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Article: City-level political uncertainty and city-level IPO activities

TitleCity-level political uncertainty and city-level IPO activities
Authors
KeywordsIPO
Government intervention
Political uncertainty
Political turnover
Firm performance
Issue Date2017
Citation
Accounting and Finance, 2017, v. 57, n. 5, p. 1447-1480 How to Cite?
Abstract© 2018 AFAANZ Based on the unique city-level politician turnover data between 1999 and 2012 in China, we document that the number of IPOs at the city level decreases during the city-level politician turnover period. Such negative shock is more pronounced for non-state-owned enterprises (NSOEs) than for SOEs and more pronounced for local SOEs than for central SOEs. Higher political uncertainties amplify the negative shock when the successor politician is nonlocal, when turnover occurs during periods of higher local fiscal deficits or during party member election periods, and when government interventions are higher or confidence-in-court is lower. Consequently, IPO firms listed during a political turnover period underperform their counterparts.
Persistent Identifierhttp://hdl.handle.net/10722/285805
ISSN
2023 Impact Factor: 3.1
2023 SCImago Journal Rankings: 0.816
SSRN
ISI Accession Number ID

 

DC FieldValueLanguage
dc.contributor.authorLuo, Danglun-
dc.contributor.authorTong, Naqiong-
dc.contributor.authorShe, Guoman-
dc.date.accessioned2020-08-18T04:56:41Z-
dc.date.available2020-08-18T04:56:41Z-
dc.date.issued2017-
dc.identifier.citationAccounting and Finance, 2017, v. 57, n. 5, p. 1447-1480-
dc.identifier.issn0810-5391-
dc.identifier.urihttp://hdl.handle.net/10722/285805-
dc.description.abstract© 2018 AFAANZ Based on the unique city-level politician turnover data between 1999 and 2012 in China, we document that the number of IPOs at the city level decreases during the city-level politician turnover period. Such negative shock is more pronounced for non-state-owned enterprises (NSOEs) than for SOEs and more pronounced for local SOEs than for central SOEs. Higher political uncertainties amplify the negative shock when the successor politician is nonlocal, when turnover occurs during periods of higher local fiscal deficits or during party member election periods, and when government interventions are higher or confidence-in-court is lower. Consequently, IPO firms listed during a political turnover period underperform their counterparts.-
dc.languageeng-
dc.relation.ispartofAccounting and Finance-
dc.subjectIPO-
dc.subjectGovernment intervention-
dc.subjectPolitical uncertainty-
dc.subjectPolitical turnover-
dc.subjectFirm performance-
dc.titleCity-level political uncertainty and city-level IPO activities-
dc.typeArticle-
dc.description.naturelink_to_subscribed_fulltext-
dc.identifier.doi10.1111/acfi.12341-
dc.identifier.scopuseid_2-s2.0-85044410444-
dc.identifier.volume57-
dc.identifier.issue5-
dc.identifier.spage1447-
dc.identifier.epage1480-
dc.identifier.eissn1467-629X-
dc.identifier.isiWOS:000428347600008-
dc.identifier.ssrn3150045-
dc.identifier.issnl0810-5391-

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