Using longitudinal data, this study investigates the impact of managerial
ownership, director ownership, state ownership, firm size, and blockholders on initial
public offerings (IPOs) of Chinese listed companies from 1991 to 2007. Underpricing
of IPOs is examined at three specifically identified time periods which we
call the primitive stage, the development stage, and the maturity stage. Our results
indicate that those corporate governance factors we examined in this study exhibit
different characteristics at different stages for Chinese publicly listed companies
which signify a need to assess the impact of governance mechanisms on IPO processes
of emerging economies from a different perspective.
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