Corporate Governance and Initial Public Offerings

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 at the 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 OwnersList of figures; List of tables; List of contributors; Preface; Acknowledgements; 1. Introduction William Judge and Alessandro Zattoni; 2. Corporate governance and initial public offerings in Australia Helen Wei Hu and Monica Guo-Sze Tan; 3. Corporate governance and initial public offerings in Belgium Yves Fassin, Abigail Levrau and Lutgart Van den Berghe; 4. Corporate governance and initial public offerings in Canada Dhirendra Shukla; 5. Corporate governance and initial public offerings in China Jean Jinghan Chen and Stephen X. H. Gong; 6. Corporate governance and initial public offerings in Germany Till Talaulicar; 7. Corporate governance and initial public offerings in India Nisha Kohli; 8. Corporate governance and initial public offerings in Israel Stav Fainshmidt; 9. Corporate governance and initial public offerings in Italy Alessandro Zattoni and Chiara Mosca; 10. Corporate governance and initial public offerings in Japan Hideaki Sakawa and Naoki Watanabel; 11. Corporate governance and initial public offerings in the Kingdom of Saudi Arabia Majdi A. Quttainah and William F. Paczkowski; 12. Corporate governance and initial public offerings in Mexico Jose Luis Rivas; 13. Corporate governance and initial public offerings in the Netherlands Hans van Ees and Teye Marra; 14. Corporate governance and initial public offerings in Nigeria Emmanuel Afolabi Adegbite; 15. Corporate governance and initial public offerings in Russia Sheila M. Puffer and Daniel J. McCarthy; 16. Corporate governance and initial public offerings in Singapore Michael A. Witt; 17. Corporate governance and initial public offerings in Spain Felix J. Lopez-Iturriaga and Ignacio Danvila del Valle; 18. Corporate governance and initial public offerings in Sweden Jonas Gabrielsson; 19. Corporate governance and initial public offerings in Switzerland Winfried Ruigrok and Dimitrios G. Georgakakis; 20. Corporate governance and initial public offerings in Turkey Sibel Yamak and Bengi Ertuna; 21. Corporate governance and initial public offerings in the United Kingdom R. Greg Bell; 22. Corporate governance and initial public offerings in the United States Krista Lewellyn and William Judge; Index.