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Title: The impact of corporate governance measures on the performance of West African IPO firms
Authors: Hearn, Bruce
First Published: Feb-2011
Publisher: Elsevier
Citation: Emerging Markets Review, 2011, 12(2), pp. 130-151.
Abstract: 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.
DOI Link: 10.1016/j.ememar.2011.02.004
ISSN: 1566-0141
Type: Article
Rights: This is the author's final draft of the article published as Emerging Markets Review, 2011, 12(2), pp. 130-151. The original published version article is available on the publisher's website at: ; doi:10.1016/j.ememar.2011.02.004
Appears in Collections:Published Articles, School of Management

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