An Empirical Analysis on IPO Underpricing and Performance  of Newly Privatized Firms in China

Kim, Sangphill; Ma, Rui; Xu, Peter

doi:10.1142/s0219091598000272

Cited by 8 publications

(4 citation statements)

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“…Beginning in the 1980s, the performance of SOEs in South Korea was dismal. The government was hesitant to privatise the SOEs (Kim 2007). Government policymakers had no option but to privatise.…”

Section: State-owned Enterprises In South Koreamentioning

confidence: 99%

“…Privatisation was the only way out. The government had to 'cut its big arm' within the economy (Kim 2007). The underperformance of SOEs resulted in privatisation; the economic meltdown of 1998 resulted in a revolution in the economic policies of South Korea.…”

Section: State-owned Enterprises In South Koreamentioning

confidence: 99%

“…However, in 2005, Vietnam joined the World Trade Organization and there was an 'opening of borders' and privatisation of some of the SOEs. The deregulation process resulted in the SOEs being able to recognise the importance of customer loyalty as the Vietnamese government allowed private companies to enter the former monopolised markets (Kim 2007). Thus, the SOEs had to change their internal environment to adapt to the new situation (Quy 2011).…”

Section: State-owned Enterprises In Vietnammentioning

confidence: 99%

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The influence of dimensions of organisational culture on supply chain performance in selected state-owned enterprises in Zimbabwe

Musanzikwa

Ramchander

2018

J. transp. supply chain manag.

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Background: Despite being strategic, state-owned enterprises (SOEs) have failed to fulfil their mandate. Supply chain performance is ineffective largely because of weak organisational culture.Objectives: To explore the extent to which organisational cultural factors have influenced the supply chain performance of SOEs, review the literature; effectiveness of attaining financial targets, customer satisfaction, internal business processes, learning and growth; time orientation on the supply chain metric of delivery. The supply chain metric of flexibility; profitability on cost reduction; ‘no ownership’ culture on decision-making; and the level of customer satisfaction.Method: A mixed-method was used. The population comprised managers, employees and clients of eight selected SOEs. Judgmental, random and convenience sampling were employed. Questionnaires and interviews were the research instruments and quantitative and qualitative analyses were conducted. Findings are presented thematically, in line with the research questions.Results: SOEs were not meeting financial targets, not satisfying customers, poor internal business processes not attaining learning and growth targets. Organisational cultural variables were weak; affecting flexibility, no timely delivery of goods and services. Also influenced the behaviour of human resources and an indirect effect on customer satisfaction, cost-saving and profitability in the SOEs.Conclusion: The SOEs failed to meet financial, customer, learning and growth targets. The internal business processes were not effective. The culture did not promote efficiency. The study recommends that commitment of leadership on human behaviour is necessary for effective supply chain performance and strategy implementation. Constant environmental scanning, strategic alliances, rationalisation of remuneration and sound corporate governance are essential.

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Section: State-owned Enterprises In South Koreamentioning

confidence: 99%

Section: State-owned Enterprises In South Koreamentioning

confidence: 99%

Section: State-owned Enterprises In Vietnammentioning

confidence: 99%

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The influence of dimensions of organisational culture on supply chain performance in selected state-owned enterprises in Zimbabwe

Musanzikwa

Ramchander

2018

J. transp. supply chain manag.

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“…Chile Aggarwal et al (1993Aggarwal et al ( ) 19 1982Aggarwal et al ( -1990 China Kim et al (1998Kim et al ( ) 45 1993 594.00 Su and Fleisher (1999) 308 1987-1995948.60 Chen et al (2004) 701 1992-1997 298.00…”

Section: Introductionmentioning

confidence: 99%

An Examination of the Underpricing of H-Share IPOs in Hong Kong

Chong

Yuan

Yan³

2010

Rev. Pac. Basin Finan. Mark. Pol.

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The main purpose of this paper is to study the empirical determinants of the underpricing of H-share initial public offerings (IPOs) during the 1993-2003 period. A special characteristic of H-shares is that they are shares of companies incorporated in China, but are also listed abroad. Our estimates indicate that the average IPO underpricing level of H-shares was about 16.8%. We find that the conventional explanations for the worldwide IPO underpricing are not adequate in explaining the underpricing level of H-shares. Some new factors that are important in explaining the underpricing phenomenon in H-shares are identified. We show that the degree of IPO underpricing is positively associated with market conditions prior to issuance. It is also negatively related to the range of the issuing prices as well as to the growth rate of historical profits. In addition, it is found that firms cross-listed in Hong Kong and America have higher underpricing levels.

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An empirical examination of IPO underpricing in the Chinese A-share market

Tse

2006

China Economic Review

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An Empirical Analysis on IPO Underpricing and Performance of Newly Privatized Firms in China

Cited by 8 publications

References 0 publications

The influence of dimensions of organisational culture on supply chain performance in selected state-owned enterprises in Zimbabwe

The influence of dimensions of organisational culture on supply chain performance in selected state-owned enterprises in Zimbabwe

An Examination of the Underpricing of H-Share IPOs in Hong Kong

An empirical examination of IPO underpricing in the Chinese A-share market

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