GOVERNING BOARD INTERLOCKS: AS AN INDICATOR OF AN IPO

Corporate Board: Role, Duties & Composition

关键词: IPO;    Small Firms;    Board Size;    Interlocks;    Knowledge Diffusion;   

DOI  :  10.22495/cbv12i3art2

学科分类：社会科学、人文和艺术（综合）

来源: Virtus Interpress

【 摘 要 】

Using comprehensive data of Japanese firms, including small-sized and unlisted firms, this paper empirically analyzes how a governing board composition impacts initial public offerings (IPOs). The results show that board size, interlocks with other firms, and interlocks with other listed firms are all positively related to the probability of an IPO. They imply that a firm’s intention to conduct an IPO can be estimated by the size and interlocks, and that knowledge diffusion of an IPO occurs among firms.

【 授权许可】

CC BY-NC