IPO returns, board composition and committee characteristics: some Australian evidence of signalling attributes

Title: IPO returns, board composition and committee characteristics: some Australian evidence of signalling attributes
Creator: Hartnett, Neil
Relation: Corporate Ownership & Control Vol. 9, Issue 2, p. 178-187
Publisher: Virtus Interpress
Resource Type: journal article
Date: 2012
Description: This study considers the association between corporate governance attributes and IPO return behaviour in the Australian share market. Strong, significant associations are reported between IPO initial returns and board size, board independence and leadership structure. The board size effect appears contextual and increases with larger entity size. Audit committee formation per se was not a discriminating factor but committee conformity with exchange guidelines was of marginal significance. Overall, the results are consistent with the premise that governance attributes can offer signals to investors concerning the likely effectiveness of management actions in serving shareholder interests and enhancing firm prospects.
Subject: committee; governance; IPO; pricing; returns; signal
Identifier: http://hdl.handle.net/1959.13/1318129
Identifier: uon:23572
Identifier: ISSN:1810-3057
Language: eng
Reviewed

		Thumbnail	File	Description	Size	Format