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This thesis examines the relationship between the aftermarket performance of Chinese initial public offerings (IPOs) and corporate governance for firms that listed during the years 1999 to 2001. The primary objective of this study is to investigate the significance of corporate governance variables as explanations of IPOs aftermarket performance. By doing so, a set of hypotheses dealing with the relationships between IPO aftermarket performance and three categories of independent variables: corporate governance variables; issue variables; and control variables, were examined. The descriptive analysis indicates that IPOs in China continue to provide significant short-term returns to investors, although the level of underpricing has declined from that found in earlier studies. This finding suggests a growing level of maturity and sophistication in the Chinese IPO market. The analysis of long-term performance indicates negative returns to investors which is consistent with international evidence but challenges the bulk of prior Chinese studies. It is found that there is no significant relationship between corporate governance variables and IPO returns in the short-term with the exception of board composition, while IPO underpricing is primarily explained by the imbalance between supply and demand and the inefficient capital market in China. The significance of board composition can be explained by the launch of the new corporate governance code on board structures in 2001. Overall the empirical evidence shows that the Information Asymmetry Hypothesis is an appropriate explanation of the underpricing of Chinese IPOs. In the long-term, it is found that corporate governance variables do have explanatory power for the market performance of Chinese IPOs, in particular state ownership and the separation of Chairman and CEO, supporting the notion that corporate governance appears to be important to IPO investors in the long-term. It also confirms the view that investors are willing to pay a premium for the shares of what they consider to be well-governed firms in the long-term. Besides corporate governance variables, both issue variables and control variables are also found to have explanatory power in IPO aftermarket performance. In particular firm size, IPO offer price, IPO lottery rate and industry are significantly related to IPO short-term performance in China, while growth in earning per share, firm size and industry are related to the long-term market performance.

ost companies adhere to corporate governance, which is a generally recognized governingstructure in order to enhance the financial performance of their business. This studyinvestigates the relationship between corporate governance and the financial performanceof Sri Lanka's licensed banks using this scenario as a basis. The research question raised bythis study was “Does Corporate Governance impact on Financial Performance of BankingSector in Sri Lanka?”. The independence variables were corporate governance and it wasmeasured from five dimensions board size ,gender diversity , number of board meetings,and board independence, number of board committees. The dependent variables wasfinancial performance and it was measured from return on assets and return on equity. Thecontrol variables used for study were firm size, leverage, and firm age. The non-randomconvenience sampling methods was used and selected 19 banks out of 30 licensed banks inSri Lanka. The data was collected from secondary sources, that is, annual reports of 2018-2022.The collected data were analyzed through regression analysis using SPSS statistical methodto ascertain the developed hypothesis of this study. The findings of the study revealed thatboard independence was statistically significant with both ROA and ROE indicating that anegative and positive linear relationship respectively. Board size and number of femaledirectors were statistically significant with ROA while board size and number of femaledirectors were not statistically significant with ROE. However, number of board meetingsand number of board committees were not statistically significant with both ROA and ROE.These results revealed that in overall, corporate governance dimensions were moreimpacted on return on assets compared to return on equity in the Sri Lankan banking sector.

Thèse numérisée par la Division de la gestion de documents et des archives de l'Université de Montréal.

Thèse numérisée par la Division de la gestion de documents et des archives de l'Université de Montréal