Corporate Governance and Initial Public Offerings: An International Perspective

Initial Public Offerings (IPOs) are unique economic and governance events as privately held firms issue common stock or shares to the public for the first time. The governance issues surrounding IPOs are relatively unexamined compared to more established, and usually larger, firms. As such, they provide a unique context to study corporate governance and its development around the world. Based on a collaborative international research project, this book analyses the corporate governance of IPOs in twenty-one countries, each of which is characterized by different governance environments and different levels of IPO activity. The end result is a broad and deep assessment of governance practices and IPO activity for an array of economies that represent roughly 80 percent of the global economy. These chapters collectively provide new insights into what a global theory of corporate governance might look like and offer guidance to policy makers and academics regarding national governance configurations.

'This book is the first, and at this point definitive, cross-national examination of IPO markets. As such it will be an invaluable tool to scholars, policymakers and corporations. The breadth and scope of the papers is impressive and the collective knowledge will serve as a primary source of foundational knowledge for years to come.'

Tim Devinney - Professor of Strategy, University of Technology, Sydney

'This book describes and contrasts corporate governance contexts and practices at the time of an IPO in 21 widely disparate countries. The phenomena are documented with both publicly available and privately collected data, and the authors provide their explanations using multiple theoretical paradigms. This is a wonderful addition to the literature in an important, understudied area.'

Kenneth A. Merchant - Deloitte & Touche LLP Chair of Accountancy, University of Southern California, Los Angeles

'The editors have accomplished a wondrous fete of academic entrepreneurship in collating, on a global basis, information relating to corporate governance and initial public offerings (IPOs). Focusing on IPOs is particularly useful because it provides a market place reality test of various aspects of corporate governance. The method of presentation of materials, the classification of categories and the use of charts makes it easy to use this formidable research tool. This is a book that everyone interested in Corporate Governance will want to own - buy it.'

Robert A. G. Monks - shareholder activist, corporate governance adviser and founder of ISS, the Corporate Library, the LENS Fund and Governance for Owners

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Corporate Governance and Initial Public Offerings

An International Perspective

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