Score contribution per author:
α: calibrated so average coauthorship-adjusted count equals average raw count
This study utilizes a sample of 1779 firms cross-listed across 28 OECD countries to explore how specialization in national output impacts international cross-listing decisions. We find that output specialization is an essential consideration in both the decision to cross-list and the choice of host market. Our results show that specialization in national output augments cross-listing and that firms from specialized home countries cross-list in less specialized host markets. The findings, especially at the firm level, suggest that firms seek opportunities to diversify funding sources when cross-listing, further highlighted by the choice of host market.