Firm productivity in the Energy-electricity sector over the last two decades with crisis: The role of cross-listing

Dang TH-N; Balli F; Balli HO; Nguyen H

Firm productivity in the Energy-electricity sector over the last two decades with crisis: The role of cross-listing

dc.citation.volume	130
dc.contributor.author	Dang TH-N
dc.contributor.author	Balli F
dc.contributor.author	Balli HO
dc.contributor.author	Nguyen H
dc.date.accessioned	2024-08-15T00:51:25Z
dc.date.available	2024-08-15T00:51:25Z
dc.date.issued	2024-02
dc.description.abstract	Novel to the literature, this study examines how cross-listing impacts firms’ productivity in Energy sector. Annual data of firm cross-listing over the last two decades with crisis (2002-2022) is employed for our analyses. We find evidence of significant drop in productivity after Energy firms (including electricity firms) cross-list in the US market. Meanwhile, we do not find strong evidence of significant decreases in firm productivity from other sectors in our sample. We note one possible explanation for this finding is that after cross-listing, Energy firms appear to utilize their increased capital to heavily invest in infrastructure, equipment, and plants for expansion, which might eventually damage their productivity. To seek for more thorough explanations for such decreases in Energy firms' productivity after cross-listing, we identify the determinants of firm productivity in Energy sector. Our results provide strong evidence that the increases in capital expenditures after Energy firms cross-list appear to be associated with the decreases in firm productivity. Notably, we note that negative impacts of capital expenditures (after cross-listing) and state ownership on firm productivity become much stronger and more statistically significant in developed countries than in emerging countries. Last, corporate governance and firm liquidity are found to be two determinants that help improve firm productivity in both electricity firms and other energy firms.
dc.description.confidential	false
dc.edition.edition	February 2024
dc.identifier.citation	Dang THN, Balli F, Balli HO, Nguyen H. (2024). Firm productivity in the Energy-electricity sector over the last two decades with crisis: The role of cross-listing. Energy Economics. 130.
dc.identifier.doi	10.1016/j.eneco.2024.107309
dc.identifier.eissn	1873-6181
dc.identifier.elements-type	journal-article
dc.identifier.issn	0140-9883
dc.identifier.number	107309
dc.identifier.pii	S0140988324000173
dc.identifier.uri	https://mro.massey.ac.nz/handle/10179/71309
dc.language	English
dc.publisher	Elsevier B V
dc.publisher.uri	https://www.sciencedirect.com/science/article/pii/S0140988324000173
dc.relation.isPartOf	Energy Economics
dc.rights	(c) 2024 The Author/s
dc.rights	CC BY 4.0
dc.rights.uri	https://creativecommons.org/licenses/by/4.0/
dc.subject	Firm productivity
dc.subject	Total factor productivity
dc.subject	Cross-listing
dc.subject	Energy sector
dc.subject	Capital expenditures
dc.title	Firm productivity in the Energy-electricity sector over the last two decades with crisis: The role of cross-listing
dc.type	Journal article
pubs.elements-id	486244
pubs.organisational-group	Other