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We conduct the tests of cross-listing venue choices on the cross-listing sample (i.e., CL_NMarket . 0) of 3,027 observations, and the results are presented in Table 7.21 After controlling for all of the firm-, industry-, and country-level control variables and a series of proximity measures that may affect firms’ cross-listing venue choices, we consistently find positive and significant coefficients for Mandatory Adopter x Post in all of the three models for each benchmark sample, as reported in Table 7.Column I in Table 7, Panel A (Panel B) shows that, compared with the non-IFRS (PSM non-IFRS) adopters, the cross-listed firms from countries with mandatory IFRS adoption are significantly more likely to cross-list their securities in other IFRS-adopting countries after 2005. indicating that mandatory IFRS adoption alters the cross-listing venue preferences of mandatory IFRS adopters toward countries also mandating IFRS adoption.
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