Trust,politics and post-IPO performance:SOEs *** private sector

作     者：Bill Francis Iftekhar Hasan Xian Sun Mingming Zhou 

作者机构：Lally School of ManagementRensselaer Polytechnic InstituteTroyNYUSA Gabelli School of BusinessFordham UniversityNew YorkNYUSA Bank of FinlandHelsinkiFinland Business SchoolUniversity of SydneySydneyAustralia Carey Business SchoolJohns Hopkins UniversityBaltimoreMDUSA Lubin School of BusinessPace UniversityNew YorkNYUSA 

出 版 物：《Economic and Political Studies》 (经济与政治研究（英文版）)

年 卷 期：2022年第10卷第3期

页      面：290-313页

学科分类：0303[法学-社会学] 12[管理学] 02[经济学] 0202[经济学-应用经济学] 1201[管理学-管理科学与工程(可授管理学、工学学位)] 020204[经济学-金融学（含∶保险学）] 

主　　题：Institution social trust political pluralism IPO China 

摘      要：This paper empirically investigates the role of social trust in the long-term performance of the initial public offerings(IPOs)in China,controlling for the formal institutional *** find that privately owned or smaller IPO firms experience signifi-cantly better post-IPO performance when they are incorporated in regions with more social *** state-owned and bigger IPO firms,on the other hand,experience better long-term post-IPO performance when they are incorporated in regions with stronger formal institutions(*** enforcement and contract holding).Political pluralism turns out to benefit all IPOs in the long *** addition,our evidence shows that stronger social trust substitutes for the quality of court enforcement but complements the role of contract *** results are robust after controlling for alternative definitions of ownership,outliers,non-linear effects of institutions,and the potential endogeneity of institutions in the model.