Firm productivity in the Energy-electricity sector over the last two decades with crisis: The role of cross-listing
研究了2002-2022年危机期间能源企业交叉上市后生产率下降的现象，发现资本支出增加是短期生产率下降的主因，且发达国家能源企业受更多因素影响。
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 of crisis (2002−2022) is employed for our analyses. We find evidence of significant drop in productivity after Energy firms-unlike other sectors-cross-list. Furthermore, 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 hinder improvements in their productivity. To seek for more thorough explanations for the decreased firm productivity in Energy sector after cross-listing, we also identify the determinants of productivity in Energy sector. Our results provide strong evidence that when the capital expenditure increases more after the cross listing, short run decrease in the productivity is severe. This finding provides evidence that firms' need to be evaluated in the long while assessing their productivity after heavy investments. Last, Energy firms' productivity in the developed countries tends to be adversely affected by more factors than that of emerging countries.