Mapping urban networks through inter-firm service relationships: The case of China

Urban Studies ◽  
2017 ◽  
Vol 54 (16) ◽  
pp. 3639-3654 ◽  
Author(s):  
Fenghua Pan ◽  
Wenkai Bi ◽  
James Lenzer ◽  
Simon Zhao
Keyword(s):  
Initial Public Offering ◽  
Service Provision ◽  
Professional Services ◽  
Future Research ◽  
Law Firms ◽  
Economic Activities ◽  
Urban Network ◽  
Urban Networks ◽  
Producer Service ◽  
Public Offering

Literature on how cities get connected through networks of firms has been increasing in recent years. In particular, advanced producer service (APS) firms are being widely used to build intra-firm linkages to establish urban networks. In contrast to studies applying intra-firm networks, this study proposes an alternative strategy to build urban networks based on inter-firm service provision relationships during the process of initial public offering (IPO) in which APS firms – including securities, law firms and accounting firms – provide professional services for firms aiming to be publicly listed. Based on service provision connections between APS firms and their clients, this study provides fresh insights on urban networks in China. The results show that Beijing, Shenzhen and Shanghai strategically hold dominant positions within Chinese urban networks and they are the lead command and financial centres within the country. Particularly, Beijing has overwhelmingly more influence over other cities. The urban networks are embedded in China’s unique institutional context where market and state power together have shaped these networks. Since the urban network is built up based on real economic linkages, the findings might have further implications for policy-making and could contribute to ongoing debates regarding financial centres in China. It implies that connections between firms based on real economic activities can be an effective way to construct urban networks in future research.

Accelerating time

2018 ◽  
Vol 43 (3) ◽  
pp. 95-105 ◽  
Author(s):  
Patrick Joseph McHugh ◽  
Elise Perrault
Keyword(s):  
Initial Public Offering ◽  
Gender Diversity ◽  
Time Frame ◽  
Future Research ◽  
Board Composition ◽  
Venture Capitalists ◽  
Technology Firms ◽  
Different Types ◽  
Board Gender Diversity ◽  
Public Offering

Using a legitimacy lens, we theorize that changes in the firm’s board of directors parallel the evolving stakeholder audience that accords legitimacy to the firm—a key resource to the firm’s survival. Powerful new stakeholders post- initial public offering (IPO) such as the listing exchange and the securities regulators are anticipated to impact board gender diversity through their regulatory pressure, while pre-IPO investors such as venture capitalists are reducing their equity positions and thus providing opportunities for director turnover. At the same time, the firm is increasing in size and visibility, building additional sociocultural legitimacy pressures for increased gender diversity. While prior research centers on the effect of different types and intensity of legitimacy pressures on board characteristics, we explore how changes in the question of firms’ legitimacy “to whom” affects board composition, that is, we examine the comparative effect of regulation and society on board composition. We test our hypotheses by analyzing panel data for all North American technology firms doing IPOs on the NASDAQ exchange during a 12-year time frame between 1997 and 2011. Our analysis shows that regulation, although not explicitly directive, can play a key role in accelerating board gender diversity. Implications for future research on corporate governance and managerial and policy takeaways complete this article.

The Structure and Role of the Underwriting Syndicate

2018 ◽  
pp. 389-411
Author(s):  
Sébastien Dereeper ◽  
Armin Schwienbacher
Keyword(s):  
United States ◽  
Initial Public Offering ◽  
The United States ◽  
Future Research ◽  
Comprehensive Picture ◽  
Research Findings ◽  
Syndicate Structure ◽  
Research Questions ◽  
Public Offering

This chapter presents research findings on the structure and role of underwriter syndicates in the initial public offering (IPO) process, thereby extending the list of participants beyond the lead underwriter. The authors rely on recent studies to offer a more comprehensive picture of syndicate structure and size in Europe and the United States. Research questions being addressed include the following: How are underpricing and reputation linked to syndicates? How many banks should be included in the syndicate? What responsibilities can be shared? Finally, the chapter concludes with a discussion of avenues for future research on IPO syndicate structure.

scholarly journals FAKTOR-FAKTOR YANG MEMPENGARUHI TINGKAT UNDERPRICED SAHAM PERDANA PADA PERUSAHAAN GO PUBLIC YANG TERDAFTAR DI BURSA EFEK INDONESIA

