Disproportional ownership structure and IPO long-run performance of entrepreneurial firm in China

• Main Authors: CAO, Jerry X., TIAN, Gary Gang, TANG, Vincent, WANG, Xiaoming
• Format: text
• Language: English
• Published: Institutional Knowledge at Singapore Management University 2013
• Subjects: IPO; Long-run performance; Excess control; Disproportionate ownership; Corporate governance; Entrepreneurial firms; Finance and Financial Management
• Online Access: https://ink.library.smu.edu.sg/lkcsb_research/5221; https://ink.library.smu.edu.sg/context/lkcsb_research/article/6220/viewcontent/SSRN_id2369024.pdf
• Institution: Singapore Management University

This paper examines the relationship between ownership structures and IPO long-run performance in China. Although entrepreneurial firms underperform the market in general after IPO but the poor performance is mainly caused by the IPOs with ownership control wedge. Entrepreneurial firms with one shar...