2,102
Views
0
CrossRef citations to date
0
Altmetric
FINANCIAL ECONOMICS

The determinants of dual listing decision of firms from ASEAN-5

, & | (Reviewing editor)
Article: 1917105 | Received 30 Aug 2020, Accepted 10 Apr 2021, Published online: 26 Apr 2021

References

  • Abdulganiyy, A. K. (2018). Determining liquidity risk, profitability and cost efficiency of Islamic banks in selected OIC countriesِ (Vol. 112, Issue 483) [Doctoral dissertation, Universiti Utara Malaysia]. https://doi.org/10.1192/bjp.112.483.211-a
  • Aguilera, R. V., & Crespi-Cladera, R. (2016). Global corporate governance: On the relevance of firms’ ownership structure. Journal of World Business, 51(1), 50–26. https://doi.org/10.1016/j.jwb.2015.10.003
  • Alhebri, A. A., & Al-Duais, S. D. (2020). Family businesses restrict accrual and real earnings management: Case study in Saudi Arabia. Cogent Business and Management, 7(1), 1. https://doi.org/10.1080/23311975.2020.1806669
  • Al-Jaifi, H. A. (2017). Ownership concentration, earnings management and stock market liquidity: Evidence from Malaysia. Corporate Governance: The International Journal of Business in Society, 17(3), 490–510. https://doi.org/10.1108/CG-06-2016-0139
  • Almeida, H., Cunha, I., Ferreira, M. A., & Restrepo, F. (2016). The real effects of credit ratings: The sovereign rating channel. The Journal of Finance, 72 (1), 249–290. This. https://doi.org/10.1111/jofi.12434
  • Al-shamahi, M. G., Abdul Manaf, K. B., & Al-arussi, A. S. (2017). The impact of effective corporate boards and audit committees on attracting foreign ownership in listed companies in the gulf cooperation council. Asian Journal of Finance & Accounting, 9(2), 190. https://doi.org/10.5296/ajfa.v9i2.12152
  • Aluoch, M. A. (2012). The impact of cross- border listing on stock returns evidence from the nairobi securities exchange. In Unpublished MBA Project. University of Nairobi.
  • Al-Yousfi, A. Y. H. S. (2017). Analysis of financial performance of the commercial banks in the Gulf Cooperation Council (GCC) countries (Issue July). [Doctoral dissertation], Universiti Utara Malaysia.
  • Amiram, D., Cserna, B., & Levy, A. (2015). Volatility and Liquidity. SSRN Electronic Journal, 15-62. https://doi.org/10.2139/ssrn.2618424
  • Arellano, M., & Bond, S. (1991). Some tests of specification for panel data: Monte Carlo evidence and an application to employment equations. The Review of Economic Studies, 58(2), 277. https://doi.org/10.2307/2297968
  • Arellano, M., & Bover, O. (1995). Another look at the instrumental variable estimation of error-components models. Journal of Econometrics, 68(1), 29–51. https://doi.org/10.1016/0304-4076(94)01642-D
  • ASEAN. (2003). Declaration of ASEAN concord II (Bali concord II). http://www.icnl.org/research/library/files/Transnational/2003Declaration.pdf
  • ASEAN. (2011). Bali declaration on ASEAN community in a global community of nations (Vol. 91). https://www.asean.org/storage/images/2013/other_documents/POAofBaliConcordIII_final_pdf
  • ASEAN. (2013). ASEAN : The world ’ s growth market. https://www.set.or.th/th/asean_exchanges/files/AseanExchanges_en.pdf
  • ASEAN. (2015). The ASEAN economic community 2015: Progress and key achievements. http://www.asean.org/images/2015/November/media-summary-ABIS/AEC2015ProgressandKeyAchievements_04.11.2015.pdf
  • ASEAN. (2017). ASEAN community progress monitoring system 2017. https://www.aseanstats.org/wp-content/uploads/2017/09/ACPMS_2017.pdf
  • Avdic, L., & Resulovic, E. (2006). Cross-listing of Swedish stocks in London and New York [Lund University]. http://lup.lub.lu.se/student-papers/record/2171843/file/2434580.pdf
  • Ayyagari, M., & Doidge, C. (2010). Does cross-listing facilitate changes in corporate ownership and control? Journal of Banking and Finance, 34(1), 208–223. https://doi.org/10.1016/j.jbankfin.2009.07.012
