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:	University of Sussex Business School > 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
Related URLs:	http://www.sciencedirect.com/science/art...
Depositing User:	Bruce Hearn
Date Deposited:	24 Apr 2012 08:59
Last Modified:	03 Jul 2019 01:17
URI:	http://sro.sussex.ac.uk/id/eprint/38162

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