The Impacts of Financial Crises on Cross-listing Premium of Taiwanese Companies

• Main Authors: Wu Chia Wei, 吳珈瑋
• Other Authors: Lin Yue Ju
• Format: Others
• Language: zh-TW
• Published: 2009
• Online Access: http://ndltd.ncl.edu.tw/handle/35658980349270122287

碩士 === 開南大學 === 會計資訊學系 === 97 === This article examines the impact of cross-listing and financial crises on firm values and their defensiveness relative to those non cross-listing firms. Cross-listing enable firms to increase their shareholder bases, liquidity, and firm values as well as decreasing their cost of capital. This research uses multiple regression analysis to study sample from 1997 to 2008 from the Taiwan Economic Journal (TEJ). Our study have four important findings. First, the firm values of cross-listing are lower than those of non cross-listing. Second, the cross-listing location of Europe or America has better cross-listing premiums than those of Asia. Third, cross-listing firms are more defensive than those of non cross-listings during the global financial crises times, but it aren’t more defensive during the Asian financial crises times. Last, the SOX impacts cross-listing firm values negatively.