Ownership, corporate governance and IPO post-listing liquidity

Zhu, Junheng (2014) Ownership, corporate governance and IPO post-listing liquidity. Masters by Research thesis, Queensland University of Technology.

Abstract

This thesis investigates how ownership structure and corporate governance relate to the post-listing liquidity of IPO firms. Using a sample of 1,049 Chinese IPOs from 2001 to 2010, the results show firms with a broader shareholder base and higher ownership concentration have greater post-listing liquidity. So do firms with higher state ownership and lower institution ownership. Corporate governance is also important; post-listing liquidity is higher for firms with CEO duality, a larger and more independent board, and more frequent board meetings. The 2005 Split Share Structure Reform, which increased the proportion of tradable shares, has a positive impact on liquidity.

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487 since deposited on 19 Feb 2014
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ID Code: 67427
Item Type: QUT Thesis (Masters by Research)
Supervisor: How, Janice & Verhoeven, Peter
Keywords: IPO, Post-listing liquidity, Ownership concentration, Ownership structure, Corporate governance, Board characteristics, China
Divisions: Current > QUT Faculties and Divisions > QUT Business School
Current > Schools > School of Economics & Finance
Institution: Queensland University of Technology
Deposited On: 19 Feb 2014 00:38
Last Modified: 07 Sep 2015 00:34

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