Please use this identifier to cite or link to this item:
https://doi.org/10.1016/j.jbankfin.2004.07.003
DC Field | Value | |
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dc.title | Ownership and operating performance of Chinese IPOs | |
dc.contributor.author | Wang, C. | |
dc.date.accessioned | 2013-10-09T08:22:43Z | |
dc.date.available | 2013-10-09T08:22:43Z | |
dc.date.issued | 2005 | |
dc.identifier.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 | |
dc.identifier.issn | 03784266 | |
dc.identifier.uri | http://scholarbank.nus.edu.sg/handle/10635/44517 | |
dc.description.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. | |
dc.description.uri | http://libproxy1.nus.edu.sg/login?url=http://dx.doi.org/10.1016/j.jbankfin.2004.07.003 | |
dc.source | Scopus | |
dc.subject | Concentration of ownership | |
dc.subject | Initial public offerings | |
dc.subject | Operating performance | |
dc.subject | Ownership | |
dc.type | Article | |
dc.contributor.department | FINANCE & ACCOUNTING | |
dc.description.doi | 10.1016/j.jbankfin.2004.07.003 | |
dc.description.sourcetitle | Journal of Banking and Finance | |
dc.description.volume | 29 | |
dc.description.issue | 7 | |
dc.description.page | 1835-1856 | |
dc.description.coden | JBFID | |
dc.identifier.isiut | 000229177400011 | |
Appears in Collections: | Staff Publications |
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