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Going Public with Good Governance: evidence from China

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Author Info

  • Larry Li
  • Tony Naughton

    (RMIT University, Australia)

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. Copyright (c) 2007 The Authors; Journal compilation (c) 2007 Blackwell Publishing Ltd.

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Bibliographic Info

Article provided by Wiley Blackwell in its journal Corporate Governance: An International Review.

Volume (Year): 15 (2007)
Issue (Month): 6 (November)
Pages: 1190-1202

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Handle: RePEc:bla:corgov:v:15:y:2007:i:6:p:1190-1202

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