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 |
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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: | |
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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