The impact of a cross-listing on dividend policy

Abdallah, Wissam ORCID: https://orcid.org/0000-0001-6038-2387 and Goergen, Marc ORCID: https://orcid.org/0000-0003-4391-2651 2008. The impact of a cross-listing on dividend policy. International Journal of Corporate Governance (IJCG) 1 (1) , pp. 49-72. 10.1504/IJCG.2008.017650

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Abstract

This paper conducts a test of La Porta et al.'s (2000) outcome hypothesis on a sample of firms from 18 countries cross-listing on 19 foreign stock markets. La Porta et al.'s outcome hypothesis states that firms that are listed on a stock exchange with better investor rights pay higher dividends given that shareholders are able to make them disgorge more of their cash. Therefore, one expects firms that cross list on a market with better shareholder protection to increase their dividend payout after they cross-list. The results from the univariate and multivariate cluster analyses provide support for the outcome hypothesis. In particular, there is strong support for the hypothesis if the dividend payout ratio is measured by dividends over sales.

Item Type:	Article
Date Type:	Publication
Status:	Published
Schools:	Business (Including Economics)
Subjects:	H Social Sciences > H Social Sciences (General) H Social Sciences > HG Finance H Social Sciences > HT Communities. Classes. Races
Uncontrolled Keywords:	cross-listing; corporate governance; corporate control; investor protection; dividend policy; stock markets; cluster analysis
Publisher:	Inderscience Enterprises Ltd
ISSN:	1754-3037
Last Modified:	19 Oct 2022 08:33
URI:	https://orca.cardiff.ac.uk/id/eprint/18163

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