Can governance help in making an IPO 'successful'? New evidence from Europe
| Autor: | Marina Brogi, Valentina Lagasio, Valerio Pesic |
|---|---|
| Rok vydání: | 2020 |
| Předmět: |
Value (ethics)
050208 finance Value creation business.industry media_common.quotation_subject Corporate governance corporate governance 05 social sciences Perspective (graphical) stock performance Accounting Capital Markets Union IPO Independence 0502 economics and business Business Management and Accounting (miscellaneous) business Initial public offering 050203 business & management Finance media_common |
| Zdroj: | Journal of International Financial Management & Accounting. 31:239-269 |
| ISSN: | 1467-646X 0954-1314 |
| DOI: | 10.1111/jifm.12116 |
| Popis: | This paper investigates the determinants of a “successful” IPO from a corporate governance perspective upon a representative sample of European listings from 2000 to 2015. We use an extensive dataset of market performance, financial data, and corporate governance characteristics to run the investigation. Differently from previous studies, our analysis embraces both a short‐term perspective and a medium–long‐term perspective, where the board of directors seems to perform different tasks, moving from a value creation to a value protection strategy. Among the others, we find that board size, board independence, and their qualifications, together with their experience in other boards, are associated with a positive performance of the IPO in a short‐term horizon and in the medium–long‐term period, although significant differences emerge among those time perspectives. |
| Databáze: | OpenAIRE |
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