Cross-listing and corporate social responsibility: Evidence from manufacturing companies in Indonesia

This study investigates the effect of cross-listing on corporate social responsibility. This study used a sample of manufacturing companies listed on the Indonesia Stock Exchange from the year 2013 to 2017. Cross-listing literature suggests that cross-listed companies have better CSR performance. However, the other says that the effects of cross-listing on CSR depend on investor protection regimes of listing destinations. Using GRI G3.1 index for corporate social responsibility indicator, the results show that cross-listing has a significant positive effect on corporate social responsibility. It means that cross-listed companies will improve their corporate social responsibility to mitigate the liability of foreignness in the foreign financial market. This study also used firm-level for control variable to robust the result.