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Author : Shuai Wu
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (128 download)
Download or read book Executives' Characteristics and IPO Performance written by Shuai Wu and published by . This book was released on 2021 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Michael Ettredge
Publisher :
ISBN 13 :
Total Pages : 43 pages
Book Rating : 4.:/5 (13 download)
Download or read book Executive Board Member Financial Expertise and IPO Performance written by Michael Ettredge and published by . This book was released on 2019 with total page 43 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study investigates the effects on initial public offering (IPO) outcomes of the existence and type of financial expertise of chief executive officers (CEOs) and chief financial officers (CFOs) serving on their own IPO firms' boards. For brevity we refer to these executives as executive board members. We investigate the effects of three types of executive board member financial expertise: that obtained via accounting-based, user-based, and supervisory-based work experience. The results suggest that executive board members having accounting-based experience appear to use that knowledge and experience to decrease information asymmetry at IPO, leading to lower underpricing of initial offerings. Neither of the other two types of financial expertise for executive board members helps to improve IPO underpricing. We also find that executive board members with accounting-based experience are associated with shorter IPO preparation times, and less downward IPO offer price adjustments. Our study suggests that IPO firms experience benefits when executives having accounting expertise serve on their boards.
Author : Christopher Ray Reutzel
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (69 download)
Download or read book Managerial Prestige and Post-IPO Firm Performance written by Christopher Ray Reutzel and published by . This book was released on 2010 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: The role of top managers in shaping the performance of the firms that employ them represents a central issue to strategic management research. Indeed, a substantial amount of research has examined potential linkages between the characteristics of top managers and firm performance. However the empirical results of research in this area have been ambiguous. This study attempts to theoretically and empirically extend research on the influence of top managers on firm performance by examining the relationship between managerial prestige and firm performance in the post-IPO context. Although upper echelons researchers have attempted to link top managers with firm performance in the past recent reviews of the upper echelons research note that little attention has been paid to top management characteristics other than those of top management team (TMT) heterogeneity, TMT size and TMT tenure. Additionally, recent reviews also suggest the need to consider potential intervening mechanisms between TMT characteristics and firm performance. This study addresses these two limitations of prior upper echelons research by examining the direct and indirect influences of managerial prestige on post-IPO firm performance. In this study I develop a model which incorporates the resource based view and resource dependence theory with insights from upper echelons research and research on the IPO context. Results for the model developed in this study suggest the following. First, executive undergraduate prestige is positively related to post-IPO firm growth. The other aspects of managerial prestige examined in this study were not found to influence post-IPO firm performance. Second, the influence of the key external resource holders identified in this study, namely prestigious alliance partners and institutional investors with stable equity portfolios, were found to enhance firm survival rates, but were negatively associated with firm growth. Third, executive undergraduate prestige was found to garner the support of prestigious alliance partners. The remaining aspects of managerial prestige were not found to influence the support of prestigious alliance partners or dedicated institutional investors. Finally, no support was found for prestigious alliance partners and dedicated institutional investors as mediators of the relationship between managerial prestige and post-IPO firm performance.
Author : Alice Belcher
Publisher : Routledge
ISBN 13 : 1134774796
Total Pages : 373 pages
Book Rating : 4.1/5 (347 download)
Download or read book R&D Decisions written by Alice Belcher and published by Routledge. This book was released on 2002-09-11 with total page 373 pages. Available in PDF, EPUB and Kindle. Book excerpt: R&D Decisions, Strategy, Policy and Innovations explores how research and development decisions affect all of us. They are linked inextricably to the performance of firms and of economics as a whole. Their importance means that they are of concern to a large number of practitioners, policy-makers and researchers. This book demonstrates the range of issues and perspectives which R&D can encompass and at the same time brings out the elements which unite them. The papers in this book are organized into three main sections: * Strategy and Organization explores the importance of R&D and of the structures and strategies of individual organizations. The emerging 'core competence paradigm' is especially noted. * Policy and Performance looks at what new thinking on R&D more generally implies for government policy and the performance of industries, regions and economies. * Disclosure and the Market examines issues raised by changing regulations on the disclosure of R&D expenditure.
