From: The effects of entrepreneurial long-term commitment on post-IPO performance: Chinese evidence
Panel A: Univariate analysis | |||||||
BHAR_1YEAR | BHAR_2YEAR | BHAR_3YEAR | |||||
No. of obs. | Mean | Median | Mean | Median | Mean | Median | |
Full sample | 918 | −0.060a | − 0.113a | 0.104a | − 0.058 | 0.399a | 0.083a |
(1) With foreign residency | 119 | −0.081a | −0.139a | 0.085 | −0.115 | 0.277a | −0.043c |
(2)Without foreign residency | 799 | −0.057a | −0.112a | 0.106a | −0.048 | 0.417a | 0.093a |
Diff(1–2) | −0.024 | −0.027 | − 0.022 | −0.067 | − 0.140 | −0.136c | |
Matched sample | 454 | −0.078a | −0.128a | 0.080a | −0.091 | 0.371a | 0.034a |
(3) With foreign residency | 116 | −0.078b | −0.136a | 0.087 | −0.118 | 0.284a | −0.044c |
(4) Without foreign residency | 338 | −0.077a | −0.119a | 0.077b | −0.085 | 0.401a | 0.070a |
Diff(3–4) | −0.001 | −0.017 | 0.010 | −0.033 | − 0.118 | −0.114 | |
Panel B: Regression results | |||||||
BHAR_3YEAR | |||||||
Full sample | Matched sample | ||||||
(1) | (2) | ||||||
TREATED | −0.176a (−4.72) | −0.115c (−1.92) | |||||
UNDERPRICE_MKTADJ | −0.320a (− 18.37) | −0.399a (− 4.40) | |||||
SIZE_IPO | − 0.187a (−5.50) | −0.189 (− 1.22) | |||||
ROA_IPO | − 0.419 (− 1.32) | −0.631 (− 1.04) | |||||
LEV_IPO | − 0.212 (− 1.47) | 0.474 (0.99) | |||||
OFFER_SIZE | − 0.186a (−3.11) | −0.169 (− 0.79) | |||||
LEADERUNDERWRITER | 0.086c (1.87) | −0.026 (− 0.27) | |||||
Industry fixed effects included? | Yes | Yes | |||||
Year fixed effects included? | Yes | Yes | |||||
No. of obs. | 898 | 454 | |||||
Adjusted R2 | 0.247 | 0.227 |