Competing for private investments in public equity in China: The role of corporate philanthropy
Jingting Zhou,
Yuyuan Chang
Abstract:This study examines whether corporate philanthropy improves firms' competitiveness in the market for private investments in public equity (PIPEs). Adopting a Chinese PIPE sample between 2007 and 2019, corporate donations have been observed to increase the likelihood of issuers' PIPE applications being approved by the Chinese Securities Regulatory Commission (CSRC). It is also shown that CSRC spends less time reviewing PIPE applications of donating firms. Consistent with the signalling argument, we find that fi… Show more
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