Notice of RetractionWhether IPO or non IPO determine the performance of private listed companies in China

Notice of Retraction

After careful and considered review of the content of this paper by a duly constituted expert committee, this paper has been found to be in violation of IEEE´s Publication Principles.

We hereby retract the content of this paper. Reasonable effort should be made to remove all past references to this paper.

The presenting author of this paper has the option to appeal this decision by contacting TPII@ieee.org.

We analyze the performance between IPO and non IPO private listed companies in A-share market in China. Using WLS regression analysis and factor analysis, we find that IPO private listed companies perform better than non IPO ones on solvency, profitability, cash flow and business development capacity. However, the non IPO listed companies reflect their advantages on the asset management capability. Furthermore, we rely on Stewardship Theory and Agency Theory to explain how the different performance happened and find that Stewardship Theory guides the governance strategies in IPO firms, while Agency Theory guides those in non IPO firms. Based on the findings, the article presents some recommendations.