FAST TRACK TO IPO? THE EFFECTS OF CEO POLITICAL CONNECTIONS ON TIME TO IPO IN CHINA
Research suggests that in transition economies CEO political connections will positively affect a firms time to IPO. However, such connections may also leave firms more exposed to opportunistic managerial practices. We hypothesize that external firm stakeholders resolve this dilemma by recognizing signals of managerial credibility. Such signals indicate that a manager will refrain from exploiting political connections for opportunistic gains and instead will employ them in the diligent pursuit of increasing shareholder wealth. Our findings, based on a sample of 317 firms that went public on the Shanghai and Shenzhen Stock Exchanges in China between 2001 and 2004, support our hypotheses.
TONY LEWIS JIANFENG WU SALI LI
Sheldon B.Lubar School of BusinessThe University of Wisconsin -MilwaukeeMilwaukee, Wisconsin, WI5320 Business SchoolThe University of International Business and EconomicsBeijing, China 100029 Sheldon B.Lubar School of Business The University of Wisconsin -Milwaukee Milwaukee, Wisconsin, WI53
国际会议
北京
英文
1-38
2011-07-01（万方平台首次上网日期，不代表论文的发表时间）