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The impact of corporate governance measures on the performance of West African IPO firms
journal contributionposted on 2023-06-08, 11:01 authored by Bruce Hearn
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.
JournalEmerging Markets Review
Department affiliated with
- Business and Management Publications
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