none

The purpose of this paper is to look at effect that cross-listing has on corporate social responsibility as well as on the specific dimensions of corporate social responsibility. There are many companies that are investing in corporate social responsibility as a way to give back to communities that support their business because CSR is believed to have positive benefits for businesses. On the other hand firms cross-list for many reasons such as to gain exposure in the foreign market, better valuation and have shared risk. So these two strategies are widely implemented today and by analyzing their influence on each other can be of great help. This study uses Taiwanese companies that engage in corporate social responsibility and are cross-listed in Luxembourg and London which we classify as non-Luxembourg. The study period is from 2008 to 2016. The CSR performance data comes from Thomson Reuters ESG ASSET 4 database and the data for other variables comes from DataStream. Our results show that there is a relationship between cross-listing CSR performances; however the relationship is not necessarily as we have predicted.

Abdallah, W., & Goergen, M. (2008). Does corporate control determine the cross-listing location? Journal of Corporate Finance, 14(3), 183-199.
Abeysekera, A. P., & Fernando, C. S. (2018). Corporate social responsibility versus corporate shareholder responsibility: A family firm perspective. Journal of Corporate Finance.
Alaganar, V., & Bhar, R. (2001). Diversification gains from American depositary receipts and foreign equities: evidence from Australian stocks. Journal of International Financial Markets, Institutions and Money, 11(1), 97-113.
Barnea, A., & Rubin, A. (2010). Corporate social responsibility as a conflict between shareholders. Journal of business ethics, 97(1), 71-86.
Becchetti, L., Ciciretti, R., Hasan, I., & Kobeissi, N. (2012). Corporate social responsibility and shareholder's value. Journal of Business Research, 65(11), 1628-1635.
Bell, R. G., Filatotchev, I., & Rasheed, A. A. (2012). The liability of foreignness in capital markets: Sources and remedies. Journal of International Business Studies, 43(2), 107-122.
Berkman, H., & Nguyen, N. H. (2010). Domestic liquidity and cross-listing in the United States. Journal of banking & finance, 34(6), 1139-1151.
Bhandari, A., & Javakhadze, D. (2017). Corporate social responsibility and capital allocation efficiency. Journal of Corporate Finance, 43, 354-377.
Boubakri, N., El Ghoul, S., Wang, H., Guedhami, O., & Kwok, C. C. (2016). Cross-listing and corporate social responsibility. Journal of Corporate Finance, 41, 123-138.
Bowen, H. R., & Johnson, F. E. (1953). Social responsibility of the businessman: Harper.
Brammer, S., Brooks, C., & Pavelin, S. (2006). Corporate social performance and stock returns: UK evidence from disaggregate measures. Financial management, 35(3), 97-116.
Burns, N., Francis, B. B., & Hasan, I. (2007). Cross-listing and legal bonding: Evidence from mergers and acquisitions. Journal of Banking & Finance, 31(4), 1003-1031.
Busaba, W. Y., Guo, L., Sun, Z., & Yu, T. (2015). The dark side of cross-listing: A new perspective from China. Journal of Banking & Finance, 57, 1-16.
Cai, Y., Pan, C. H., & Statman, M. (2016). Why do countries matter so much in corporate social performance? Journal of Corporate Finance, 41, 591-609.
Carroll, A. B. (1979). A three-dimensional conceptual model of corporate performance. Academy of management review, 4(4), 497-505.
Carroll, A. B. (2008). A history of corporate social responsibility: Concepts and practices. The Oxford handbook of corporate social responsibility, 19-46.
Charitou, A., Louca, C., & Panayides, S. (2007). Cross‐listing, bonding hypothesis and corporate governance. Journal of Business Finance & Accounting, 34(7‐8), 1281-1306.
Coffee Jr, J. C. (2002). Racing towards the top?: The impact of cross-listings and stock market competition on international corporate governance. Columbia law review, 1757-1831.
Crifo, P., Forget, V. D., & Teyssier, S. (2015). The price of environmental, social and governance practice disclosure: An experiment with professional private equity investors. Journal of Corporate Finance, 30, 168-194.
Cumming, D., Hou, W., & Wu, E. (2014). The value of home-country governance for cross-listed stocks. The European Journal of Finance, 1-33.
