Corporate Governance and Market Performance of Seasoned Equity Offerings: Evidence From Chinese Listed A-Share Companies

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Analysis shows internal governance features like state ownership and board structure affect SEO outcomes.

Long-term stock returns are negatively affected by state ownership and CEO duality, impacting performance.
A sample of 458 seasoned equity offerings shows significant differences in short-term and long-term market reactions.
The study employs an analysis of the impact of governance attributes on market performance in China’s A-share market.
These findings highlight the vital role of corporate governance in shaping investor behavior in emerging markets.

Wang et al. (2025) studied this question.

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