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Ipo, Underpricing e Corporate governance: una meta analisi

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  • Elvira Tiziana La Rocca

Abstract

Il paper si propone di esaminare l?effetto sull?underpricing nelle offerte pubbliche iniziali (IPO) dei meccanismi di governo societario progettati per segnalare al mercato e ai potenziali investitori il valore dell?impresa, riducendo l?incidenza di tale anomalia. Il framework teorico di riferimento ? la teoria dei segnali. Viene applicata la meta-analisi attraverso la rassegna quantitativa di 42 paper di ricerca. Il lavoro considera l?impatto sull?underpricing dei segnali trasmessi dall?impresa quotanda in relazione all?assetto proprietario e ad alcuni elementi di governance, con particolare riferimento all?ownership retention, all? insider ownership del management e alla composizione del consiglio di amministrazione. Le imprese quotande con il supporto di prestigiosi underwriter e/o venture capitalist registrano un minor underpricing grazie alla riduzione dell?incertezza ex ante. I risultati della meta-analisi suggeriscono possibili direzioni di ricerca per esaminare il ruolo delle variabili di moderazione.

Suggested Citation

  • Elvira Tiziana La Rocca, 2016. "Ipo, Underpricing e Corporate governance: una meta analisi," ESPERIENZE D'IMPRESA, FrancoAngeli Editore, vol. 2016(1), pages 41-64.
    • Handle: RePEc:fan:eieiei:v:html10.3280/ei2016-001003
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