Abstract
This article collected all Chinese A-share companies that underwent IPOs from 2007 to 2019. Ande then use this sample to explore whether IPO underpricing can have an impact on Institutional ownership. The results show that whether in state-owned or non-state-owned enterprises, IPO underpricing will reduce the company’s institutional ownership that year. In addition, it was found that the number of female executives and independent directors had the opposite effect on institutional investors’ shareholding. Whether in state-owned or non-state-owned enterprises, female executives were able to reduce institutional investors’ shareholding. Conversely, independent directors can increase the company's institutional ownership. Moreover, the results show that if a company can go through the four major audits before going public, it can attract institutional investors to invest very strongly.
H. Jiang and X. Wue—These authors contributed equally.
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Jiang, H., Xue, X. (2022). The Impact of IPO Underpricing on Institutional Ownership: Evidence from China. In: Li, X., Yuan, C., Kent, J. (eds) Proceedings of the 5th International Conference on Economic Management and Green Development. Applied Economics and Policy Studies. Springer, Singapore. https://doi.org/10.1007/978-981-19-0564-3_41
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DOI: https://doi.org/10.1007/978-981-19-0564-3_41
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