What a relief: How do firms respond to competitors' listing delays?

• 成果类型: Article
• 署名作者: Jia, Ning; Qian, Jiaqi; Tian, Xuan; Yu, Jinxin
• 署名单位: Tsinghua University; Tsinghua University; Central University of Finance & Economics
• 刊物名称: CONTEMPORARY ACCOUNTING RESEARCH
• ISSN/ISSBN: 0823-9150
• DOI: 10.1111/1911-3846.13015
• 发表日期: 2025
• 页码: 890-921
• 关键词: trade credit; ipos affect; disclosure; connections; performance; predation; DECISION; IMPACT

摘要

We examine the effect of product market competitors' listing delays on incumbent firms' defensive strategies, including efforts in customer retention and acquisition as well as merger and acquisition (M&A) activities. To establish causality, we use four regulation-induced IPO suspensions in China that expose firms already approved for an IPO to indeterminate listing delays. Using a difference-in-differences design, we find that incumbent firms reduce efforts in customer retention and acquisition, as manifested in an increase in accounts receivable turnover and a decrease in selling expenses. Incumbent firms also reduce M&A activities, including high-premium and horizontal ones. The effects are stronger for incumbent firms that are subject to more intensive competition from the suspended firm, face larger competitive pressure from existing public firms, and are more financially constrained. Additionally, incumbent firms' managers reduce competition-related disclosures, and the firms' financial performance improves after competitors' listing delays. Consistent with the findings based on listing delays, we find that incumbent firms increase efforts in customer retention and acquisition and M&As surrounding competitors' IPO application and approval. Our paper sheds new light on the IPO peer effect, especially on how incumbent firms respond to the product market competitor's capital market entry. Quel soulagement : comment les entreprises r & eacute;agissent-elles aux retards de cotation de leurs concurrents?Nous examinons l'effet des retards de cotation des concurrents sur les march & eacute;s de produits sur les strat & eacute;gies d & eacute;fensives des entreprises en place, y compris les efforts de r & eacute;tention et d'acquisition de clients ainsi que les activit & eacute;s de fusion et d'acquisition (F&A). Pour & eacute;tablir la causalit & eacute;, nous utilisons quatre suspensions d'introduction en bourse induites par la r & eacute;glementation en Chine, qui exposent les entreprises d & eacute;j & agrave; approuv & eacute;es pour une introduction en bourse & agrave; des retards de cotation ind & eacute;termin & eacute;s. En utilisant un mod & egrave;le de diff & eacute;rences dans les diff & eacute;rences, nous constatons que les entreprises en place r & eacute;duisent leurs efforts de fid & eacute;lisation et d'acquisition de clients, ce qui se traduit par une augmentation du taux de rotation des comptes clients et une diminution des frais de vente. Les entreprises en place r & eacute;duisent & eacute;galement leurs activit & eacute;s de fusion et d'acquisition, y compris les fusions horizontales et & agrave; prix & eacute;lev & eacute;. Les effets sont plus marqu & eacute;s pour les entreprises en place qui sont soumises & agrave; une concurrence plus intense de la part de l'entreprise suspendue, qui subissent une pression concurrentielle plus forte de la part des entreprises publiques existantes et qui sont soumises & agrave; des contraintes financi & egrave;res plus importantes. En outre, les dirigeants des entreprises en place r & eacute;duisent les informations relatives & agrave; la concurrence et les performances financi & egrave;res des entreprises s'am & eacute;liorent apr & egrave;s le report de la cotation des concurrents. Conform & eacute;ment aux conclusions bas & eacute;es sur les retards de cotation, nous constatons que les entreprises en place redoublent d'efforts en mati & egrave;re de fid & eacute;lisation et d'acquisition de clients et de fusions-acquisitions apr & egrave;s la demande et l'approbation de l'introduction en bourse de leurs concurrents. Notre & eacute;tude jette un nouvel & eacute;clairage sur l'effet des pairs lors de l'introduction en bourse, en particulier sur la mani & egrave;re dont les entreprises en place r & eacute;agissent & agrave; l'entr & eacute;e sur le march & eacute; des capitaux d'un concurrent sur le march & eacute; des produits.