文章基本信息

标题：The Impact of Cross-Listing on Firms Capital Structure: Evidence from Brazil
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作者：Jeferson Lana ; Felipe Flores Martins ; Rosilene Marcon 等
期刊名称：Business Management Dynamics
电子版ISSN：2047-7031
出版年度：2013
卷号：2
期号：9
页码：51-62
出版社：Society for Business and Management Dynamics
摘要：This article investigates the effects of ADR issuance on indicators of Capital Structure and Cost of Capital. Secondary data was obtained from the Economatica database. Propositions were tested using Unobserved Effects Panel Data Model. For the years 2005 to 2011, 27 ADR-issuing companies were studied out of a sample of 227 companies. The results indicate that ADR-issuing companies have on average 40% greater financial leverage, as well as an approximately 50% lower cost of capital, though the degree of significance is not as statistically favorable as the pre-established trends, which were less than the obtained results
关键词：Internationalization of Capital; ADR; Capital Structure