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|Title:||Ownership and operating performance of Chinese IPOs|
|Keywords:||Concentration of ownership|
Initial public offerings
|Citation:||Wang, C. (2005). Ownership and operating performance of Chinese IPOs. Journal of Banking and Finance 29 (7) : 1835-1856. ScholarBank@NUS Repository. https://doi.org/10.1016/j.jbankfin.2004.07.003|
|Abstract:||We examine changes in operating performance of Chinese listed companies around their initial public offerings, and focus on the effect of ownership and ownership concentration on IPO performance changes. We document a sharp decline in post-issue operating performance of IPO firms. We also find that neither state ownership nor concentration of ownership is associated with performance changes, but there is a curvilinear relation between legal-entity ownership and performance changes and between concentration of non-state ownership and performance changes. Our results are robust to different performance measures and industry adjustments. These findings suggest that agency conflicts, management entrenchment, and large shareholders' expropriation co-exist to influence Chinese IPO performance, and the beneficial and detrimental effects of state shareholdings tend to offset each other. © 2004 Elsevier B.V. All rights reserved.|
|Source Title:||Journal of Banking and Finance|
|Appears in Collections:||Staff Publications|
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