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Director experience and the performance of IPOs: Evidence from Sweden
Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE). Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Business Administration.
Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE). Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Business Administration. (Sustainable Investment Research Platform)
2014 (English)In: Australasian Accounting Business and Finance Journal, ISSN 1834-2000, E-ISSN 1834-2019, Vol. 8, no 1, 3-24 p.Article in journal (Refereed) Published
Abstract [en]

An initial public offering (IPO) represents one of the final stages in the life of a small firm as it transitions from private to public. In this paper the experience of directors is examined to determine the extent of the role they play in ensuring a successful listing. Unique data from 122 IPOs on the Swedish Stock Exchange have been examined in a search for the effect of director experience on aftermarket performance. Specific aspects of director experience within a board, such as interlocking directorships and average tenure, are connected to the underpricing of Swedish IPOs. Contrary to expectations, no statistically significant relationship was found between long-run aftermarket performance and director experience at the time of an IPO. This suggests that the previous experience of directors, as measured in earlier studies, is less relevant to long-term aftermarket performance in Sweden. This stresses the importance of examining different institutional contexts.

Place, publisher, year, edition, pages
Wollongong: University of Wollongong , 2014. Vol. 8, no 1, 3-24 p.
Keyword [en]
Initial Public Offerings, IPO, The Board of Directors, Corporate Governance, Underpricing, Aftermarket Performance
National Category
Business Administration
Research subject
Business Studies
Identifiers
URN: urn:nbn:se:umu:diva-54653DOI: 10.14453/aabfj.v8i1.2OAI: oai:DiVA.org:umu-54653DiVA: diva2:524815
Note

Working paper also available at www.sirp.se(SIRP WP 12-4)

Available from: 2012-05-07 Created: 2012-05-03 Last updated: 2017-12-07Bibliographically approved

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Publisher's full texthttp://ro.uow.edu.au/aabfj/vol8/iss1/2

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CiteExportLink to record
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Citation style
  • apa
  • ieee
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  • Other style
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Language
  • de-DE
  • en-GB
  • en-US
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  • nn-NO
  • nn-NB
  • sv-SE
  • Other locale
More languages
Output format
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  • asciidoc
  • rtf