The impact of corporate governance measures on the performance of West African IPO firms

Hearn, Bruce (2011) The impact of corporate governance measures on the performance of West African IPO firms. Emerging Markets Review, 12 (2). pp. 130-151. ISSN 1566-0141

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Abstract

This 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.

Item Type: Article
Schools and Departments: School of Business, Management and Economics > Business and Management
Subjects: H Social Sciences > HG Finance > HG3810 Foreign exchange. International finance. International monetary system
H Social Sciences > HG Finance > HG4001 Finance management. Business finance. Corporation finance
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Depositing User: Bruce Hearn
Date Deposited: 24 Apr 2012 08:59
Last Modified: 07 Mar 2017 05:58
URI: http://sro.sussex.ac.uk/id/eprint/38162

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