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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

Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/121452

Title:	Financial leverage and competitive strategy of cross-listing firms
Authors:	陳建維 Chen, Chien-Wei Yang, Chi-Lin;Chiang, Min-Hsien;Chen, Chien-Wei
Contributors:	國貿系
Keywords:	Competitive strategy; cross-list; event study; financial leverage; firm value
Date:	2018
Issue Date:	2018-12-19 17:36:17 (UTC+8)
Abstract:	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
Data Type:	article
DOI 連結:	https://doi.org/10.1177/F0312896218792967
DOI:	10.1177/F0312896218792967
Appears in Collections:	[國際經營與貿易學系 ] 期刊論文

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