Governance structures of initial public offerings in Australia
Author
Shekhar, C; Stapledon, GDate
2007-11-01Source Title
CORPORATE GOVERNANCE-AN INTERNATIONAL REVIEWPublisher
WILEYAffiliation
FinanceMetadata
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Journal ArticleCitations
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 repositoryAbstract
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 InvestmentExport Reference in RIS Format
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