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Initial public offer pricing, corporate governance and contextual relevance: Australian evidence

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  • Neil A. Hartnett
  • Abul Shamsuddin

Abstract

This study examines the relationship between initial public offer (IPO) corporate governance, IPO pricing and possible contextual relevance. A comprehensive inventory of IPO governance attributes is modelled. A positive association is reported between the inventory and IPO initial returns. This relationship is attenuated for IPOs where a diminished price relevance of governance structure is posited: smaller scale firms and/or those with alternative monitoring agents in place. Relevance appears modified and even supplanted by particular corporate priorities or the presence of other monitoring mechanisms. These contexts inform the motivation of key players regarding whether and how to act in response to the governance signal.

Suggested Citation

  • Neil A. Hartnett & Abul Shamsuddin, 2020. "Initial public offer pricing, corporate governance and contextual relevance: Australian evidence," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 60(1), pages 335-372, March.
    • Handle: RePEc:bla:acctfi:v:60:y:2020:i:1:p:335-372
    DOI: 10.1111/acfi.12317
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    Cited by:

    1. Pamela Kent & Robyn McCormack & Tamara Zunker, 2021. "Employee disclosures in the grocery industry before the COVID‐19 pandemic," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 61(3), pages 4833-4858, September.
    2. Pamela Kent & Richard Kent & Robyn McCormack & Julie‐Anne Tarr, 2023. "Disclosure of liquidity and cash flow statements by Australian superannuation funds before Covid‐19," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 63(2), pages 2653-2675, June.

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