Business, Management and Accounting
2 years ago

Bank ties crucial in reducing conflicts among stakeholders in IPO firms.

Sustainability
The Board Structure and Performance in IPO Firms: Evidence from Stakeholder-Oriented Corporate Governance
Naoki Watanabel, Shohei Yamauchi, Hideaki Sakawa

Paper Summary

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The study looked at how the structure of company boards affects their performance during initial public offerings (IPOs). They focused on Japanese companies with stakeholder-oriented corporate governance from 2009 to 2016. Independent directors didn't help reduce conflicts among shareholders like IPO underpricing in this system. However, having directors with accounting expertise and bank ties did help lower underpricing. This suggests that having bank-affiliated directors is important for reducing conflicts in IPO firms with stakeholder-oriented governance.