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Disproportionate Ownership Structure And Ipo Long-Run Performance Of Non-Soes In China, Xiaoming Wang, Jerry Cao, Jinghua Tang, Gary Gang Tian
Disproportionate Ownership Structure And Ipo Long-Run Performance Of Non-Soes In China, Xiaoming Wang, Jerry Cao, Jinghua Tang, Gary Gang Tian
Research Collection Lee Kong Chian School Of Business
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.
Regionalisation And Singapore's Transborder Industrialisation: A New Perspective On Suzhou Industrial Park, Xun Cai, Lu Gao, Caroline Yeoh
Regionalisation And Singapore's Transborder Industrialisation: A New Perspective On Suzhou Industrial Park, Xun Cai, Lu Gao, Caroline Yeoh
Research Collection Lee Kong Chian School Of Business
The dynamics of international economic competition have prompted governments to re-examine accustomed policies, and search for alternative strategies, in order to re-position their economies for the future. This paper takes a look at Singapore’s search for a competitive positioning in the global marketplace, and focuses on the city-state’s much-publicized, and controversial, flagship project in China, viz, the Suzhou Industrial Park (SIP). This strategic initiative is premised on the perceptions that Singapore’s positive reputation with multinational corporations, and ‘guanxi’ (or connections) with regional governments, will give the regional sites a strategic advantage in the competition for foreign investments. Earlier studies have …