This paper investigates the dynamics of cross-listing and dividend policy. Using a sample of 19,200 firm-year observations for the period 1990–2019, we find that cross-listed firms are less likely to distribute dividends, adopt more stable policy and pay more cash compared to their non-cross-listed peers. We also show that firms originated from poor legal environment have a stable policy and pay more dividend. Finally, we find that cross-listed firms with more dividend payment exhibit higher valuations.

中文翻译：

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联结、信号理论和股息政策：来自跨国公司的证据

本文研究了交叉上市和股息政策的动态。使用 1990-2019 年期间的 19,200 个公司年度观察样本，我们发现与非交叉上市的同行相比，交叉上市的公司不太可能分配股息、采取更稳定的政策和支付更多的现金。我们还表明，法律环境较差的公司政策稳定，支付的红利更多。最后，我们发现具有更多股息支付的交叉上市公司表现出更高的估值。