Open AccessAn Inquiry Into Chinese Initial Public Offerings From A Corporate Government Perspective
Author(s) -
Guclu Atinc,
Yan Liu,
Mark Kroll,
Bruce A. Waiters
Publication year - 1970
Publication title -
journal of business strategies
Language(s) - English
Resource type - Journals
eISSN - 2162-6901
pISSN - 0887-2058
DOI - 10.54155/jbs.29.2.99-123
Subject(s) - initial public offering , corporate governance , business , accounting , maturity (psychological) , government (linguistics) , perspective (graphical) , emerging markets , finance , political science , law , linguistics , philosophy , artificial intelligence , computer science
Using longitudinal data, this study investigates the impact of managerialownership, director ownership, state ownership, firm size, and blockholders on initialpublic offerings (IPOs) of Chinese listed companies from 1991 to 2007. Underpricingof IPOs is examined at three specifically identified time periods which wecall the primitive stage, the development stage, and the maturity stage. Our resultsindicate that those corporate governance factors we examined in this study exhibitdifferent characteristics at different stages for Chinese publicly listed companieswhich signify a need to assess the impact of governance mechanisms on IPO processesof emerging economies from a different perspective.