normally attract positive market responses to cross-listed firms but incur negative market responses to rival firms, especially upon the strategic substitutes competition. Cross-listed firms obtain more positive market responses if their financial leverage is lower, but the firms have no advantages when they are financially constrained. Less leveraged rival firms could weaken the negative impact and even gain positive market responses upon the strategic complements competition.

原文English
頁(從 - 到)306-324
頁數19
期刊Australian Journal of Management
44
發行號2
DOIs
出版狀態Published - 2019 五月 1

All Science Journal Classification (ASJC) codes

  • 商業、管理和會計 (全部)

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