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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.
Does Ownership Affect Bank Performance? An Analysis Of Vietnamese Banks In The Post - Wto Entry Period, Le Thanh Phuong, Charles Harvie, Amir Arjomandi
Does Ownership Affect Bank Performance? An Analysis Of Vietnamese Banks In The Post - Wto Entry Period, Le Thanh Phuong, Charles Harvie, Amir Arjomandi
Faculty of Business - Papers (Archive)
This study investigates the impact of financial reforms, bank characteristics, and time trends on the performance of the Vietnamese banking sector under the assumption that ownership can result in a divergence of technologies utilised by different bank groups (including state - owned, private, and foreign banks), and the fact that these groups may respond differently to the same environmental variables . By combining a meta - frontier analysis with double - bootstrap two - stage DEA the authors analyse the impact of en vironmental variables on bank efficiency across separate groups operating under different technologies. Accordingly, this paper, firstly, employs …