Trust,politics and post-IPO performance:SOEs vs.the private sector  

作　　者：Bill Francis Iftekhar Hasan Xian Sun Mingming Zhou 

机构地区：[1]Lally School of Management,Rensselaer Polytechnic Institute,Troy,NY,USA [2]Gabelli School of Business,Fordham University,New York,NY,USA [3]Bank of Finland,Helsinki,Finland [4]Business School,University of Sydney,Sydney,Australia [5]Carey Business School,Johns Hopkins University,Baltimore,MD,USA [6]Lubin School of Business,Pace University,New York,NY,USA

出　　处：《Economic and Political Studies》2022年第3期290-313,共24页经济与政治研究（英文版）

摘　　要：This paper empirically investigates the role of social trust in the long-term performance of the initial public offerings(IPOs)in China,controlling for the formal institutional environment.We find that privately owned or smaller IPO firms experience signifi-cantly better post-IPO performance when they are incorporated in regions with more social trust.The state-owned and bigger IPO firms,on the other hand,experience better long-term post-IPO performance when they are incorporated in regions with stronger formal institutions(e.g.court enforcement and contract holding).Political pluralism turns out to benefit all IPOs in the long term.In addition,our evidence shows that stronger social trust substitutes for the quality of court enforcement but complements the role of contract holding.These results are robust after controlling for alternative definitions of ownership,outliers,non-linear effects of institutions,and the potential endogeneity of institutions in the model.

关 键 词：INSTITUTION social trust political pluralism IPO China 

分 类 号：F832[经济管理—金融学]