Reverse merger audit fee premium: Evidence from China

Cheng, Zijian; Liu, Zhangxin (Frank); Wang, Isabel Zhe; Zhao, Xingju

doi:10.1016/j.irfa.2024.103318

International Review of Financial Analysis

2024

DOI: 10.1016/j.irfa.2024.103318

|View full text |Cite

Reverse merger audit fee premium: Evidence from China

Zijian Cheng,

Zhangxin (Frank) Liu,

Isabel Zhe Wang

et al.

Help me understand this report

Search citation statements

Order By: Relevance

Paper Sections

Select...

Citation Types

Supporting

Mentioning

Contrasting

Year Published

2024

Publication Types

Select...

Article2

Relationship

Self Cite0

Independent2

Authors

Journals

Cited by 2 publications

References 65 publications

Supporting

Mentioning

Contrasting

Order By: Relevance

Strategic choices in going public: ESG performance implications in China

Cheng,

Gao,

Liu

et al. 2024

Bus Strat Env

View full text Add to dashboard Cite

Choices in going public are important business strategies that can influence Environmental, Social and Governance (ESG) performance through varying levels of regulatory scrutiny, investor expectations, governance improvements, public attention and strategic focus. We investigate the impact of listing approach on ESG performance in China over the period of 2009 to 2022, by comparing the ESG performance of firms going public via initial public offering (IPO) versus reverse merger (RM). Consistent with our institutional, legitimacy and averse‐selection hypotheses, we find that RM firms exhibit significantly lower ESG performance compared with IPO firms, a difference we attribute to the greater performance pressure, higher litigation risk, greater financing constraints and poorer internal controls experienced by RM firms. These factors likely reduce management's willingness to invest in and improve ESG outcomes. However, as time passed, the discrepancy in ESG performance between RM firms and IPO firms gradually diminished. Additionally, the nature of state ownership and reduced competitive pressure in the industry also serve to mitigate the negative impact of RMs on firms' ESG performance. To promote sustainable development, going public via IPO offers a better business strategy, creating shared value among a broader range of stakeholders, including socially responsible investors, advocacy groups and regulators.

show abstract

Strategic choices in going public: ESG performance implications in China

Cheng,

Gao,

Liu

et al. 2024

Bus Strat Env

View full text Add to dashboard Cite

show abstract

Modernization of the Heating System in Uzbekistan: Transition to Energy-Efficient and Sustainable Green Technologies

Isroilova,

Usmanova,

Saidvalieva

2024

E3S Web Conf.

View full text Add to dashboard Cite

The article examines the problems and prospects of modernization of the heating system in Uzbekistan in the context of the transition to a green economy. The authors analysed the current state of the heating system and proposed solutions aimed at increasing its efficiency through the introduction of innovative green technologies, such as solar collectors and other renewable energy sources. The study substantiates the need to use energy-saving technologies and improve the energy efficiency of buildings to reduce the consumption of fossil fuels and lower greenhouse gas emissions. Calculations of the economic efficiency of the proposed measures, including an assessment of the return on investment, are carried out. Recommendations are given for the development and support of green technologies in the heating sector at the state level.

show abstract

scite is a Brooklyn-based organization that helps researchers better discover and understand research articles through Smart Citations–citations that display the context of the citation and describe whether the article provides supporting or contrasting evidence. scite is used by students and researchers from around the world and is funded in part by the National Science Foundation and the National Institute on Drug Abuse of the National Institutes of Health.

Contact Info

customersupport@researchsolutions.com

10624 S. Eastern Ave., Ste. A-614

Henderson, NV 89052, USA

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Blog Terms and Conditions API Terms Privacy Policy Contact Cookie Preferences Do Not Sell or Share My Personal Information

Made with 💙 for researchers

Part of the Research Solutions Family.

Reverse merger audit fee premium: Evidence from China

Cited by 2 publications

References 65 publications

Strategic choices in going public: ESG performance implications in China

Strategic choices in going public: ESG performance implications in China

Modernization of the Heating System in Uzbekistan: Transition to Energy-Efficient and Sustainable Green Technologies

Contact Info

Product

Resources

About