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Erschienen in:
Advancement of Computing Methodology, Data Analysis, Enterprise Operation Management and Decision Support System Based on the Eleventh ICMSEM Proceedings Kapitel lesen Erstes Kapitel lesen

2018 | OriginalPaper | Buchkapitel

How Cross Listing Effects Corporate Performance: Measurement by Propensity Score Matching

verfasst von : Yingkai Tang, Huang Huang, Hui Wang, Yue Liu, Jinhua Xu

Erschienen in: Proceedings of the Eleventh International Conference on Management Science and Engineering Management

Verlag: Springer International Publishing

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Abstract

With the wave of overseas-listed companies returning to A-share market, this paper, taking the perspective of corporate governance, uses Propensity Score Matching (PSM) to measure the difference of operating performance between cross-listed companies and non-cross-listed companies, and uses Structural Equation Model and path analysis to examine the impact mechanism and specific effect of cross listing on operating performance. The results show: (1) Compared with non-cross-listed companies, those companies cross-listed in both A and H-share market, have witnessed a worsening of operating performance, a significant increase of ownership concentration and liabilities to assets (L/A) ratio, and a significant decrease of asset liquidity. (2) Cross listing has affected operating performance mainly through debt structure, asset liquidity, less through ownership structure. The results of this paper can provide the theoretic and empirical basis for future cross listing of companies in China.

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Metadaten
Titel
How Cross Listing Effects Corporate Performance: Measurement by Propensity Score Matching
verfasst von
Yingkai Tang
Huang Huang
Hui Wang
Yue Liu
Jinhua Xu
Copyright-Jahr
2018
Buch
Proceedings of the Eleventh International Conference on Management Science and Engineering Management

Print ISBN: 978-3-319-59279-4

Electronic ISBN: 978-3-319-59280-0

Copyright-Jahr: 2018

DOI
https://doi.org/10.1007/978-3-319-59280-0_49

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