  • Bahlous, M. (2013). Does Cross-listing benefit the shareholders? Evidence from companies in the GCC countries? Asia-Pacific Financial Markets, 20(4), 345–381. https://doi.org/10.1007/s10690-013-9171-6
  • Baker, H. K., Nofsinger, J. R., Weaver, D. G., The, S., Analysis, Q., Sep, N., Baker, H. K., Nofsinger, J. R., & Weaver, D. G. (2002). International Cross-listing and visibility. Journal of Financial and Quantitative Analysis, 37(3), 495–521. https://doi.org/10.2307/3594990
  • Ball, R. T., Hail, L., & Vasvari, F. P. (2018). Equity cross-listings in the U.S. and the price of debt. Review of Accounting Studies, 23(2), 385–421. https://doi.org/10.1007/s11142-017-9424-0
  • Balli, F., Balli, H. O., & Luu, M. N. (2014). Diversification across ASEAN-wide sectoral and national equity returns. Economic Modelling, 41, 398–407. https://doi.org/10.1016/j.econmod.2014.05.035
  • Baum, C. F., Schaffer, M. E., & Stillman, S. (2003). Instrumental variables and GMM: Estimation and testing. The Stata Journal: Promoting Communications on Statistics and Stata, 3(1), 1–31. https://doi.org/10.1177/1536867X0300300101
  • Bayar, A., & Önder, Z. (2005). Liquidity and price volatility of cross-listed French stocks. Applied Financial Economics, 15(15), 1079–1094. https://doi.org/10.1080/09603100500187083
  • Berkman, H., & Nguyen, N. H. (2010). Domestic liquidity and cross-listing in the United States. Journal of Banking & Finance, 34(6), 1139–1151. https://doi.org/10.1016/j.jbankfin.2009.11.011
  • Bianconi, M., & Chen, R. (2009). Firm value, Cross-Listing Premium and the Sarbanes-Oxley act. Paper Provided by Department of Economics, Tufts University in Its Series Discussion Papers Series, Department of Economics, Tufts University with, (0738). https://s3.amazonaws.com/academia.edu.documents/30793164/Bianconi-Chen-v03-2-09.pdf?AWSAccessKeyId=AKIAIWOWYYGZ2Y53UL3A&Expires=1550502809&Signature=BSiZaRBetHjRcdwAJRPSKy4iEpQ%3D&response-content-disposition=inline%3Bfilename%3DFirm_Value_Cross-Listing_
  • Bond, S. R. (2002). Dynamic panel data models: A guide to micro data methods and practice. Portuguese Economic Journal, 1(2), 141–162. https://doi.org/10.1007/s10258-002-0009-9
  • Bond, S. R., Hoeffle, A., & Temple, J. (2001). GMM estimation of empirical growth models. SSRN electronic journal, 3048. https://papers.ssrn.com/sol3/papers.cfm?Abstract_id=290522
  • Burns, N., Francis, B. B., & Hasan, I. (2007). Cross-listing and legal bonding: Evidence from mergers and acquisitions. Journal of Banking & Finance, 31(4), 1003–1031. https://doi.org/10.1016/j.jbankfin.2006.10.001
  • Caglio, C., Hanley, K. W., & Marietta-Westberg, J. (2016). What does it take to list abroad? The role of global underwriters. Finance and Economics Discussion Series, 2016(41), 1–39. https://doi.org/10.17016/FEDS.2016.041
  • Carney, R. W., & Child, T. B. (2013). Changes to the ownership and control of East Asian corporations between 1996 and 2008: The primacy of politics. Journal of Financial Economics, 107(2), 494–513. https://doi.org/10.1016/j.jfineco.2012.08.013
  • Cavoli, T., McIver, R., & Nowland, J. (2011). Cross-listings and financial integration in Asia. ASEAN Economic Bulletin, 28(2), 241–256. https://doi.org/10.1355/ae28-2h
  • Cetorelli, N., & Peristiani, S. (2015). Firm value and cross listings: The impact of stock market prestige. Journal of Risk and Financial Management, 8(1), 150–180. https://doi.org/10.3390/jrfm8010150
  • Cherono, D. K. (2010). Market reaction to announcement of cross-border listing for companies quoted at the Nairobi stock exchange. In School of Business, University of Nairobi, Kenya. http://erepository.uonbi.ac.ke/bitstream/handle/11295/4199/CheronoDavidK_MarketreactiontoannouncementofcrossborderlistingforcompaniesquotedattheNairobistockexchange.pdf?sequence=1