Author : Lucio Cassia
Publisher :
ISBN 13 :
Total Pages : 12 pages
Book Rating : 4.:/5 (13 download)
Download or read book The Role of Top Management Teams Behind Investors' Valuation of Entrepreneurial IPOs written by Lucio Cassia and published by . This book was released on 2014 with total page 12 pages. Available in PDF, EPUB and Kindle. Book excerpt: The paper investigates the role of Top Management Teams (TMTs) characteristics behind market performance of IPOs on a secondary market. After highlighting the main differences between entrepreneurial and managerial companies, we identify effective drivers related to TMT characteristics able to distinguish between them. Next, we empirically investigate the impact of TMT characteristics on the market performance of companies listing through IPOs on the Alternative Investment Market (AIM). Last, we verify how TMTs characteristics are relevant when firms under study are led by entrepreneurial-oriented TMTs.
Author : Rolf Christian Thiess
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (89 download)
Download or read book Corporate Governance, Professionalisation and Performance of IPO Firms written by Rolf Christian Thiess and published by . This book was released on 2010 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Author : Joseph P. H. Fan
Publisher :
ISBN 13 :
Total Pages : 44 pages
Book Rating : 4.:/5 (129 download)
Download or read book Politically-Connected CEOs, Corporate Governance and Post-IPO Performance of China's Partially Privatized Firms written by Joseph P. H. Fan and published by . This book was released on 2005 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: Property rules of China's partial share issue privatization have created rent-seeking incentives for politicians that may hurt the performance and corporate governance of newly listed state enterprises. This study reports that almost 28% of the CEOs in the sample of 625 firms are ex- or current government bureaucrats. The three-year post-IPO average stock returns of the sample underperform the market by 20%, and the underperformance of firms with such politically-connected CEOs exceeds those without politically-connected CEOs by almost 30%. Firms with politically-connected CEOs are more likely to appoint other bureaucrats to boards of directors, while they appoint fewer directors with relevant professional background or prior business experience, nor any representative of minority shareholders. The presence of politically-connected CEOs is related to the unemployment and fiscal conditions of the firms' regions while unrelated to most firm characteristics. Overall, the results indicate that the appointment of politically-connected CEOs does not enhance shareholder value but rather fulfill political goals of politicians.
Author : Michael Dambra
Publisher :
ISBN 13 :
Total Pages : 52 pages
Book Rating : 4.:/5 (13 download)
Download or read book Tax-Advantaged Trust Use Among IPO Executives written by Michael Dambra and published by . This book was released on 2019 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt: We examine the prevalence and determinants of CEOs' use of tax-advantaged trusts prior to their firm's IPO. Twenty-three percent of CEOs use tax-advantaged pre-IPO trusts, and share transfers into tax-advantaged trusts are positively associated with CEO equity wealth, estate taxes, and dynastic preferences. We project that pre-IPO trust use increases CEOs' dynastic wealth by approximately $830,000 on average. We next examine a simple model's prediction that trust use will be positively related to IPO-period stock price appreciation. We find that trust use is associated with twelve percent higher one-year post-IPO returns, but is not significantly related to the IPO's valuation, filing price revision, or underpricing. This evidence is consistent with CEOs' personal finance decisions prior to the IPO containing value relevant information that is not immediately incorporated into market prices.
Author : Heitor Almeida
Publisher :
ISBN 13 :
Total Pages : 36 pages
Book Rating : 4.:/5 (129 download)
Download or read book Powerful CEOS and Their Impact on Corporate Performance written by Heitor Almeida and published by . This book was released on 2012 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: Executives can only impact firm outcomes if they have influence over crucial decisions. Based on this idea we develop and test the hypothesis that firms whose CEOs have more decision-making power should experience more variability in performance. We construct proxies for the CEO's power to influence decisions and show that stock returns are significantly more variable for firms run by powerful CEOs. We find similar results using alternative measures of performance. These findings suggest that the interaction between executive characteristics and organizational variables may have important consequences for firm performance.
