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TitleFinancial leverage and competitive strategy of cross-listing firms
Creator陳建維
Chen, Chien-Wei
Yang, Chi-Lin;Chiang, Min-Hsien;Chen, Chien-Wei
Contributor國貿系
Key WordsCompetitive strategy; cross-list; event study; financial leverage; firm value
Date2018
Date Issued19-Dec-2018 17:36:17 (UTC+8)
SummaryThis study investigates the relationship between financial leverage and competitive strategies based on the investigation into the cross-listing announcements, through which the financial condition of a firm might shape the competition outcome. The empirical evidence shows that cross-listing announcements normally attract positive market responses to cross-listed firms but incur negative market responses to rival firms, especially upon the strategic substitutes competition. Cross-listed firms obtain more positive market responses if their financial leverage is lower, but the firms have no advantages when they are financially constrained. Less leveraged rival firms could weaken the negative impact and even gain positive market responses upon the strategic complements competition.
RelationAustrailan Journal of Management
Typearticle
DOI https://doi.org/10.1177/F0312896218792967
dc.contributor 國貿系zh_TW
dc.creator (作者) 陳建維zh_TW
dc.creator (作者) Chen, Chien-Weien_US
dc.creator (作者) Yang, Chi-Lin;Chiang, Min-Hsien;Chen, Chien-Weien_US
dc.date (日期) 2018
dc.date.accessioned 19-Dec-2018 17:36:17 (UTC+8)-
dc.date.available 19-Dec-2018 17:36:17 (UTC+8)-
dc.date.issued (上傳時間) 19-Dec-2018 17:36:17 (UTC+8)-
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/121452-
dc.description.abstract (摘要) This study investigates the relationship between financial leverage and competitive strategies based on the investigation into the cross-listing announcements, through which the financial condition of a firm might shape the competition outcome. The empirical evidence shows that cross-listing announcements normally attract positive market responses to cross-listed firms but incur negative market responses to rival firms, especially upon the strategic substitutes competition. Cross-listed firms obtain more positive market responses if their financial leverage is lower, but the firms have no advantages when they are financially constrained. Less leveraged rival firms could weaken the negative impact and even gain positive market responses upon the strategic complements competition.en_US
dc.format.extent 142 bytes-
dc.format.mimetype text/html-
dc.relation (關聯) Austrailan Journal of Management
dc.subject (關鍵詞) Competitive strategy; cross-list; event study; financial leverage; firm valueen_US
dc.title (題名) Financial leverage and competitive strategy of cross-listing firmsen_US
dc.type (資料類型) article
dc.identifier.doi (DOI) 10.1177/F0312896218792967
dc.doi.uri (DOI) https://doi.org/10.1177/F0312896218792967