| Author: | Li, Lei |
| Title: | Cross-listing, host country institutions, and firms’ CSR performance |
| Advisors: | Tsang, Albert (AF) |
| Degree: | M.Phil. |
| Year: | 2022 |
| Subject: | Social responsibility of business Industrial management -- Environmental aspects International business enterprises -- Environmental aspects Securities -- Listing Hong Kong Polytechnic University -- Dissertations |
| Department: | School of Accounting and Finance |
| Pages: | v, 41 pages : color illustrations |
| Language: | English |
| Abstract: | In this paper, we examine whether and how the CSR performance of U.S. firms is impacted by the institutional characteristics of host countries following the cross-listing of their securities in foreign countries (i.e., cross-listing host countries). Employing a difference-in-differences analysis, we find that U.S. firms cross-listed in foreign countries tend to exhibit improved CSR performance compared with their U.S. non-cross-listed counterparts. Through the use of cross-sectional analyses, we find that the CSR performance of U.S. firms cross-listed in foreign countries varies positively with the host countries’ level of CSR awareness and stakeholder embeddedness. Further analysis suggests that if the cross-listed firms have a greater level of foreign revenue, the relationship between country-level institutions and the CSR performance of U.S. firms cross-listed in foreign countries, is stronger. This is also the case for firms with a higher level of customer awareness. Overall, the findings of this study lend support to the stakeholder learning hypothesis. |
| Rights: | All rights reserved |
| Access: | open access |
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