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| Title | Financial 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 Words | Competitive strategy; cross-list; event study; financial leverage; firm value |
| Date | 2018 |
| Date Issued | 19-Dec-2018 17:36:17 (UTC+8) |
| Summary | 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. |
| Relation | Austrailan Journal of Management |
| Type | article |
| 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-Wei | en_US |
| dc.creator (作者) | Yang, Chi-Lin;Chiang, Min-Hsien;Chen, Chien-Wei | en_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 value | en_US |
| dc.title (題名) | Financial leverage and competitive strategy of cross-listing firms | en_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 |