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Director Experience and the Performance of IPOs: Evidence from Sweden

Anders Isaksson (Institutionen för teknikens ekonomi och organisation, Operations Management) ; Anna Thorsell
Australasian Accounting, Business and Finance Journal (1834-2000). Vol. 8 (2014), 1, p. 1-25.
[Artikel, refereegranskad vetenskaplig]

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 compared to other countries studied in the literature review. This emphasises the importance of examining different institutional contexts.

Nyckelord: Initial Public Offerings, The Board of Directors, Corporate Governance, Underpricing, Aftermarket Performance



Denna post skapades 2014-04-01. Senast ändrad 2015-05-06.
CPL Pubid: 196056

 

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Institutioner (Chalmers)

Institutionen för teknikens ekonomi och organisation, Operations Management (2006-2016)

Ämnesområden

Företagsekonomi

Chalmers infrastruktur