Dang, T. L., Moshirian, F., Wee, C. K. G., & Zhang, B. (2015). Cross-listings and liquidity commonality around the world. Journal of Financial Markets, 22, 1-26.
Del Bosco, B., & Misani, N. (2016). The effect of cross-listing on the environmental, social, and governance performance of firms. Journal of World Business, 51(6), 977-990.
Deng, X., Kang, J.-k., & Low, B. S. (2013). Corporate social responsibility and stakeholder value maximization: Evidence from mergers. Journal of financial Economics, 110(1), 87-109.
Doidge, C., Karolyi, G. A., & Stulz, R. M. (2004). Why are foreign firms listed in the US worth more? Journal of financial economics, 71(2), 205-238.
Doidge, C., Karolyi, G. A., & Stulz, R. M. (2007). Why do countries matter so much for corporate governance? Journal of financial economics, 86(1), 1-39.
Dutordoir, M., Strong, N., & Sun, P. (2017). Corporate Social Responsibility and Seasoned Equity Offerings.
El Ghoul, S., Guedhami, O., Kwok, C. C., & Mishra, D. R. (2011). Does corporate social responsibility affect the cost of capital? Journal of Banking & Finance, 35(9), 2388-2406.
El Ghoul, S., Guedhami, O., Wang, H., & Kwok, C. C. (2016). Family control and corporate social responsibility. Journal of Banking & Finance, 73, 131-146.
Elyasiani, E., & Jia, J. (2010). Distribution of institutional ownership and corporate firm performance. Journal of banking & finance, 34(3), 606-620.
Foerster, S. R., & Karolyi, G. A. (1999). The effects of market segmentation and investor recognition on asset prices: Evidence from foreign stocks listing in the United States. The Journal of Finance, 54(3), 981-1013.
Gamerschlag, R., Möller, K., & Verbeeten, F. (2011). Determinants of voluntary CSR disclosure: empirical evidence from Germany. Review of Managerial Science, 5(2-3), 233-262.
Ghadhab, I., & Hellara, S. (2016). Cross-listing and value creation. Journal of Multinational Financial Management, 37, 1-11.
Guenster, N., Bauer, R., Derwall, J., & Koedijk, K. (2011). The economic value of corporate eco‐efficiency. European Financial Management, 17(4), 679-704.
Harjoto, M. A., & Jo, H. (2011). Corporate governance and CSR nexus. Journal of Business Ethics, 100(1), 45-67.
Jayachandran, S., Kalaignanam, K., & Eilert, M. (2013). Product and environmental social performance: Varying effect on firm performance. Strategic Management Journal, 34(10), 1255-1264.
Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of financial economics, 3(4), 305-360.
Jo, H., & Harjoto, M. A. (2012). The causal effect of corporate governance on corporate social responsibility. Journal of business ethics, 106(1), 53-72.
Jones, C., & Weingram, S. (1996). Why 10b-5 litigation risk is higher for technology and financial services firms.
Karim, K., Lee, E., & Suh, S. (2018). Corporate social responsibility and CEO compensation structure. Advances in Accounting, 40, 27-41.
Khanna, T., Palepu, K. G., & Srinivasan, S. (2004). Disclosure practices of foreign companies interacting with US markets. Journal of Accounting Research, 42(2), 475-508.
Kim, Y., Park, M. S., & Wier, B. (2012). Is earnings quality associated with corporate social responsibility? The Accounting Review, 87(3), 761-796.
King, M., & Segal, D. (2003). Corporate governance, international cross listing and home bias.
King, M. R., & Segal, D. (2004). International cross-listing and the bonding hypothesis.
King, M. R., & Segal, D. (2008). The long-term effects of cross-listing, investor recognition, and ownership structure on valuation. The Review of Financial Studies, 22(6), 2393-2421.
Kitzmueller, M., & Shimshack, J. (2012). Economic perspectives on corporate social responsibility. Journal of Economic Literature, 50(1), 51-84.
Koh, P. S., Qian, C., & Wang, H. (2014). Firm litigation risk and the insurance value of corporate social performance. Strategic Management Journal, 35(10), 1464-1482.
Kusnadi, Y. (2015). Cross-listings and corporate cash savings: international evidence. Journal of Corporate Finance, 32, 91-107.
