Can governance help in making an IPO “successful”? New evidence from Europe

IF 9.4 3区 管理学 Q1 BUSINESS, FINANCE Journal of International Financial Management & Accounting Pub Date : 2020-03-15 DOI:10.1111/jifm.12116
Marina Brogi, Valentina Lagasio, Valerio Pesic
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引用次数: 8

Abstract

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.

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治理能帮助IPO“成功”吗?来自欧洲的新证据
本文以2000年至2015年欧洲上市公司为代表,从公司治理的角度研究了“成功”IPO的决定因素。我们使用广泛的市场表现、财务数据和公司治理特征数据集进行调查。与以往的研究不同,我们的分析既包括短期视角,也包括中长期视角,董事会似乎执行不同的任务,从价值创造转向价值保护战略。在其他方面,我们发现,董事会规模、董事会独立性及其资格,以及他们在其他董事会的经验,与IPO在短期和中长期的积极表现有关,尽管这些时间视角之间存在显著差异。
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来源期刊
CiteScore
9.10
自引率
2.00%
发文量
23
期刊介绍: The Journal of International Financial Management & Accounting publishes original research dealing with international aspects of financial management and reporting, banking and financial services, auditing and taxation. Providing a forum for the interaction of ideas from both academics and practitioners, the JIFMA keeps you up-to-date with new developments and emerging trends.
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