Del Bosco and Misani (2015)

Del Bosco, Barbara, and Nicola Misani.  “The effect of cross-listing on the environmental, social, and governance performance of firms.”  Working paper (University of Milano-Bicocca), 2015.

From the authors' abstract:  "[W]e propose that cross-listing is associated with higher ESG (environment, social, and governance) ratings because cross-listed firms have to respond to more stakeholders with heterogeneous expectations, and they need to improve their ESG performance to overcome the liability of foreignness they encounter when entering overseas capital markets. We test our hypotheses on firms included in the S&P Global 1200 index, finding support for an association between cross-listing and social and environmental performance (but not corporate governance)."