  • Cheronoh, R. T. (2015). Effects of cross border listing announcements on stock price performance at the Nairobi securities exchange. In School of Business, University of Nairobi, Kenya. http://erepository.uonbi.ac.ke/bitstream/handle/11295/94530/Rotich_EffectsofcrossborderlistingannouncementsonstockpriceperformanceattheNairobisecuritiesexchange.pdf?sequence=1
  • Chouinard, E., & D’Souza, C. (2004). The rationale for Cross-border listings. Bank of Canada Review, 23–30. https://www.bankofcanada.ca/wp-content/uploads/2010/06/chouinarde1.pdf
  • Clarkson, P. M., Gray, S. F., & Ragunathan, V. (2018). Market timing as an explanation for the short-lived premium on cross-listing. Accounting & Finance, 58(2004), 131–157. https://doi.org/10.1111/acfi.12310
  • Do, H. Q., Bhatti, M. I., & Kónya, L. (2016). ON ASEAN CAPITAL MARKET AND INDUSTRY INTEGRATION: A REVIEW. Corporate Ownership and Control, 13(2), 8–22. https://doi.org/10.22495/cocv13i2p1
  • Dobbs, R., & Goedhart, M. H. (2008). Why cross-listing shares doesn’t create value. In The McKinsey quarterly on perspectives on corporate finance & strategy, exhibit 1 (pp. 1–10).
  • Dodd, O. (2013). Why do firms cross‐list their shares on foreign exchanges? A review of cross‐listing theories and empirical evidence. Review of Behavioural Finance, 5(1), 77–99. https://doi.org/10.1108/RBF-05-2013-0020
  • Dodd, O., Louca, C., & Paudyal, K. (2015). The determinants of foreign trading volume of stocks listed in multiple markets. Journal of Economics and Business, 79(2015), 38–61. https://doi.org/10.1016/j.jeconbus.2014.12.004
  • Doidge, C., Karolyi, G. A., & Stulz, R. M. (2009). Has New York become less competitive than London in global markets? Evaluating foreign listing choices over time☆. Journal of Financial Economics, 91(3), 253–277. https://doi.org/10.1016/j.jfineco.2008.02.010
  • Domowitz, I., Glen, J., & Madhavan, A. (1998). International Cross-listing and order flow migration: Evidence from an emerging market. The Journal of Finance, 53(6), 2001–2027. https://doi.org/10.1111/0022-1082.00081
  • Duppati, G., Hou, Y. (Greg), & Scrimgeour, F. (2017). The Dynamics of Price Discovery for Cross-listed Stocks Evidence from US and Chinese Markets. Cogent Economics and Finance, 5(1), 1–23. https://doi.org/10.1080/23322039.2017.1389675
  • Esqueda, O. A. (2017). Controlling shareholders and market timing: Evidence from cross-listing events. International Review of Financial Analysis, 49, 12–23. https://doi.org/10.1016/j.irfa.2016.11.008
  • Fernandes, N., & Giannetti, M. (2014). On the fortunes of stock exchanges and their reversals: Evidence from foreign listings. Journal of Financial Intermediation, 23(2), 157–176. https://doi.org/10.1016/j.jfi.2013.04.005
  • Foucault, T., & Frésard, L. (2012). Cross-listing, investment sensitivity to stock price, and the learning hypothesis. Review of Financial Studies, 25(11), 3305–3350. https://doi.org/10.1093/rfs/hhs093
  • Ghadhab, I. (2016). The effect of additional foreign market presence on the trading volume of cross-listed/traded stocks. Journal of Multinational Financial Management, 34, 18–27. https://doi.org/10.1016/j.mulfin.2015.12.002
  • Ghadhab, I., & Hellara, S. (2016). Price discovery of cross-listed firms. International Review of Financial Analysis, 44, 177–188. https://doi.org/10.1016/j.irfa.2016.01.017
  • Ghadhab, I., & M’rad, M. (2018). Does US cross-listing come with incremental benefit for already UK cross-listed firms. The Quarterly Review of Economics and Finance, 69, 188–204. https://doi.org/10.1016/j.qref.2018.02.002
  • Ghaleb, B. A. A., Kamardin, H., & Tabash, M. I. (2020). Family ownership concentration and real earnings management: Empirical evidence from an emerging market. Cogent Economics and Finance, 8(1), 1–17. https://doi.org/10.1080/23322039.2020.1751488
  • Gould, R. N., Ryan, C. N., & Wong, R. (2016). Essential Statistics. Pearson Higher Ed, 50(1), 96. https://www.pearson.com.au/9781292161280
  • Gujarati, D. N. (2004). Basic econometrics (FOURTH EDI). McGraw-Hill/Irwin.
