2001
DOI: 10.1007/bf02759689
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Board ownership and IPO returns

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Cited by 55 publications
(55 citation statements)
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References 35 publications
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“…Mak and Roush (2000) find that firms with dual leadership are more likely to grow after the IPO. On the other hand, Howton, Howton, and Olson (2001) argue that this overlap of positions (e.g., chairperson and CEO) may reduce board monitoring and exacerbate conflicts, but they do not find a statistical correlation between CEO duality and IPO value. Chahine and Tohm e (2009) show that CEO duality increases IPO underpricing but this turns into a positive sign when strategic ownership (e.g., corporations and other industry-related investors) moderates the relation between the duality structure and IPO performance.…”
Section: Ceo Structural Powermentioning
confidence: 92%
“…Mak and Roush (2000) find that firms with dual leadership are more likely to grow after the IPO. On the other hand, Howton, Howton, and Olson (2001) argue that this overlap of positions (e.g., chairperson and CEO) may reduce board monitoring and exacerbate conflicts, but they do not find a statistical correlation between CEO duality and IPO value. Chahine and Tohm e (2009) show that CEO duality increases IPO underpricing but this turns into a positive sign when strategic ownership (e.g., corporations and other industry-related investors) moderates the relation between the duality structure and IPO performance.…”
Section: Ceo Structural Powermentioning
confidence: 92%
“…Some researchers find that the percentage of outside directors is positively associated with initial underpricing 2 (Certo et al 2001) and the percentage of insiders is negatively associated with initial underpricing (Arthurs et al 2008). Conversely, many others find that the percentage of outsiders is positively associated with higher initial stock returns (Howton et al 2001) and initial firm value (Roosenboom and van der Goot 2005), and negatively associated with underpricing of the initial offering (Chahine and Filatotchev 2008).…”
Section: Boards and Ipo Performancementioning
confidence: 93%
“…Investigations of independent board leadership structures and IPO firm performance also create a perplexing picture. Researchers find that an independent (separated) CEO/Chair leadership structure is not significantly related to initial underpricing (Certo et al 2001) and, similarly, that CEO/Chair duality is not significantly related to initial-day stock returns (Howton et al 2001). In the years following the initial offering, however, it seems that nondual structures may enhance IPO firm operating performance (Balatbat et al 2004) and stock performance (Li and Naughton 2007).…”
Section: Boards and Ipo Performancementioning
confidence: 93%
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“…Some research suggests a curvilinear U shaped relationship (Chen & Kao, 2005), consistent with both signalling and agency theory perspectives that contend that outside investors will find insider ownership to initially reflect better monitoring. However, higher equity retention by insiders might increase the perception of risk of future expropriation (Howton, Howton, & Olson, 2001). These findings seem to hold even in an international context, for example, Italian IPOs (Giovannini, 2010).…”
Section: Individuals As Ownersmentioning
confidence: 98%