Corporate Governance In Ipo Firms

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Corporate Governance In Ipo Firms

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Author : Erik E. Lehmann
language : en
Publisher:
Release Date : 2020-02-05

Corporate Governance In Ipo Firms written by Erik E. Lehmann and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-02-05 with Business & Economics categories.

Corporate Governance in IPO Firms encompasses theories and concepts analyzing, judging and describing financial decisions in entrepreneurial firms and draws on positive and normative aspects of entrepreneurship. In a positive way, this monograph describes these phenomena in aspects of governance issues in IPO firms, and why and how governance structures shape the behavior, the boundaries and the performance of these firms. In a normative way, this monograph offers concepts on how institutions and mechanisms should be designed and work to optimize a respective goal or performance associated with the IPO of an entrepreneurial firm. Corporate governance mechanisms in IPO firms differ from the traditional corporate governance issues in several ways. First, an IPO confronts the founder-manager of the firm with the trade-off between obtaining additional resources to sustain future growth and profits and maintaining total control of the company. Secondly, this constitutes a trade-off for investors between the expected returns of a risky investment and the agency costs associated with moral hazard and adverse selection effects caused by imperfect and asymmetric information. Thirdly, analyzing IPOs offers insights into how these agency costs are priced by investors at the point in time that these costs occur. Fourthly, of difference is which governance mechanisms are at work at this initial stage of a company's lifecycle. Finally, analyzing corporate governance issues in IPO's offers additional insights on the macro level and reveals country-specific differences.

Corporate Governance And Initial Public Offerings

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Author : Alessandro Zattoni
language : en
Publisher: Cambridge University Press
Release Date : 2012-03-22

Corporate Governance And Initial Public Offerings written by Alessandro Zattoni and has been published by Cambridge University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-03-22 with Business & Economics categories.

A major international study on corporate governance and Initial Public Offerings (IPOs) in twenty-one countries.

Effects Of Corporate Governance On Performance

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Author : Bee Wah Ong
language : en
Publisher:
Release Date : 2005

Effects Of Corporate Governance On Performance written by Bee Wah Ong and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005 with categories.

Corporate Governance Professionalisation And Performance Of Ipo Firms

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Author : Rolf Christian Thiess
language : en
Publisher:
Release Date : 2010

Corporate Governance Professionalisation And Performance Of Ipo Firms written by Rolf Christian Thiess and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010 with categories.

Combining agency theory and the resource-dependence perspective as well as signalling theory, this thesis examines the role venture capitalists (VCs) and founders play with respect to both structural board characteristics and board capital in terms of experience and prestige and whether these are linked to performance. It claims that VCs and founders shape the governance system of the firms going public and are influential in the professionalisation of the ventures especially in terms of human and social capital of its board of directors. It also argues that the board of directors represents a signal of firm quality in the initial public offering (IPO) market and should thus be linked to performance. Similarly, according to the venture capital certification hypothesis, being funded by VCs signals a firm's quality and potential. In order to assess these claims, this thesis employs a unique sample of matched venturecapital- backed and non-venture-capital-backed entrepreneurial IPOs that floated either on the London Stock Exchange's Official List or the Alternative Investment Market (AIM). Extending previous research this thesis employs more fine-grained measures and introduces new conceptually relevant variables in the analysis. The findings indicate that VCs and founders are influential in shaping corporate governance of IPO-stage ventures both from an agency and resource-provision perspective. Findings from the examination of governance and professionalisation characteristics with respect to IPO short-run performance (underpricing) indicate that it may the involvement of prestigious auditors that signal firm quality while a founder bias discount seems to exist. While evidence is found that VC involvement (and to a lesser extent director/board characteristics) is related to post-IPO market performance, this seems to depend on the time period following the IPO examined, whereas auditor prestige shows a positive association in all of these time periods.

Corporate Governance In Ipo Firms

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Author : ERIK E. LEHMANN;SILVIO VISMARA.
language : en
Publisher:
Release Date : 2020

Corporate Governance In Ipo Firms written by ERIK E. LEHMANN;SILVIO VISMARA. and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020 with categories.

This monograph encompasses theories and concepts analyzing, judging and describing financial decisions in entrepreneurial firms and draws on positive and normative aspects of entrepreneurship. It describes these phenomena in aspects of governance issues in IPO firms.

