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Corporate Governance in IPO Firms

Corporate Governance in IPO Firms
Author: Erik E. Lehmann
Publisher:
Total Pages: 112
Release: 2020-02-05
Genre: Business & Economics
ISBN: 9781680836349

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Corporate Governance in IPO Firms encompasses theories and concepts analyzing, judging and describing financial decisions in entrepreneurial firms and draws on positive and normative aspects of entrepreneurship. In a positive way, this monograph describes these phenomena in aspects of governance issues in IPO firms, and why and how governance structures shape the behavior, the boundaries and the performance of these firms. In a normative way, this monograph offers concepts on how institutions and mechanisms should be designed and work to optimize a respective goal or performance associated with the IPO of an entrepreneurial firm. Corporate governance mechanisms in IPO firms differ from the traditional corporate governance issues in several ways. First, an IPO confronts the founder-manager of the firm with the trade-off between obtaining additional resources to sustain future growth and profits and maintaining total control of the company. Secondly, this constitutes a trade-off for investors between the expected returns of a risky investment and the agency costs associated with moral hazard and adverse selection effects caused by imperfect and asymmetric information. Thirdly, analyzing IPOs offers insights into how these agency costs are priced by investors at the point in time that these costs occur. Fourthly, of difference is which governance mechanisms are at work at this initial stage of a company's lifecycle. Finally, analyzing corporate governance issues in IPO's offers additional insights on the macro level and reveals country-specific differences.


Corporate Governance and Initial Public Offerings

Corporate Governance and Initial Public Offerings
Author: Alessandro Zattoni
Publisher: Cambridge University Press
Total Pages: 613
Release: 2012-03-22
Genre: Business & Economics
ISBN: 1107379326

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Initial Public Offerings (IPOs) are unique economic and governance events as privately held firms issue common stock or shares to the public for the first time. The governance issues surrounding IPOs are relatively unexamined compared to more established, and usually larger, firms. As such, they provide a unique context to study corporate governance and its development around the world. Based on a collaborative international research project, this book analyses the corporate governance of IPOs in twenty-one countries, each of which is characterized by different governance environments and different levels of IPO activity. The end result is a broad and deep assessment of governance practices and IPO activity for an array of economies that represent roughly 80 percent of the global economy. These chapters collectively provide new insights into what a global theory of corporate governance might look like and offer guidance to policy makers and academics regarding national governance configurations.


Corporate Governance in IPO Firms

Corporate Governance in IPO Firms
Author: ERIK E. LEHMANN;SILVIO VISMARA.
Publisher:
Total Pages: 108
Release: 2020
Genre:
ISBN: 9781680836356

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This monograph encompasses theories and concepts analyzing, judging and describing financial decisions in entrepreneurial firms and draws on positive and normative aspects of entrepreneurship. It describes these phenomena in aspects of governance issues in IPO firms.


Handbook of Research on IPOs

Handbook of Research on IPOs
Author: Mario Levis
Publisher: Edward Elgar Publishing
Total Pages: 599
Release: 2013-11-29
Genre: Business & Economics
ISBN: 1781955379

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The chapters offer some important new insights into issues that will be of interest not only to the academic community but also to professionals involved in the preparation, structure and execution of such transactions, market regulators, and private a


Corporate Governance, Professionalisation and Performance of IPO Firms

Corporate Governance, Professionalisation and Performance of IPO Firms
Author: Rolf Christian Thiess
Publisher:
Total Pages:
Release: 2010
Genre:
ISBN:

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Combining agency theory and the resource-dependence perspective as well as signalling theory, this thesis examines the role venture capitalists (VCs) and founders play with respect to both structural board characteristics and board capital in terms of experience and prestige and whether these are linked to performance. It claims that VCs and founders shape the governance system of the firms going public and are influential in the professionalisation of the ventures especially in terms of human and social capital of its board of directors. It also argues that the board of directors represents a signal of firm quality in the initial public offering (IPO) market and should thus be linked to performance. Similarly, according to the venture capital certification hypothesis, being funded by VCs signals a firm's quality and potential. In order to assess these claims, this thesis employs a unique sample of matched venturecapital- backed and non-venture-capital-backed entrepreneurial IPOs that floated either on the London Stock Exchange's Official List or the Alternative Investment Market (AIM). Extending previous research this thesis employs more fine-grained measures and introduces new conceptually relevant variables in the analysis. The findings indicate that VCs and founders are influential in shaping corporate governance of IPO-stage ventures both from an agency and resource-provision perspective. Findings from the examination of governance and professionalisation characteristics with respect to IPO short-run performance (underpricing) indicate that it may the involvement of prestigious auditors that signal firm quality while a founder bias discount seems to exist. While evidence is found that VC involvement (and to a lesser extent director/board characteristics) is related to post-IPO market performance, this seems to depend on the time period following the IPO examined, whereas auditor prestige shows a positive association in all of these time periods.


