REASONS FOR DELISTING AND CONSEQUENCES: A LITERATURE REVIEW AND RESEARCH AGENDA
综述了美国及国际退市文献，按自愿与强制退市分类，分析管理层退市决策的权衡、监管困境及对股东价值的影响，并指出研究空白与未来方向。
Abstract This paper discusses the literature on delisting, drawing on USA and international evidence. Given the great heterogeneity in delisting operations, we first consider the standard existing typology based on the initiator of the delisting (the stock market authorities, or the firm itself). Second, while managers often cite high compliance costs (especially due to Sarbanes–Oxley Act implementation) as the official reason for the voluntary delisting of their firm, we highlight that firms face different trade‐offs in their delisting decision. We also examine the reasons for involuntary delisting, especially the delisting dilemma faced by stock market authorities when the firm violates the listing requirements. Next, we review the economic consequences of delisting in terms of value creation or value destruction for shareholders. Finally, noting gaps in the literature and other contrasting results, we propose suggestions for future research.