Relationship-Based Resource Allocations: Evidence from the Use of "Guanxi" during SEOs | |
Brockman, Paul1; Firth, Michael2; He, Xianjie2; Mao, Xinyang3; Rui, Oliver4 | |
刊名 | JOURNAL OF FINANCIAL AND QUANTITATIVE ANALYSIS |
2019-06 | |
卷号 | 54期号:3页码:1193-1230 |
ISSN号 | 0022-1090 |
DOI | 10.1017/S0022109018000807 |
英文摘要 | We examine the role of relationship-based resource allocations during the approval process of seasoned equity offerings (SEOs) in the Chinese capital market. Our results show that guanxi-based relationships significantly increase the likelihood of SEO approvals, particularly for suspect SEO applicants with abnormal levels of earnings management (EM), related-party transactions (RPTs), and intercompany loans. More importantly, we find that guanxi-influenced SEO firms have significantly poorer performance in the post-SE degrees period, which indicates that it results in inefficient resource allocations. Overall, our evidence suggests that relationship-based resource allocations lead to negative spillover effects that impose social welfare losses. |
WOS研究方向 | Business & Economics |
语种 | 英语 |
出版者 | CAMBRIDGE UNIV PRESS |
WOS记录号 | WOS:000467742900007 |
内容类型 | 期刊论文 |
源URL | [http://10.2.47.112/handle/2XS4QKH4/236] |
专题 | 上海财经大学 |
作者单位 | 1.Lehigh Univ, Bethlehem, PA USA; 2.Shanghai Univ Finance & Econ, Shanghai, Peoples R China; 3.Shanghai Lixin Univ Accounting & Finance, Shanghai, Peoples R China; 4.CEIBS, Shanghai, Peoples R China |
推荐引用方式 GB/T 7714 | Brockman, Paul,Firth, Michael,He, Xianjie,et al. Relationship-Based Resource Allocations: Evidence from the Use of "Guanxi" during SEOs[J]. JOURNAL OF FINANCIAL AND QUANTITATIVE ANALYSIS,2019,54(3):1193-1230. |
APA | Brockman, Paul,Firth, Michael,He, Xianjie,Mao, Xinyang,&Rui, Oliver.(2019).Relationship-Based Resource Allocations: Evidence from the Use of "Guanxi" during SEOs.JOURNAL OF FINANCIAL AND QUANTITATIVE ANALYSIS,54(3),1193-1230. |
MLA | Brockman, Paul,et al."Relationship-Based Resource Allocations: Evidence from the Use of "Guanxi" during SEOs".JOURNAL OF FINANCIAL AND QUANTITATIVE ANALYSIS 54.3(2019):1193-1230. |
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