Abstract
This paper aims to determine empirically the factors that influence Brazilian firms in their decision to cross-border list their stock. The methodology adopted involves an economic analysis of Brazilian cross-listed firms, characterizing and differentiating them from non cross-listed firms, univariate and multivariate tests, using the logit model and a sample of 288 firms listed on the Brazilian stock exchange (Bovespa). The economic analysis shows that cross-listed firms invest substantially, and are profitable, dynamic, and highly valued on the domestic market. The results of the hypotheses tests indicate that size, stock market share, exposure on foreign markets, and best practices of corporate governance seem to be factors influencing Brazilian firms to cross list. Firms belonging to the Telecommunications industry sector seem to have a higher probability to cross-list. The relevance of the study is in improving the knowledge on the behavior of Brazilian firms in international capital markets. Key words: Brazilian firms, cross-border listing, stock market, depositary receipts.
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