International and US IPO Planning

International and US IPO Planning
Author: Frederick D. Lipman
Publisher: John Wiley & Sons
Total Pages: 295
Release: 2008-12-22
Genre: Business & Economics
ISBN: 0470478675

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Praise for International and U.S. IPO Planning "Perhaps the greatest value of Frederick Lipman's new book on initial public offerings derives as its title indicates from the emphasis that it places on planning. Lipman makes abundantly clear that an IPO is not something to be rushed into by every fledgling firm, as was typical during the dot.com boom of the late 1990s. Indeed, his extensive treatment of the many aspects of preparing a company for an IPO, particularly the non financial aspects, helps the reader to focus on the most important question of all: Is an IPO appropriate for a given company? Somewhat uniquely, Lipman then asks the further question of whether an international IPO might be appropriate for that company even if a domestic one were not. By doing so, he has made a real contribution to this literature." Kenneth C. Froewiss, Clinical Professor of Finance, NYU Stern School of Business "We are operating in a global environment in nearly every aspect of business, and structuring/planning for an IPO is no different. The recent changes in regulations for U.S.- listed companies have raised the cost of access of U.S.-listed IPO capital, making foreign exchanges much more attractive. Fred Lipman has created a wonderful guide for managers to seriously access this option for their business. I also hope his book is a wake-up call to U.S. regulators on their impact on the competitiveness of U.S. securities markets." Bob Hellman, Managing Partner & CEO, American Infrastructure MLP Funds "This book will be of immense value to the companies planning an IPO. I am particularly struck by the research done by the author, which, in my opinion, makes it an authentic guide for private companies not only in the U.S. but also in Asia, particularly India and China, where a huge opportunity awaits companies to mature into sustainable enterprises by involving a large section of society in their IPO." M.K. Chouhan, Chairman, Mahendra & Young Knowledge Foundation, and Vice Chairman of Global Advisory Board, Asian Centre for Corporate Governance "This book contains valuable suggestions for advanced planning for both U.S. and international IPOs and belongs in the library of every entrepreneur and business executive." William C. Tyson, Associate Professor, Legal Studies, The Wharton School of the University of Pennsylvania 8 crucial steps to planning a successful IPO International and U.S. IPO Planning outlines the eight step-by-step techniques all private companies must follow to prepare for a successful IPO, either in the U.S. or internationally. From advance planning techniques for both an international and U.S. IPO, to growing a business through acquisitions and "roll-ups" prior to an IPO, to deterring unwanted suitors by inserting carefully placed provisions into the charter, and so much more, International and U.S. IPO Planning provides a wealth of practical and insightful guidance to help the private company go public, regardless of its size or location.


Corporate Governance in Firms Going Public

Corporate Governance in Firms Going Public
Author: Guannan Wang
Publisher:
Total Pages: 30
Release: 2013
Genre:
ISBN:

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The empirical IPO literature is now fairly mature. Many literatures have focused on various aspects of IPOs, such as the role of venture capital in IPO companies, IPO underpricing, and the adoption of antitakeover defense. All these issues are related to the corporate governance of IPO firms. Although many studies have been conducted to explore the underlying economic motivation of these issues, none of these issues has reached consensus and their empirical evidences are also mixed. In this survey, I review some dominant theories and hypotheses for each issue and try to highlight some common factors that influence all of these issues.


International Corporate Governance

International Corporate Governance
Author:
Publisher: Emerald Group Publishing
Total Pages: 280
Release: 2015-10-01
Genre: Business & Economics
ISBN: 178560354X

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Advances in Financial Economics, volume 18, will present research on corporate governance both in the US and globally. The volume will aim at providing a deeper understanding of corporate governance practices, trends, innovations and challenges using international data.