On the afternoon of September 23, 2026, the Faculty of Business and Management hosted Professor Chen Chen, Professor of Accounting at Monash University and Visiting Professor at FBM, BNBU, for a Distinguished Lecture entitled “Growing Pains: Going Public and Consumer Satisfaction.” The event attracted more than 60 faculty members and students.

Dr. Mi Lin and Prof. Luchuan Liu presenting a souvenir to Prof. Chen Chen

The Lecture was hosted by Prof. Luchuan Liu. Before the lecture, Dr. Mi Lin, Associate Dean of the FBM, presented Professor Chen with a commemorative gift on behalf of the Faculty, expressing sincere appreciation for his visit and for sharing his cutting-edge research.

In the Lecture, Prof. Chen presented a working paper examining whether initial public offerings (IPOs) affect customer satisfaction. Using Trustpilot data from service-based companies in Northern Europe, researchers track the same customers before and after firms go public. This approach helps distinguish changes in existing customers’ experiences from changes caused by attracting new customers after an IPO.

The study analyzes roughly 650,000 reviews from 141 completed IPOs and 52 firms that planned but did not complete an IPO. These unsuccessful IPO candidates serve as a comparison group.

The findings suggest that customer satisfaction declines after successful IPOs. Firms receive lower ratings, fewer positive reviews, and more negative comments, while firms that did not complete IPOs generally show stable or improving results. The decline is strongest during the first two years after listing and gradually recovers afterward.

The lecture provided valuable insights into the potential consumer-side consequences of going public and stimulated lively discussion among faculty members and students.