Using global IPO data from 1990 to 2014, we study the role of Hofstede’s national culture on the decision of firms’ cross-listing. Firms located in high individualism countries, low uncertainty avoidance countries, and low power distance countries are more likely to cross-list in oversea markets. We further find that cultural factors could play different roles in emerging markets from developed markets. In emerging markets, firms from low individualism countries and low masculinity countries are more likely to cross-list in oversea markets. Firms from low uncertainty avoidance countries are more likely to reverse cross-list in the home markets, and this results is mainly for firms from developed markets.