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Disproportionate Ownership Structure And Ipo Long-Run Performance Of Non-Soes In China, Xiaoming Wang, Jerry Cao, Qigui Liu, Jinghua Tang, Gary Tian
Disproportionate Ownership Structure And Ipo Long-Run Performance Of Non-Soes In China, Xiaoming Wang, Jerry Cao, Qigui Liu, Jinghua Tang, Gary Tian
Faculty of Business - Papers (Archive)
This paper examines the relationship between ownership structures and IPO long-run performance of non-SOEs in China. Although non-SOEs underperform the market in general after IPO but the poor performance is mainly caused by the IPOs with ownership control wedge. Non-SOEs with one share one vote structure outperform those with control-ownership wedge by 30% for three years post-IPO performance in adjusted buy-and-hold returns. Non-SOEs with control-ownership wedge have higher frequency of undertaking value-destroying related party transactions. These findings suggest that non-SOEs need to improve corporate governance such as disproportionate ownership structure to better safeguard the interest of long-run shareholders.
Utilising A Change Management Perspective To Examine The Implementation Of Corporate Rebranding In A Non-Profit Sme, Paul A. Chad
Utilising A Change Management Perspective To Examine The Implementation Of Corporate Rebranding In A Non-Profit Sme, Paul A. Chad
Faculty of Business - Papers (Archive)
The purpose of this article is to use a change management perspective to investigate how a non-profit SME conducted corporate rebranding and determine in this important new context the usefulness of the principles of corporate rebranding developed by Merrilees and Miller primarily in relation to large for-profit organisations. Research is based upon case study of an Australian non-profit SME health insurance organisation that recently conducted corporate rebranding. Via a change management perspective incorporating a discourse transformation framework, semi-structured in-depth interviews with managers and employees examined the rebranding process and explored manager and employee experiences of the journey. The rebranding was …
Role Of Non-Executive Directors In Implementing Non-Regulatory Codes On Corporate Governance In Smes Listed In The Alternative Investment Market In The Uk: A Content Analysis, Palli Mulla K A Chandrakumara, Gunetilleke Walter
Role Of Non-Executive Directors In Implementing Non-Regulatory Codes On Corporate Governance In Smes Listed In The Alternative Investment Market In The Uk: A Content Analysis, Palli Mulla K A Chandrakumara, Gunetilleke Walter
Faculty of Business - Papers (Archive)
This study explores roles of NEDs of SMEs listed in the Alternative Investment Market (AIM) in the London Stock Exchange. It extends the literature on NEDs’ roles relevant to a context where the adherence to the principles of non-regularity corporate governance is not compulsory. We adopted a content analysis approach as a novel method for exploring roles of NEDs using details of 1220 NEDs recorded in 75 annual reports. It revealed that NEDs meet the expectations of several stakeholders simultaneously by playing multiple roles. A conceptual model depicting testable relationship between cognitive tasks and key roles of NEDs is also …