Going Public with Good Governance: evidence from China

Larry Li and Tony Naughton

Corporate Governance: An International Review, 2007, vol. 15, issue 6, 1190-1202

Abstract: Board characteristics have not been a significant area of study in the IPO literature. We focus on the emerging corporate governance reform in China to investigate the relationship between a range of board characteristics and IPO initial returns and long‐term performance. We find evidence that board size is positively related to short‐term returns, while in the long‐term, a positive relationship exists between performance and the voluntary post‐listing separation of the roles of CEO and Chair of the Board. Our long‐term results suggest that at least some Chinese listed firms are actively and voluntarily moving toward better governance structures.

Date: 2007
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https://doi.org/10.1111/j.1467-8683.2007.00640.x

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