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Can governance help in making an IPO “successful”? New evidence from Europe
Journal of International Financial Management & Accounting ( IF 2.808 ) Pub Date : 2020-03-15 , DOI: 10.1111/jifm.12116
Marina Brogi 1 , Valentina Lagasio 1 , Valerio Pesic 1
Affiliation  

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.

中文翻译:

治理可以帮助使IPO“成功”吗?来自欧洲的新证据

本文从公司治理的角度研究了2000年至2015年间在欧洲上市的代表性样本中“成功” IPO的决定因素。我们使用广泛的市场绩效,财务数据和公司治理特征数据集进行调查。与以前的研究不同,我们的分析既包括短期观点,也包括中期观点,在这种观点下,董事会似乎执行着不同的任务,从价值创造转向价值保护策略。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在其他董事会中的经验与IPO在短期和中长期的积极表现相关,
更新日期:2020-03-15
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