Accounting Accruals, Future Operating Performance, and Public-Listing Age

作者：Huang, Lin; Shu, Yan^*

来源：Emerging Markets Finance and Trade, 2014, 50(1): 164-182.

DOI：10.2753/REE1540-496X500109

• accounting accruals
• future operating performance
• industrial heterogeneity
• initial public offering

This paper investigates the impact of public-listing age on the future operating performance of Chinese firms making initial public offerings (IPOs) during the period 1998-2010 and examines whether accounting accruals contribute to this impact. We found that, on average, public-listing age has a negative incremental effect on future operating performance in China and that accounting accruals do play a role in postissue underperformance. However, our industrial analysis reveals that the listing-age effect does not persist in industry-specific models; this implies that listing age has heterogeneous effects on post-IPO operating performance and that these effects deserve further attention.

• 出版日期2014-2
• 单位西南财经大学