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.

Can governance help in making an IPO “successful”? New evidence from Europe / Brogi, M.; Lagasio, V.; Pesic, V.. - In: JOURNAL OF INTERNATIONAL FINANCIAL MANAGEMENT & ACCOUNTING. - ISSN 0954-1314. - (2020). [10.1111/jifm.12116]

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

Brogi M.;Lagasio V.;Pesic V.
2020

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.
Capital Markets Union; corporate governance; IPO; stock performance
01 Pubblicazione su rivista::01a Articolo in rivista
Can governance help in making an IPO “successful”? New evidence from Europe / Brogi, M.; Lagasio, V.; Pesic, V.. - In: JOURNAL OF INTERNATIONAL FINANCIAL MANAGEMENT & ACCOUNTING. - ISSN 0954-1314. - (2020). [10.1111/jifm.12116]
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Utilizza questo identificativo per citare o creare un link a questo documento: https://hdl.handle.net/11573/1416101
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