For many firms, voluntarily delisting from a stock exchange can be optimal. We model an entrepreneur's incentives to voluntarily delist the firm as a trade-off between consumption of private benefits when listed and expected improvements in the firm's performance after delisting. Our model allows for heterogeneity across firms and countries, and various micro and macro shocks affect the delisting decision. Such a model makes novel predictions regarding the delisting patterns around the world. We empirically confirm these predictions using manually collected delisting data from 26 countries. Increasing policy and regulatory uncertainties can partially explain the greater popularity of voluntary delistings.

中文翻译：

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自愿退市的时间

对于许多公司来说，自愿从证券交易所退市可能是最佳选择。我们将企业家自愿将公司退市的动机建模为上市时私人利益的消耗与退市后公司业绩预期改善之间的权衡。我们的模型考虑到公司和国家之间的异质性，各种微观和宏观冲击都会影响退市决定。这样的模型对世界各地的退市模式做出了新颖的预测。我们使用手动收集的 26 个国家/地区的退市数据来实证证实这些预测。政策和监管不确定性的增加可以部分解释自愿退市更受欢迎的原因。