Intermediary Institutions’ Collaborative Governance and Post-IPO Performance Change

Based on Chinese A-share IPOs from February 1, 2004, to December 31, 2023, this paper examines whether intermediary institutions’ collaborative governance mitigates post-initial public offering (IPO) performance deterioration. To capture the collaborative governance mechanism, we construct an intermediary collaborative network and examine the impact of network centrality, which represents an intermediary’s structural position within the network, on post-IPO performance. Results indicate higher network centrality significantly mitigates post-IPO performance deterioration for issuer firms, and this effect is primarily driven by cross-intermediary collaboration. The governance effect arises from reputational discipline, enhanced independence, and information advantages. Moreover, firms engaging more central intermediaries exhibit lower pre-IPO earnings management, reduced prospectus complexity, and fewer disclosure violations. Finally, the effect is more pronounced in firms with weaker internal governance, those listed under the registration system, those with higher analyst coverage, and state-owned enterprises. These findings highlight the role of intermediary collaborative networks in IPO governance in an emerging market.