Author : Amal Latif Zeitouny
Publisher :
ISBN 13 :
Total Pages : 104 pages
Book Rating : 4.:/5 (787 download)
Download or read book The Effect of the Board of Directors on IPO Performance Evidence from GCC IPOS from 2006 to 2008 written by Amal Latif Zeitouny and published by . This book was released on 2009 with total page 104 pages. Available in PDF, EPUB and Kindle. Book excerpt: Analyzing factors affecting IPO underpricing has received considerable attention in the financial literature. Most studies have indicated that the factor that m ostly contributes to underpricing is the information asymmetry; and as better co rporate governance reduces information asymmetry, it should also lower underpric ing. Relying on prior literature and focusing on the board of directors side of corporate governance, this paper tries to shed some light on the effect of the b oard of directors on underpricing, using IPOs listed on the GCC exchanges betwee n January 2006 and September 2008. Using regression analysis and controlling for other company and market parameter s, this paper could not find a strong relationship between any of the board of d irectors provisions considered - namely board size, board composition and board ownership retention - and underpricing. Therefore, it can be inferred that under pricing in the GCC market is affected by other factors that are characteristics of the GCC region, possibly the ownership of the company by influential GCC fami lies.
Author : Salim Chahine
Publisher :
ISBN 13 :
Total Pages : 71 pages
Book Rating : 4.:/5 (131 download)
Download or read book The Effects of Management-Board Ties on IPO Performance written by Salim Chahine and published by . This book was released on 2013 with total page 71 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper studies the two potentially contrasting effects on IPO pricing and post-IPO operating performance of family ties as well as social ties the top management has with board members. While family ties may solve manager-owner conflicts of interests, they may also give rise to minority-shareholder expropriation and/or private benefits of control. Similarly, social ties may either create value or lead to entrenchment and excessive managerial power. Using q-analysis to measure the strength of top manager ties to board members, we find that IPO performance is positively related to the strength of social ties, but negatively to the strength of family ties. We also find that, controlling for social ties, board independence affects both IPO pricing and post-IPO operating performance. Further, we show that the association between IPO performance and ties depends on whether they are with inside or outside directors.
Author : Signalling IPO Initial Performance Information Asymmetry Malaysian Evidence
Publisher : Archers & Elevators Publishing House
ISBN 13 : 9386501295
Total Pages : pages
Book Rating : 4.3/5 (865 download)
Download or read book Signalling IPO Initial Performance Information Asymmetry Malaysian Evidence written by Signalling IPO Initial Performance Information Asymmetry Malaysian Evidence and published by Archers & Elevators Publishing House. This book was released on with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Richardson Steve
Publisher : GRIN Verlag
ISBN 13 : 3656426287
Total Pages : 66 pages
Book Rating : 4.6/5 (564 download)
Download or read book IPO Risk Management: Risks of an Initial Public Offering written by Richardson Steve and published by GRIN Verlag. This book was released on 2013-05-07 with total page 66 pages. Available in PDF, EPUB and Kindle. Book excerpt: Bachelorarbeit aus dem Jahr 2012 im Fachbereich BWL - Unternehmensführung, Management, Organisation, Note: A, University of Massachusetts Boston, Sprache: Deutsch, Abstract: In these current times of the dotcom mania, an investor can throw a lot of funds into a particular IPO and be guaranteed disappointing returns. Majority of companies such as theglobe.com and VA Linux saw big 1st day profits but disappointed their investors in the long run. Nevertheless, companies that had the foresight of the ‘get in and out’ risks involved in an IPO made investing look simpler. However, no investment is always a sure deal and investors are today making focus on the long term gain rather than the ‘quick buck.’ Notwithstanding the current mega economic upshots not only in Saudi Arabia but also in the worlds largest economies; a company contemplating going public must prepare itself for the IPO transactions, steer the business to immense success and most importantly, analyze the risks involved in a bid to minimize them and cultivate some worthy investment for the company in the dynamic market. Going public is not easy but the rewards are monumental and the keys are knowing the risks and finding a way to minimize them. Making investment decisions is quite complex and cannot be taken as a precise science. Nevertheless, estimating and understanding the portfolio framework for investment decisions in the context of foreign investments is one critical task that every nation is endowed with. Carefully made investment decisions answers the questions of whether a country has the financial muscle to breed cash flow and a portfolio framework that will be enough to maintain a long term investment. With all this said and done, one will be sure to come up with a good portfolio framework for investment in their context foreign investments.
