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- Title
BOARD COMPOSITION, SHARE OWNERSHIP, AND 'UNDERPRICING' OF U.K. IPO FIRMS.
- Authors
Filatotchev, Igor; Bishop, Kate
- Abstract
Using a sample of 251 IPOs in the United Kingdom, this paper examines interlinks between executive and non executive characteristics, share ownership, and short-term performance measured in terms of share offer 'underpricing.' It argues that executives' power and previous experience directly affect ex ante choice of nonexecutive directors and their ownership interests in the firm. These endogenously developed governance factors may be used by IPO teams strategically to reduce the extent of underpricing. However, there is a selective response of investors to different board characteristics and share ownership structure.
- Subjects
UNITED Kingdom; STOCK ownership; GOING public (Securities); CORPORATE finance; BOARDS of directors; CORPORATE reorganizations; BRITISH corporations; EXECUTIVES' attitudes; CORPORATE governance
- Publication
Strategic Management Journal (John Wiley & Sons, Inc.) - 1980 to 2009, 2002, Vol 23, Issue 10, p941
- ISSN
0143-2095
- Publication type
Article
- DOI
10.1002/smj.269