2017 ◽  
Vol 15 (3) ◽  
Author(s):  
Yusbardini Yusbardini ◽  
Christine Christine
Keyword(s):  
Initial Public Offering ◽  
Stock Exchange ◽  
Multiple Linear Regression Model ◽  
Future Research ◽  
Process Data ◽  
Funding Sources ◽  
Factors Influencing ◽  
Ipo Pricing ◽  
Public Offering ◽  
A Company

actions by the company in conducting an initial public offering or initial public offering (IPO) is an attempt to obtain new funding sources to finance the company’s activities, expansion or other investment activities. Price IPO at the IPO is determined upon agreement between the issuer with an underwriter. But in setting the IPO price and information asymmetry sometimes arise between the interests of both parties. From the side of the underwiters, they have information that is more diverse than the issuer so that the underwriter is a big chance. This study aimed to identify factors that predicted the factors influencing the level of underpriced in the IPO pricing at the time of initial public offering (IPO), either partially or in companies that go public in Indonesia Stock Exchange (IDX) during the period 2004-2007. The sample taken is a company listed on the Stock Exchange from 2004-2007 and had underpriced. The number of sample that meet the criteria there are 34 companies. To obtain the information needed to process data collection through the documentation. The hypotesis was tested with multiple linear regression model. From the results of a study of 34 sample companies, indicating that the four factors above, there is no single factor effecting the level of underpriced IPO firms go public during the period 2004-2007 is partially or simultaneously. Suggested authors for future research should increase research time so that samples taken will be more and add another variable to be tested in the can from the company’s prospectus.

Pengaruh Reputasi Underwriter, Umur Perusahaan, dan Persentase Penawaran Saham 53 kepada Publik terhadap Underpricing

2016 ◽  
Vol 8 (1) ◽  
pp. 53-74
Author(s):  
Maria Jeanne ◽  
Chermian Eforis
Keyword(s):  
Initial Public Offering ◽  
Stock Price ◽  
Stock Exchange ◽  
Secondary Data ◽  
Secondary Market ◽  
Financial Statement ◽  
Data Set ◽  
Multiple Regression Method ◽  
Underwriter Reputation ◽  
Public Offering

The objective of this research is to obtain empirical evidence about the effect of underwriter reputation, company age, and the percentage of share’s offering to public toward underpricing. Underpricing is a phenomenon in which the current stock price initial public offering (IPO) was lower than the closing price of shares in the secondary market during the first day. Sample in this research was selected by using purposive sampling method and the secondary data used in this research was analyzed by using multiple regression method. The samples in this research were 72 companies conducting initial public offering (IPO) at the Indonesian Stock Exchange in the period January 2010 - December 2014; perform initial offering of shares; suffered underpricing; has a complete data set forth in the company's prospectus, IDX monthly statistics, financial statement and stock price site (e-bursa); and use Rupiah currency. Results of this research were (1) underwriter reputation significantly effect on underpricing; (2) company age do not effect on underpricing; and (3) the percentage of share’s offering to public do not effect on undepricing. Keywords: company age, the percentage of share’s offering to public, underpricing, underwriter reputation.

APAKAH FAKTOR EKSTERNAL MEMPREDIKSI UNDERPRICING LEBIH BAIK DIBANDINGKAN FAKTOR INTERNAL? STUDI INITIAL PUBLIK OFFERING DI BEI TAHUN 2009-2017

2020 ◽  
Vol 7 (1) ◽  
Author(s):  
Saefudin Saefudin ◽  
Tri Gunarsih
Keyword(s):  
Interest Rates ◽  
Initial Public Offering ◽  
Stock Exchange ◽  
Sample Selection ◽  
Secondary Data ◽  
Secondary Market ◽  
Company Size ◽  
Negative Effect ◽  
Underwriter Reputation ◽  
Public Offering

Underpricing is a phenomenon that still occurs in the Indonesian capital market, where the offering price of shares in the primary market is lower than the opening price or closing price on the first day on the secondary market. This study aims to examine the effect of Return On Assets (ROA), Debt to Equity Ratio (DER), company size, underwriter reputation, age, and interest rates on the underpricing of shares in companies’s Initial Public Offering (IPO) listing on the Indonesia Stock Exchange (BEI) in 2009 to 2017. The population in this study are companies that conduct IPOs on the BEI period 2009 to 2017. The sample selection in this study uses a purposive sampling method, based on certain criteria. The sample in this study were 183 underpricing companies from 205 companies conducting IPO in the period 2009 to 2017. The data used in this study used secondary data. The multiple regression analysis was implemented in this study. The results showed that DER, company size, and underwriter reputation did not significantly influence underpricing. While ROA, age and interest rates have a significant negative effect on underpricing. In this study, investors consider ROA, age, interest rates compared to DER, company size, and the reputation of the underwriter to invest in companies that make an IPO.Keywords: Underpricing, Initial Public Offering, and Indonesian Stock Exchange.

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