Lang, M. H., Lins, K. V., & Miller, D. P. (2003). ADRs, analysts, and accuracy: Does cross listing in the United States improve a firm's information environment and increase market value? Journal of Accounting Research, 41(2), 317-345.
Lel, U., & Miller, D. P. (2008). International cross‐listing, firm performance, and top management turnover: A test of the bonding hypothesis. The Journal of Finance, 63(4), 1897-1937.
Licht, A. N. (2003). Cross-listing and corporate governance: bonding or avoiding. Chi. J. Int'l L., 4, 141.
Lima Crisóstomo, V., de Souza Freire, F., & Cortes de Vasconcellos, F. (2011). Corporate social responsibility, firm value and financial performance in Brazil. Social Responsibility Journal, 7(2), 295-309.
Lowry, M., & Shu, S. (2002). Litigation risk and IPO underpricing. Journal of Financial Economics, 65(3), 309-335.
McCarthy, S., Oliver, B., & Song, S. (2017). Corporate social responsibility and CEO confidence. Journal of Banking & Finance, 75, 280-291.
Nekhili, M., Nagati, H., Chtioui, T., & Rebolledo, C. (2017). Corporate social responsibility disclosure and market value: Family versus nonfamily firms. Journal of Business Research, 77, 41-52.
Nelling, E., & Webb, E. (2009). Corporate social responsibility and financial performance: the “virtuous circle” revisited. Review of Quantitative Finance and Accounting, 32(2), 197-209.
Pan, L.-H., Lin, C.-T., & Yang, P.-C. (2013). Corporate governance, growth opportunities, and the choices of cross-listings: The case of Chinese ADRs. Pacific-Basin Finance Journal, 24, 221-234.
Peng, M. W., & Su, W. (2014). Cross-listing and the scope of the firm. Journal of World Business, 49(1), 42-50.
Pinegar, J. M., & Ravichandran, R. (2010). Raising capital in emerging markets with restricted Global Depositary Receipts. Journal of Corporate Finance, 16(5), 622-636.
Rees, W., & Rodionova, T. (2015). The influence of family ownership on corporate social responsibility: An international analysis of publicly listed companies. Corporate Governance: An International Review, 23(3), 184-202.
Rodriguez-Fernandez, M. (2016). Social responsibility and financial performance: The role of good corporate governance. BRQ Business Research Quarterly, 19(2), 137-151.
Roosenboom, P., & Van Dijk, M. A. (2009). The market reaction to cross-listings: Does the destination market matter? Journal of banking & finance, 33(10), 1898-1908.
Sehwartz, C. A. B., & Carroll, A. (2003). Corporate social responsibility: a three-domain approch. Business Ethics Quarterly, 13(4), 503-530.
Shi, G., Sun, J., Zhang, L., & Jin, Y. (2017). Corporate social responsibility and geographic dispersion. Journal of Accounting and Public Policy, 36(6), 417-428.
Shi, H., Zhang, X., & Zhou, J. (2018). Cross-listing and CSR performance: evidence from AH shares. Frontiers of Business Research in China, 12(1), 11.
Soana, M.-G. (2011). The relationship between corporate social performance and corporate financial performance in the banking sector. Journal of business ethics, 104(1), 133.
Stulz, R. M. (1999). Golbalization, corporate finance, and the cost of capital. Journal of applied corporate finance, 12(3), 8-25.
Sun, Q., Tong, W. H., & Wu, Y. (2013). Overseas listing as a policy tool: Evidence from China’s H-shares. Journal of Banking & Finance, 37(5), 1460-1474.
Waddock, S. A., & Graves, S. B. (1997). The corporate social performance–financial performance link. Strategic management journal, 18(4), 303-319.
Walker, K., & Wan, F. (2012). The harm of symbolic actions and green-washing: Corporate actions and communications on environmental performance and their financial implications. Journal of business ethics, 109(2), 227-242.
Yang, A. S., & Carandang, C. A. U. (2017). Exploring the location and price differentials of cross-listed firms for arbitrage opportunities. Finance Research Letters, 21, 85-91.
You, L., Parhizgari, A. M., & Srivastava, S. (2012). Cross-listing and subsequent delisting in foreign markets. Journal of Empirical Finance, 19(2), 200-216.
Zaheer, S. (1995). Overcoming the liability of foreignness. Academy of Management journal, 38(2), 341-363.