Interprovincial separation between headquarters and registered addresses: The case of listed companies in China

Guojian Hu, Xiaomin Liang, Yuqi Lu and Yu Chen

Growth and Change, 2021, vol. 52, issue 2, 1080-1098

Abstract: The separation between a corporate headquarters and its registered address is no longer a rare phenomenon, which not only exerts an important socioeconomic impact but also leads to deviations from reality in the conclusions of many studies that use the registered address as the location of corporate headquarters. We take Chinese A‐share listed companies as an example to investigate the interprovincial separation between headquarters and registered addresses and its formation process and use a logistic model to analyze the impact of company attributes on the interprovincial separation between headquarters and registered addresses. The results show that the companies with separate headquarters and registered addresses account for approximately one‐third of all listed companies; 177 companies have their headquarters and registered addresses in different provinces. These companies are usually headquartered in economically developed cities (such as Beijing and Shanghai), while their registered addresses are mainly located in general cities. Inconsistent interprovincial migration between headquarters and registered addresses is the main reason for the interprovincial separation of the two. The logistic model demonstrates that industry, organizational form, city level of the registered address, special treatment, and restructuring exert varying degrees of influence on the interprovincial separation between headquarters and registered addresses.

Date: 2021
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