Relationship-Based Resource Allocations: Evidence from the Use of "Guanxi" during SEOs

doi:10.1017/S0022109018000807

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	Relationship-Based Resource Allocations: Evidence from the Use of "Guanxi" during SEOs
	Brockman, Paul 1; Firth, Michael 2; He, Xianjie 2; Mao, Xinyang 3; Rui, Oliver 4
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.