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The Effects of Industrial Policy Support on IPO Performance: Evidence from Listed Enterprises of the Chinese SMEs Board

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  • Xiaohui Hou
  • Wanli Li

Abstract

This study examines the effects of industrial policy support on the initial public offering performance of listed enterprises on the Chinese small and medium‐sized enterprises board. We observe that industrial policy support has a positive effect on IPO performance. In addition, we provide evidence that after the financial crisis, the decrease of IPO underpricing resulting from policy support implemented three months before firms going public is less than that deriving from the policy support issued six months prior to listing, whereas the effect of industrial policy support on post‐IPO operating performance has increased after the financial crisis.

Suggested Citation

  • Xiaohui Hou & Wanli Li, 2019. "The Effects of Industrial Policy Support on IPO Performance: Evidence from Listed Enterprises of the Chinese SMEs Board," Journal of Small Business Management, Taylor & Francis Journals, vol. 57(2), pages 616-639, April.
    • Handle: RePEc:taf:ujbmxx:v:57:y:2019:i:2:p:616-639
    DOI: 10.1111/jsbm.12415
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    Cited by:

    1. Sha, Yezhou & Shah, Syed Ghulam Meran & Sarfraz, Muddassar, 2023. "Short selling and SME irregular CEO succession: Witnessing the moderating role of earnings management," International Review of Economics & Finance, Elsevier, vol. 85(C), pages 163-173.

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