Formación de precios de las acciones tras el acceso al MAB

Castillo, Isabel Lacalle; Viñaspre, Fabiola Portillo Pérez de; Cabestre, Francisco Javier Ruiz

doi:10.1080/02102412.2015.1088201

Cited by 3 publications

(1 citation statement)

References 26 publications

Supporting

Mentioning

Contrasting

Order By: Relevance

“…The previous literature on SME IPOs has mainly focussed on the analysis of the performance of IPOs (among others, Chan et al , 2007; Vismara et al , 2012; Farag et al , 2014; Lacalle-Castillo et al , 2015) or on other particular topics such as the analysis of the failure or success of small IPOs (Gerakos et al , 2013; Amini and Keasey, 2012). Overall, there is a shortage of studies worldwide that analyse SME IPOs and their boards of directors.…”

Section: Board Of Directors In Ipos Of Smes: Literature Reviewmentioning

confidence: 99%

Characteristics and determinants of the board of directors of growing Spanish SMEs going public

Sánchez

Bravo

Alvarado

2019

JSBED

View full text Add to dashboard Cite

Purpose The purpose of this paper is to examine the characteristics and the determinants of board structure in small- and medium-sized enterprises (SMEs) in the process of going public within the continental European corporate system. Design/methodology/approach These issues are explored through the study of all the initial public offerings (IPOs) in the Spanish equity market for growing SMEs, and the statistical methodologies of ordinary least squares regression and stepwise regression are applied. Findings The results show that board size is larger than the minimum level established in law and that boards are composed of a majority of non-executive directors. In addition, the determinants of firm characteristics of board structure are firm age, level of financial leverage, and ownership structure. Practical implications This research is significant since its findings should help entrepreneurs reflect on which board structure is most appropriate for this new stage of the life cycle of their company as a listed firm. This evidence is also of interest for regulators and investors, who can, therefore, better understand board structures of SMEs at the moment of IPO. Originality/value This paper is the first to study characteristics and determinants of the board of directors of growing SMEs at the moment of going public. This study implies a step forward in research into the governance of small business and IPO literature, since the results differ from the evidence found for large company IPOs and contribute towards the debate regarding the need to consider the context and the type of firm in corporate governance studies.

show abstract