政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/121452

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政大機構典藏 > 商學院 > 國際經營與貿易學系 > 期刊論文 > Item 140.119/121452

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题名:	Financial leverage and competitive strategy of cross-listing firms
作者:	陳建維 Chen, Chien-Wei Yang, Chi-Lin;Chiang, Min-Hsien;Chen, Chien-Wei
贡献者:	國貿系
关键词:	Competitive strategy; cross-list; event study; financial leverage; firm value
日期:	2018
上传时间:	2018-12-19 17:36:17 (UTC+8)
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.
關聯:	Austrailan Journal of Management
数据类型:	article
DOI 連結:	https://doi.org/10.1177/F0312896218792967
DOI:	10.1177/F0312896218792967
显示于类别:	[國際經營與貿易學系 ] 期刊論文

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