  • Gujarati, D. N., & Porter, D. C. (2009). Basic econometrics (Fifth Edit). McGraw-Hill/Irwin.
  • Hair, J. F., Black, W. C., Babin, B. J., & Anderson, R. E. (2014). Multivariate data analysis (British library cataloguing-in-publication data (ed.); Seventh Ed). Pearson Education Limited. https://is.muni.cz/el/1423/podzim2017/PSY028/um/_Hair_-_Multivariate_data_analysis_7th_revised.pdf
  • Hall, A. R. (2005). Generalized method of moments. In Encyclopedia of quantitative finance. John Wiley & Sons, Ltd. https://doi.org/10.1002/9780470061602.eqf19004
  • Hamilton, J. L. (1979). Marketplace fragmentation, competition, and the efficiency of the stock exchange. The Journal of Finance, 34(1), 171–187. https://doi.org/10.1111/j.1540-6261.1979.tb02078.x
  • Hickey, G. L., Kontopantelis, E., Takkenberg, J. J. M., & Beyersdorf, F. (2019). Statistical primer: Checking model assumptions with regression diagnostics†. Interactive CardioVascular and Thoracic Surgery, 28(1), 1–8. https://doi.org/10.1093/icvts/ivy207
  • Hilbe, J., & Anagnoson, J. T. (1991). A publication to promote communication among Stata users. Stata Technical Bulletin (STB), 1, 3. https://www.stata.com/products/stb/journals/stb3.pdf
  • Huang, Y., Jacoby, G., & Jiang, C. X. (2016). The bonding hypothesis and the home market liquidity of Chinese cross-listed stocks. Journal of International Financial Markets, Institutions and Money, 43, 146–157. https://doi.org/10.1016/j.intfin.2016.04.003
  • Ismail, R., Abdullah, N. A. H., & Mohd, K. N. T. (2018). DETERMINANTS OF ACCOUNTING-BASED PERFORMANCE : EVIDENCE FROM BURSA MALAYSIA. International Journal of Management Studies (IJMS), 25(1), 1–22. https://doi.org/10.32890/ijms.25.1.2018.10492
  • Jain, A., & Strobl, S. (2016). The effect of volatility persistence on excess returns. Review of Financial Economics, 32, 58–63. https://doi.org/10.1016/j.rfe.2016.11.003
  • Jantarakolica, T., & Sakayachiwakit, W. (2015). Determinants of optimal capital structural of ASEAN Corporations. Review of Integrative Business and Economics Research, 4(3), 207–215. http://sibresearch.org/uploads/3/4/0/9/34097180/riber_b15-200_207-215.pdf
  • Karim, B. A., & Karim, Z. A. (2012). Integration of ASEAN-5 stock markets: A revisit. Asian Academy of Management Journal of Accounting and Finance, 8(2), 21–41. http://web.usm.my/journal/aamjaf/vol 8-2-2012/AAMJAF8-2-2012(21-41).pdf
  • Kariuki, J. W. (2015). Effect of cross-borded listing on financial performance of companies cross-listing within the East Africa securities exchanges [University of Nairobi, Kenya]. http://erepository.uonbi.ac.ke/bitstream/handle/11295/94482/JOANKARIUKI-THESISFINAL.pdf?sequence=1
  • Karolyi, G. A. (1997, January). What happens to stocks that list shares abroad? A survey of the evidence and its managerial implications. SSRN Electronic Journal, 7(1), 1–60. https://doi.org/10.2139/ssrn.1612
  • Karolyi, G. A. (2006). The world of cross-listings and cross-listings of the world: Challenging conventional wisdom. Review of Finance, 10 (1), 99–152. 1SPEC. ISS.. https://doi.org/10.1007/s10679-006-6980-8
  • Karolyi, G. A. (2012). Corporate governance, agency problems and international cross-listings: A defense of the bonding hypothesis. Emerging Markets Review, 13(4), 516–547. https://doi.org/10.1016/j.ememar.2012.08.001
  • Keefe, M. O., & Yaghoubi, M. (2016). The influence of cash flow volatility on capital structure and the use of debt of different maturities. Journal of Corporate Finance, 38, 18–36. https://doi.org/10.1016/j.jcorpfin.2016.03.001
