ساختار مالکیت قبل و بعد از عرضه اولیه اوراق بهادار و عملکرد عملیاتی شرکت NASDAQ

This paper considers how the operating performance of JASDAQ companies is affected by the ownership structure pre- and post-IPOs. We document that operating performance varies according to managerial ownership in addition to the age and size of the firm. Our results on JASDAQ contrast with evidence from Cai and Wei [Pacific-Basin Finance Journal 5 (1997) 389], who analyze the operating performance of companies newly listed on the Tokyo Stock Exchange (TSE). They indicate the post-IPO deterioration in operating performance cannot be attributed to the reduced managerial ownership.