Please use this identifier to cite or link to this item: http://hdl.handle.net/1959.14/77124
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- Title
- Corporate governance, insider ownership and operating performance of Australian initial public offerings
- Related
- Accounting and finance, Vol. 44, Issue 3, p.299-328
- DOI
- 10.1111/j.1467-629x.2004.00114.x
- Publisher
- Wiley-Blackwell Publishing
- Date
- 2004
- FoR/RFCD Code(s)
-
150100 Accounting, Auditing and Accountability
150200 Banking, Finance and Investment
- Author/Creator
- Balatbat, Maria C. A
- Author/Creator
- Taylor, Stephen L
- Author/Creator
- Walter, Terry S
- Description
- We examine ownership structures and corporate governance attributes of 313 Australian initial public offerings (IPOs) between 1976 and 1993 and their relation with up to 5 years of post-listing operating performance, adjusted for similar (non-IPO) firms. Consistent with prior share price-based evidence, we find that the operating performance of Australian IPOs typically deteriorates over the first 4 post-listing years. Any evidence of a positive association between insider ownership and firm performance is confined to the fourth and fifth years after the IPO. Evidence of a positive relation between institutional ownership and performance is restricted to the latter part of our 5-year post-listing window. Board composition (i.e. outsider versus insider control) is not associated with operating performance, although there is some evidence that independent board leadership is associated with better operating performance.
- Description
- 30 page(s)
- Subject Keyword
- 150100 Accounting, Auditing and Accountability
- Subject Keyword
- 150200 Banking, Finance and Investment
- Subject Keyword
- initial public offerings
- Subject Keyword
- operating performance
- Subject Keyword
- corporate governance
- Subject Keyword
- insider ownership
- Resource Type
- journal article
- Organisation
- Macquarie University. Dept. of Accounting and Finance
- Identifier
- http://hdl.handle.net/1959.14/77124
- Identifier
- ISSN:1467-629X
- Identifier
- mq-rm-2008004736
- Language
- eng
- Reviewed
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