  • King, M. R., & Mittoo, U. R. (2007). What companies need to know about international cross-listing. Journal of Applied Corporate Finance, 19(4), 60–74. https://doi.org/10.1111/j.1745-6622.2007.00160.x
  • Kipkemoi, K. R. (2013). The Effect of Cross Listing on the Value of Firms Cross Listed within East Africa Exchanges ( Issue October) [University of Nairobi, Kenya.]. http://erepository.uonbi.ac.ke/bitstream/handle/11295/58858/Kirop_Theeffectofcross-listingonthevalueoffirms.pdf?sequence=3
  • Koh, Y., Lee, S., Basu, S., & Roehl, W. S. (2013). Determinants of involuntary cross-listing: US restaurant companies’ perspective. International Journal of Contemporary Hospitality Management, 25(7), 1066–1091. https://doi.org/10.1103/ijchm-10-2012-0185
  • Koowattanatianchai, N., & Prayarach, K. (2016). How the ASEAN exchanges integration affects firms’ position on the ASEAN link and abnormal returns: Evidence from Thailand. International Journal of Economics and Business Research, 11(1), 58–82. https://doi.org/10.1504/IJEBR.2016.074430
  • Kruse, T., Webb, M., & Webb, S. (2011). Foreign firms listing in the U.S.: Signaling commitment to the U.S. market. International Business & Economics Research Journal (IBER), 10(12), 107. https://doi.org/10.19030/iber.v10i12.6654
  • Labra Lillo, R., & Torrecillas, C. (2018). Estimating dynamic panel data. A practical approach to perform long panels. Revista Colombiana De Estadística, 41(1), 31–52. https://doi.org/10.15446/rce.v41n1.61885
  • Lee, H. W., & Valero, M. (2010). Cross-listing effect on information environment of foreign firms: ADR type and country characteristics. Journal of Multinational Financial Management, 20(4–5), 178–196. https://doi.org/10.1016/j.mulfin.2010.07.006
  • Luo, Y. (2014). Cross-listing, managerial compensation and corporate governance. Cogent Economics and Finance, 2(1), 1–17. https://doi.org/10.1080/23322039.2014.967361
  • Majid, M. S. A., Meera, A. K. M., & Omar, M. A. (2008). Interdependence of ASEAN-5 stock markets from the US and Japan. Global Economic Review, 37(2), 201–225. https://doi.org/10.1080/12265080802021201
  • Makau, S. M., Onyuma, S. O., Okumu, A. N., Samuel, O. O., & Agatha, N. O. (2015). Impact of Cross-border listing on stock liquidity: Evidence from East African community. Journal of Finance and Accounting, 3(1), 10. https://doi.org/10.11648/j.jfa.20150301.12
  • Midi, H., Sarkar, S. K., & Rana, S. (2010). Collinearity diagnostics of binary logistic regression model. Journal of Interdisciplinary Mathematics, 13(3), 253–267. https://doi.org/10.1080/09720502.2010.10700699
  • Moffett, M., Stonehill, A., & Eiteman, D. (2014). Summary for policymakers. In intergovernmental panel on climate change (ed.). In Climate change 2013 - The physical science basis (pp. 1–30). Cambridge University Press. https://doi.org/10.1017/CBO9781107415324.004
  • Moon, H. C., & Peery, N. S. (2008). Competitiveness of product, firm, nation in a global business. Competitiveness Review: An International Business Journal, 5(1), 37–43. https://doi.org/10.1108/eb046319
  • Mu, J. (2014). Firms ’ Choices to Cross-list stocks on the U. S. and the U. K. markets : An earnings quality perspective (vol. 1994) [Doctor of Philosophy, The University of Auckland]. https://researchspace.auckland.ac.nz/bitstream/handle/2292/22838/whole.pdf?sequence=2
