Accounting Accruals, Future Operating Performance, and Public-Listing Age

Lin Huang and Yan Shu

Emerging Markets Finance and Trade, 2014, vol. 50, issue 1, 164-182

Abstract: This paper investigates the impact of public-listing age on the future operating performance of Chinese firms making initial public offerings (IPOs) during the period 1998-2010 and examines whether accounting accruals contribute to this impact. We found that, on average, public-listing age has a negative incremental effect on future operating performance in China and that accounting accruals do play a role in postissue underperformance. However, our industrial analysis reveals that the listing-age effect does not persist in industry-specific models; this implies that listing age has heterogeneous effects on post-IPO operating performance and that these effects deserve further attention.

Keywords: accounting accruals; future operating performance; industrial heterogeneity; initial public offering (search for similar items in EconPapers)
Date: 2014
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