Listing advantages around the world |
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| Institution: | 1. University of Tokyo, Japan;2. TCER, Japan;3. CEPR, UK;4. Reserve Bank of India, India;1. Federal Reserve Bank of Richmond, United States;2. Federal Reserve Bank of Cleveland, United States;1. Australian National University, Canberra, Australia;2. Griffith University, Brisbane, Australia;1. School of International and Public Affairs, Columbia University and GRIPS, Tokyo;2. Department of Business and Commerce, Keio University;1. Department of Economics, University of Hawai`i. Address: 2424 Maile Way, Saunders 542, Honolulu, Hawaii 96822, United States;2. College of Economics, Aoyama Gakuin University, and Research Associate, The Research Institute of Economy, Trade and Industry (RIETI). Address: 4-4-25 Shibuya, Shibuya-ku, Tokyo 150-8366, Japan |
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| Abstract: | Using the firm-level data of 33 countries over 10 years (2008–2017), we find that the listed firms have lower returns on assets than the similar unlisted firms, in most countries. The result is associated with a higher capital-labor ratio of listed firms, implying that the listed firms face less financial constraints. Moreover, we investigate the institutional factors that exacerbate or mitigate the listing advantages (i.e., ROA difference) across the countries. Compared to English origin law, countries with German and Scandinavian legal origins strongly narrow the listing advantages but the French legal origin shows mixed results. Overall, the listing advantages seem narrowed with stronger creditor’s rights but show unclear associations with the strength of corporate governance. |
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