Author : Jonas Gabrielsson
Publisher : Edward Elgar Publishing
ISBN 13 : 1782545565
Total Pages : 457 pages
Book Rating : 4.7/5 (825 download)
Download or read book Handbook of Research on Corporate Governance and Entrepreneurship written by Jonas Gabrielsson and published by Edward Elgar Publishing. This book was released on 2017-07-21 with total page 457 pages. Available in PDF, EPUB and Kindle. Book excerpt: This Handbook provides a unique collection of research addressing issues of corporate governance in entrepreneurial contexts, including start-ups, owner-managed firms, fast-growing firms, and IPOs, as well as how corporate governance and board leadership is associated with entrepreneurship and innovation in both small and large established companies. The chapters span a wide range of topics, methodologies, and levels of analysis, all designed to contribute to a comprehensive understanding of when and how corporate governance matters in different entrepreneurial contexts.
Author : S. Trevis Certo
Publisher :
ISBN 13 :
Total Pages : 6 pages
Book Rating : 4.:/5 (129 download)
Download or read book The Influence of People on the Performance of IPO Firms written by S. Trevis Certo and published by . This book was released on 2009 with total page 6 pages. Available in PDF, EPUB and Kindle. Book excerpt: Until the mid-1990s, the study of initial public offerings (IPOs) fell mainly under the purview of the finance literature. Within the last 10 years, however, management and entrepreneurship scholars have delved more into this subject area, as well. This article summarizes research examining IPO firms that has appeared in management and entrepreneurship journals, highlighting in particular the influence of individuals (namely executives and boards of directors) on IPO firm outcomes.
Author : Long Zhang
Publisher :
ISBN 13 :
Total Pages : 150 pages
Book Rating : 4.:/5 (1 download)
Download or read book Underpricing and Performance of Australian IPOs written by Long Zhang and published by . This book was released on 2016 with total page 150 pages. Available in PDF, EPUB and Kindle. Book excerpt: Since 2010, on average over 70 initial public offerings (IPOs) are listed on the Australian Securities Exchange each year. These IPO firms have a wide range of performance in the short term and long term. The impact of founders on a firm's performance is a much debated topic and extant studies provide mixed evidence. Findings from other markets may not apply in Australian markets as different institutional and market settings may moderate and enhance the founder effect. This study assessed the effects of founders on IPO firms' performance in the short term and long term in Australia. By examining three founder variables of founder ownership, founder CEO and founder experience, we are able to identify founder effects on firm performance. With a dataset of 253 IPO firms from 2003 to 2013, we analysed the mean differences in IPO firms' performance among groups with different founder features. Our results indicate there are significant mean differences in underpricing between different levels of founder ownership. We conducted regression analysis for our whole sample and subsamples. Our results suggest a hump-shape curvilinear relationship between founder ownership and IPO underpricing in the short term. our findings show that IPO firms led by founder CEOs have poor performance in the long term. The analysis shows founder CEO firms are younger, smaller and have higher retained founder ownership compared to professional CEO firms.
Author : Tapan Seth
Publisher :
ISBN 13 :
Total Pages : 140 pages
Book Rating : 4.:/5 (919 download)
Download or read book Essays on the Role of Competitor-specific Human Capital on Initial Public Offerings (ipos) Performance written by Tapan Seth and published by . This book was released on 2014 with total page 140 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation splits the idea of competitor-specific human capital into two types: competitor-specific-direct (CSD) human capital and competitor-specific-indirect (CSI) human capital, and inspects how these two types of human capital held by IPO Top Management Team (TMT) members are associated with IPO performance. Furthermore, by utilizing research on human capital, competitive dynamics, and knowledge-based view of the firm, this dissertation identifies important antecedents that result in higher degree of impact of such human capital on the IPO firm, and IPO firm's capabilities absorb such knowledge that results in higher valuations at IPO. By employing a multi-year panel data of new IPOs between 1995-2010 within the context of U.S. semiconductor industry, the first chapter shows that the prevalence of CSD and CSI knowledge in the TMT of IPO firms leads to higher market valuations of the IPO firm. Moreover, the results show that the prior employment characteristics such as tenure and the position held at competitor firms, and the complexity of the competitor source firm (the product-market diversity and the learning emphasis) moderate the relationship between CSD and CSI human capital and IPO performance. The second chapter explores internal characteristics of the IPO firm that facilitate its ability to exploit the CSD and CSI human capital. I argue that in the context of new ventures, TMT intellectual capital plays an integral role in churning information into useful knowledge of one's competitors or group of competitors. Additionally, results indicate that TMT's potential absorptive capacity, shared team-specific experience, and CEO's functional background influence the relationship between CSD and CSI human capital and IPO performance.
