Research on the impact of investor research on SPO sponsoring and underwriting fees

Xiaohui Zhang and Yuanyuan Tan

Finance Research Letters, 2025, vol. 81, issue C

Abstract: This paper examines the impact of investor investigation activities on the refinancing sponsorship and underwriting expenses of listed companies, utilizing data from the Science and Technology Innovation Board (STIB) and Growth Enterprise Market (GEM) spanning the period from 2018 to 2023. Our findings reveal that investor research negatively affects the refinancing sponsorship and underwriting costs of listed companies. Specifically, investor research activities reduce refinancing sponsorship costs by enhancing the governance level of listed companies. Furthermore, compared to buy-side institutions, research conducted by sell-side institutions has a more pronounced effect on lowering the refinancing sponsorship and underwriting costs of listed companies.

Keywords: Investor investigation; Refinancing; Sponsorship and underwriting fee; Corporate governance (search for similar items in EconPapers)
Date: 2025
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Persistent link: https://EconPapers.repec.org/RePEc:eee:finlet:v:81:y:2025:i:c:s1544612325007895

DOI: 10.1016/j.frl.2025.107530

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