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Politically connected CEOs,corporate governance,and Post-IPO performance of China's newly partially privatized firms
Authors:Joseph PH Fan  TJ Wong  Tianyu Zhang
Institution:1. The Chinese University of Hong Kong, Shatin, N.T., Hong Kong;2. City University of Hong Kong, Kowloon, Hong Kong
Abstract:Almost 27% of the CEOs in a sample of 790 newly partially privatized firms in China are former or current government bureaucrats. Firms with politically connected CEOs underperform those without politically connected CEOs by almost 18% based on three-year post-IPO stock returns and have poorer three-year post-IPO earnings growth, sales growth, and change in returns on sales. The negative effect of the CEO's political ties also show up in the first-day stock return. Finally, firms led by politically connected CEOs are more likely to appoint other bureaucrats to the board of directors rather than directors with relevant professional backgrounds.
Keywords:G34  L33  P31
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