https://scholars.lib.ntu.edu.tw/handle/123456789/608011
標題: | Confucianism and IPO underpricing | 作者: | Liu H YAO-MIN CHIANG |
關鍵字: | Confucianism;Informal institution;Information asymmetry;IPO underpricing;Rent seeking | 公開日期: | 2022 | 卷: | 71 | 來源出版物: | Pacific Basin Finance Journal | 摘要: | Previous studies show culture has an impact on IPO underpricing. Can Confucianism being a traditional culture system in China affect underpricing of Chinese IPOs? If yes, through what channels? This paper affirms the impact of Confucianism on IPO underpricing using a large sample in China. Results show that Confucianism can reduce IPO underpricing. This effect is more pronounced for non-state-owned firms and firms located in regions with weak investor protection. To investigate which channels of Confucianism affecting underpricing, we find that Confucianism can improve financial reporting quality and stock price informativeness, which is consistent with information asymmetry channel. We also find that Confucianism at underwriter's headquarter can decrease issuing firms' underpricing, consistent with rent seeking channel. We also find that Confucianism can reduce managers' agency costs, which is consistent with agency cost channel. Our results hold after considering alternative proxies for underpricing and proxies for Confucianism, controlling for the influence of formal institutions or other informal institutions, and employing instrumental variables in two-stage least squares regression. ? 2021 Elsevier B.V. |
URI: | https://www.scopus.com/inward/record.uri?eid=2-s2.0-85121772515&doi=10.1016%2fj.pacfin.2021.101701&partnerID=40&md5=39544cb25e2a90ebaff1c22b40c7832d https://scholars.lib.ntu.edu.tw/handle/123456789/608011 |
ISSN: | 0927538X | DOI: | 10.1016/j.pacfin.2021.101701 |
顯示於: | 財務金融學系 |
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