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    Governance structures of initial public offerings in Australia

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    15
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    Author
    Shekhar, C; Stapledon, G
    Date
    2007-11-01
    Source Title
    CORPORATE GOVERNANCE-AN INTERNATIONAL REVIEW
    Publisher
    WILEY
    University of Melbourne Author/s
    Shekhar, Chander; STAPLEDON, GEOFREY
    Affiliation
    Finance
    Metadata
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    Document Type
    Journal Article
    Citations
    Shekhar, C. & Stapledon, G. (2007). Governance structures of initial public offerings in Australia. CORPORATE GOVERNANCE-AN INTERNATIONAL REVIEW, 15 (6), pp.1177-1189. https://doi.org/10.1111/j.1467-8683.2007.00639.x.
    Access Status
    This item is currently not available from this repository
    URI
    http://hdl.handle.net/11343/29520
    DOI
    10.1111/j.1467-8683.2007.00639.x
    Abstract
    We study the relationship between venture capital financing, CEO ownership, compensation structure, and board structures for a group of Australian IPO firms. Results suggest that board structures are influenced by the industry the firm is in, and presence of venture capitalists results in a larger board with a higher number of outside directors. CEOs in non VC-backed firms own a significantly higher fraction of firm shares, and CEO ownership is negatively related to both board size and outside blockholders. VC-backed firms are significantly more likely to disclose information about CEO compensation packages, but the relationship between actual board size and structure and disclosure is insignificant. Finally, we also find that venture capital backing significantly decreases the time to change-in-status for firms, whereby firms cease to exist as independent entities. Copyright (c) 2007 The Authors; Journal compilation (c) 2007 Blackwell Publishing Ltd.
    Keywords
    Banking; Finance and Investment

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