  • Ndirangu, E. W., & Iraya, C. (2016). The effect of cross listing on the accounting quality of firms cross listed In East African markets. European Scientific Journal, 12(10), 403–416. https://doi.org/10.19044/esj.2016.v12n10p403
  • Nikmanesh, L. (2016). Trade openness and stock market volatility in the ASEAN-5 countries: New evidence using SUR. Investment Analysts Journal, 45(3), 194–211. https://doi.org/10.1080/10293523.2016.1172806
  • Nyeadi, J. D., Sare, Y. A., & Aawaar, G. (2018). Determinants of working capital requirement in listed firms: Empirical evidence using a dynamic system GMM. Cogent Economics and Finance, 6(1), 1–14. https://doi.org/10.1080/23322039.2018.1558713
  • O’Connor, T. G., & Connor, T. G. O. (2009). Does cross listing in the USA really enhance the value of emerging market firms? Review of Accounting and Finance, 8(3), 308–336. https://doi.org/10.1108/14757700910980877
  • Oehmichen, J. (2017). East meets west-corporate governance in Asian emerging markets: A literature review and research agenda. International Business Review, 27(2), 465–480. https://doi.org/10.1016/j.ibusrev.2017.09.013
  • Pallant, J. (2011). SPSS SURVIVAL MANUAL A step by step guide to data analysis using SPSS (4th editio, Vol. 36, Issue 3). Allen & Unwin. https://doi.org/10.1046/j.1365-2648.2001.2027c.x
  • Pardisa, S. T., Sofiana, S., Abdullaha, D. F., & Alem-Tabriz, A. (2017). Board intellectual capital, board effectiveness and corporate performance: Goodness of the data. Eprints.Usm.My, School of Social Sciences, USM, 494–502. http://eprints.usm.my/40793/1/ART_65.pdf
  • Review, I., & Jayakumar, V. (2002). Impact of International Cross-listing on local exchanges: Evidence from chile. International Review of Finance, 88(3), 559–211. https://doi.org/10.1111/j.1369-412X.2002.00038.x
  • Roodman, D. (2009). How to do Xtabond2: An introduction to difference and system GMM in stata. The Stata Journal: Promoting Communications on Statistics and Stata, 9(1), 86–136. https://doi.org/10.1177/1536867X0900900106
  • Roosenboom, P., Van Dijk, M. A., & Dijk, M. A. (2009). The market reaction to cross-listings: Does the destination market matter? Journal of Banking and Finance, 33(10), 1898–1908. https://doi.org/10.1016/j.jbankfin.2009.04.010
  • Sarkissian, S., & Schill, M. J. (2004). The overseas listing decision: New evidence of proximity preference. Review of Financial Studies, 17(3), 769–809. https://doi.org/10.1093/rfs/hhg048
  • Sarkissian, S., & Schill, M. J. (2016). Cross-Listing Waves. Journal of Financial and Quantitative Analysis, 51(1), 259–306. https://doi.org/10.1017/S0022109016000016
  • Serra, A. P. (1999). Dual-listings on international exchanges: The case of emerging markets’ stocks. European Financial Management, 5(2), 165–202. https://doi.org/10.1111/1468-036X.00088
  • Shapiro, S. S., & Francia, R. S. (1972). An approximate analysis of variance test for normality. Journal of the American Statistical Association, 67(337), 215–216. https://doi.org/10.1080/01621459.1972.10481232
  • Shapiro, S. S., & Wilk, M. B. (1965). An analysis of variance test for normality (Complete samples) published by : Biometrika trust stable URL . Biometrika, 52(3/4), 591–611. https://doi.org/10.1093/biomet/52.3-4.591
  • Sharma, S. C., & Wongbangpo, P. (2002). Long-term trends and cycles in ASEAN stock markets. Review of Financial Economics, 11(4), 299–315. https://doi.org/10.1016/S1058-3300(02)00062-9
