The effect of board gender diversity on cross-listing

Research output: Contribution to journalArticlepeer-review


  • Amir Shoham
  • Sang Mook Lee
  • Zaheer Khan
  • Shlomo Tarba
  • Mohammad Faisal Ahammad

Colleges, School and Institutes

External organisations

  • Fox School of Business
  • Penn State Great Valley
  • University of Aberdeen
  • University of Leeds


This paper examines whether board gender diversity affects the decision to cross-list firms. The study is based on an extensive sample of 131,022 company-year observations consisting of 15,751 unique companies across 66 industries in 83 countries with different levels of institutional development from 1999 to 2018. Analysis reveals that cross-listing is not rare phenomena, but rather a very attractive strategy that is widely used by corporations seeking financial internationalization. The findings show that greater gender diversity on the board reduces the probability of cross-listing, and are robust to a battery of endogeneity tests including IV of gender grammatical marking, propensity score matching and reverse causality. In addition, we find that stronger institutional context will offset part of the negative effect that having women on the board has on cross-listing.

Bibliographic note

Funding Information: We greatly appreciate the feedback provided by Geoff Wood, Ofra Bazel-Shoham, participants of the annual meeting of the Academy of International Business 2018, and the participants of the paper development workshop at Kent Business School, University of Kent, UK. We also like to thank the Temple University’s Fox School of Business Center for International Business Education and Research (CIBER) grant for supporting this research. Publisher Copyright: © 2020 Elsevier B.V.


Original languageEnglish
Article number101767
Number of pages31
JournalJournal of Corporate Finance
Early online date21 Oct 2020
Publication statusPublished - Dec 2020


  • Board gender diversity, Cross-listing, Gender grammatical marking