Cross-listing and CSR performance: evidence from AH shares

Frontiers of Business Research in China

Table 4 Cross-listing and CSR: Impact of corporate governance

	Cross-listing
	Strong corporate governance	Weak corporate governance
West	0.46	1.45^c
West	(1.48)	(3.61)
Earning management	0.49	0.81^c
Earning management	(1.46)	(2.77)

The sample is partitioned on corporate governance, where corporate governance is measured by West and Earnings management. Firms domiciled in western provinces (West) and firms with a high level of earnings management (Earnings Management) are defined as weak corporate governance subsamples. Only the coefficients on cross-listing are reported. Heteroskedasticity-consistent t-statistics adjusted for firm level clustering are reported in parentheses. ^a, ^b, and ^c represent statistical significance at 10%, 5%, and 1%, respectively