West African CORP-GOV IPO RR BH.pdf (584.96 kB)
The impact of corporate governance measures on the performance of West African IPO firms
journal contribution
posted on 2011-05-13, 09:51 authored by Bruce HearnThis paper examines the impact on underpricing and firm market value arising from IPO firms implementing a range of governance attributes such as the separation of CEO and Chairman roles, the founder ceding CEO position, establishment of committees and board size. Furthermore I study the determinants of director retained ownership and the relation between this and underpricing. Using a comprehensive sample of 37 locally listed IPO firm's from across West Africa I find evidence of a mixed impact from the adoption of universally recognised governance mechanisms. Higher levels of retained director ownership increase underpricing in contrast to that of founders.
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Emerging Markets Review, 2011, 12(2), pp. 130-151.Published in
Emerging Markets ReviewPublisher
Elsevierissn
1566-0141Copyright date
2011Available date
2011-05-13Publisher DOI
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http://www.sciencedirect.com/science/article/pii/S156601411100015XLanguage
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