B23 - History of Economic Thought: Quantitative and MathematicalReturn

IPO listing review via comment letters is an important mechanism to improve the quality of listed firms, while its impact on corporate post-listing behaviors is not clear. Using China's Sci-Tech Innovation Board (STAR market) listed firms, this paper examines the impact of IPO listing review on corporate post-listing tax avoidance behavior. The empirical tests show that the increase of listing review intensity is significantly associated with lower corporate tax avoidance activities of firms after listing. Using textual analysis methods and mediating analysis, this study finds that the decrease effect of listing review on corporate tax avoidance activities is mainly associated with comment letter questions that monitor the characteristics of R&D activities and compliance with operations and information disclosure. The empirical findings support the "Bonding Hypothesis" about the IPO listing review. Further research shows that for non-state-owned firms, firms with low institutional investors shareholding, and firms listed through profitability-related listing criteria, their post-listing tax avoidance activities are more affected by the listing review intensity. Overall, the empirical findings of this study empirically support to the claim that the interactions between stock exchange and equity issuing firms via comment letters during the IPO process play a significant role in monitoring corporate posting-listing behavior. This study helps to reveal the actual effect and strong transmission between the exchange-led IPO listing review and corporate post-listing behaviors, and expands research findings on tax avoidance as well as the effectiveness of IPO comment letters.

This study assesses the relationship between the ownership structure and corporate tax avoidance based on annual financial data of Chinese A-share listed firms during 2010-2020. Firstly, the empirical results demonstrate that when a listed firm has multiple large shareholders (MLS), these shareholders are likely to weaken internal monitoring and collude with each other, which will lower its corporate governance level and increase its corporate tax avoidance (CTA) level. The empirical conclusion remains valid after multiple robustness tests. Secondly, the empirical result of the baseline model is significantly influenced by the nature of ownership, the quality of external audit, the tracking of securities analysts and the firm's location. Finally, the result of our mediating effect analysis shows that the presence of MLS reduces the company investment efficiency, which provokes firms to make aggressive financial choices to obtain resources to ensure their future development.

This study aims to evaluate the effects of selected key factors on health outcomes. Unfortunately, statistical reporting in this field is not harmonized, and in some countries it is completely absent. For this reason, valuable information for health determinant analysis may be lacking or overlooked. Using two different databases, we obtained data from 61 countries for the period 2000-2015. To analyse panel data with over 660 observations, a linear mixed model was applied. This paper contributes to the health economics debate by statistically testing the relationship between health outcomes and variables such as healthcare personnel, healthcare expenditure and infrastructure. The results confirm the importance of healthcare expenditure and healthcare infrastructure. However, the size and direction of the effect vary among countries with different income levels. In regard to human resources, the number of doctors proved to have a significant effect only in lower-income countries.

In the context of increasing concerns about the demographic decline of Europe and the lack of sustainable policies to fight against it, the main purpose of this study is to estimate the migration intention of the Romanian students in economics and business administration and the influence of the determinant factors. Data are collected from a questionnaire survey applied to a sample of 1,155 students at the Alexandru Ioan Cuza University of Iasi. We have applied a multinomial logistic regression model with both simple effects and interactions. The results have brought strong arguments proving the importance of personal value recognition, beliefs and attitudes, family background, as well as interactions between genders, attitude towards competition and active search for a job or between parental severity and migration legacy, as determinant factors of the students' intention to migrate to Western Europe. These results may serve regional, national and even community-based sustainable development policies for the conservation of human resources and mostly of higher-educated individuals.