標題: Founders and the decision of Chinese dual-class IPOs in the US
作者: Li, Xiaodan
Jiao, Yang
Yu, Min-Teh
Zhao, Yang
資訊管理與財務金融系 註:原資管所+財金所
Department of Information Management and Finance
關鍵字: Dual-class shares;Founder;US-listed Chinese companies;IPO
公開日期: 1-Oct-2019
摘要: This study collects data on IPOs of U.S.-listed Chinese companies from 2000 to 2015 and explores why some of these firms deviate from the one share-one vote regime when going public. Our results identify "founder's influence" and "e-businesses" as two key determinants of dual-class IPOs that have not been found in the previous literature. The significance of the effect of fundraising for long-term investments as found in the literature and this study disappears when comparing these two new determinants together. We also provide empirical evidence that managers adopt a dual-class share structure in order to retain control and to diversify the risk of their own wealth, and that there is no significant performance difference between dual-class firms and single-class firms after IPOs.
URI: http://dx.doi.org/10.1016/j.pacfin.2018.04.009
http://hdl.handle.net/11536/153453
ISSN: 0927-538X
DOI: 10.1016/j.pacfin.2018.04.009
期刊: PACIFIC-BASIN FINANCE JOURNAL
Volume: 57
起始頁: 0
結束頁: 0
Appears in Collections:Articles