  • Shen, H., Liao, L., & Liao, G. (2010). Cross-listing and bonding premium: Evidence from Chinese listed companies. Frontiers of Business Research in China, 4(2), 171–184. https://doi.org/10.1007/s11782-010-0008-0
  • Siegel, J. (2005). Can foreign firms bond themselves effectively by renting U.S. securities laws? Journal of Financial Economics, 75(2), 319–359. https://doi.org/10.1016/j.jfineco.2004.02.001
  • Singh, D. R. A. (2009). ASEAN : Perspectives on economic integration : ASEAN capital market integration : Issues and challenges issues and challenges. http://eprints.lse.ac.uk/43635/
  • Theelen, S. (2016). Exploring the effect of board interlocks on cross- listing valuation through the information environment (Issue August) [Master Economics, Radboud University]. https://theses.ubn.ru.nl/bitstream/handle/123456789/1778/Theelen%2C_Stan_1.pdf?sequence=1
  • Walker, K. (2010). A systematic review of the corporate reputation literature: Definition, measurement, and theory. Corporate Reputation Review, 12(4), 357–387. https://doi.org/10.1057/crr.2009.26
  • Wan, W. Y. (2017). Cross-border public offering of securities in fostering an integrated ASEAN securities market: The experiences of Singapore, Malaysia and Thailand. Capital Markets Law Journal, 12(3), 381–411. https://doi.org/10.1093/cmlj/kmx028
  • Wang, J. (2013). Liquidity commonality among Asian equity markets. Pacific-Basin Finance Journal, 21(1), 1209–1231. https://doi.org/10.1016/j.pacfin.2012.06.003
  • Wang, J., & Zhou, H. (2015). Competition of trading volume among markets: Evidence from stocks with multiple cross-listing destinations. Journal of Multinational Financial Management, 31, 23–62. https://doi.org/10.1016/j.mulfin.2015.02.002
  • Wanjiru, C. K. (2013). TThe relationship between cross listing and liquidity: A study of shares cross listed in the east African securities exchanges [Unpublished MSc project, University of Nairobi]. In Unpublished MSc project, University of Nairobi. http://erepository.uonbi.ac.ke/handle/11295/58480
  • Wooldridge, J. M. (2013). Introductory Econometrics A Modern ApproAch (Fifth Edit). South-Western CENGAGE learning. http://jaimedv.com/eco/4c1-ecomet/jeffrey-m-wooldridge–econometrics–book.pdf
  • Yang, T., & Lau, S. T. (2005). U.S. cross-listing and China’s B-share discount. Journal of Multinational Financial Management, 15(4–5 SPEC. ISSuppl.), 334–353. https://doi.org/10.1016/j.mulfin.2005.04.004
  • Yao, S., He, H., Chen, S., & Ou, J. (2018). Financial liberalization and cross-border market integration: Evidence from China’s stock market. International Review of Economics and Finance, 58, 220–245. https://doi.org/10.1016/j.iref.2018.03.023
  • Yin, J. (2010). The market reaction to international cross-listings : Evidence from Hong Kong and Mainland China cross-listed firms [Master thesis, Tilburg University]. https://tilburguniversity.worldcat.org/wcpa/servlet/org.oclc.lac.search.SearchServlet?dblist=638&q=scr.uvt.nl:4247220
  • You, L., Lucey, B. M., & Shu, Y. (2013). An empirical study of multiple direct international listings. Global Finance Journal, 24(1), 69–84. https://doi.org/10.1016/j.gfj.2013.03.004
  • Zhou, H., & Owusu-Ansah, S. (2014). Cross listing, disclosure regimes, and trading volume sensitivity to stock returns. Journal of Economics and Finance, 38(3), 383–406. https://doi.org/10.1007/s12197-011-9222-7
  • Zsohar, P. (2012). Short introduction to the generalized method of moments. Hungarian Statistical Review, Special, (16), 150–170. https://www.ksh.hu/statszemle_archive/2012/2012_K16/2012_K16_150.pdf