Corporate Governance Mechanisms In Ipo Firms

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Author : Petrus Gerardus Jacobus Roosenboom
language : en
Publisher:
Release Date : 2002

Corporate Governance Mechanisms In Ipo Firms written by Petrus Gerardus Jacobus Roosenboom and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2002 with categories.

Handbook Of Research On Ipos

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Author : Mario Levis
language : en
Publisher: Edward Elgar Publishing
Release Date : 2013-11-29

Handbook Of Research On Ipos written by Mario Levis and has been published by Edward Elgar Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-11-29 with Business & Economics categories.

The chapters offer some important new insights into issues that will be of interest not only to the academic community but also to professionals involved in the preparation, structure and execution of such transactions, market regulators, and private a

Corporate Governance In Firms Going Public

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Author : Guannan Wang
language : en
Publisher:
Release Date : 2013

Corporate Governance In Firms Going Public written by Guannan Wang and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013 with categories.

The empirical IPO literature is now fairly mature. Many literatures have focused on various aspects of IPOs, such as the role of venture capital in IPO companies, IPO underpricing, and the adoption of antitakeover defense. All these issues are related to the corporate governance of IPO firms. Although many studies have been conducted to explore the underlying economic motivation of these issues, none of these issues has reached consensus and their empirical evidences are also mixed. In this survey, I review some dominant theories and hypotheses for each issue and try to highlight some common factors that influence all of these issues.

Strategic Alliances And Corporate Governance In Newly Public Firms

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Author : Vladimir I. Ivanov
language : en
Publisher:
Release Date : 2008

Strategic Alliances And Corporate Governance In Newly Public Firms written by Vladimir I. Ivanov and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008 with categories.

We examine IPOs of startups backed by corporate venture capitalists (CVCs) and the propensity of CVC parents to establish strategic alliance with these startup firms. We investigate the differences in the governance structures of venture capital (VC) backed IPO firms. A major difference in objectives between CVCs and traditional venture capitalists (TVCs) is that CVCs often invest for strategic reasons and their parent firms frequently enter into various forms of strategic business relations with their portfolio firms which persist well beyond the IPO. We argue that such strategic alliances can have a significant impact on the governance structure of CVC backed firms, both when they go public and in the following years. Using a sample of VC backed IPOs, we evaluate several hypotheses concerning a CVC's role in the corporate governance of newly public firms. We find that strategic CVC backed IPOs have weaker CEOs and a larger proportion of independent directors on their boards and compensation committees compared to a matched sample of TVC backed IPO firms. CVC backed IPO firms also have a higher frequencies of staggered boards and forced CEO turnovers. Comparing the corporate governance of IPO firms having strategic alliances with CVC parents with TVC backed IPOs with outside strategic alliances, we find strategic CVC investors have a mean ownership stake of 16.4% compared to 2.2% for outside strategic partners and the strategic CVCs hold significantly more board seats than other strategic alliance partners, both pre- and post-IPO. Finally, these two subsamples of IPO issuers have similar frequencies of takeover defenses.

Pre Ipo Firm Performance And Corporate Governance Of U S Ipo Firms

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Author : Marie-Claude Morin
language : en
Publisher:
Release Date : 2003

Pre Ipo Firm Performance And Corporate Governance Of U S Ipo Firms written by Marie-Claude Morin and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003 with Going public (Securities) categories.

This study examines differences between venture-backed and non venture-backed IPO firms in three aspects. First, operating performance and firm growth are examined in the pre-IPO period and in the IPO year. Second, differences in the corporate governance mechanisms in place at the time of the IPO are considered. In order to do so, board structure and directors' ownership and voting power are considered. Third, differences in the degree of IPO underpricing between the two groups are tested. Possible relationships of IPO underpricing with firm performance and corporate governance are also explored. We find venture-backed firms experience poorer operating performance in the IPO year as well as in the four years preceding it. On the other hand, they show higher growth in operating performance and revenues compared to non venture-backed firms. Board size is positively related to the number of VCs involved, but negatively related to VCs' ownership in the firm. Venture-backed firms have more outside directors but fewer independent directors on their board compared to non venture-backed firms. In addition, CEO duality is less common in venture-backed firms. Finally, IPO underpricing is larger for venture-backed firms, except for firms in the smallest size quartile. We also find underpricing not to be significantly related to firm performance and corporate governance mechanisms.