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Board Composition Changes After an Initial Public Offering

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Abstract

This paper follows Luoma and Goodstein (1999) who find increased stakeholder representation on the boards of U.S. companies. This study describes the changes in board composition by director type (stakeholder or shareholder) and by gender (male or female) of large Australian companies after listing. We find a substantial increase in the number of directors holding shares in the firms in which they hold their directorships and that essentially directors putting their own capital at risk is an important element in the Australian capital market. We also report a slight decrease in the proportion of female directors post listing.

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File URL: http://www.deakin.edu.au/buslaw/aef/workingpapers/papers/swp2004_04.pdf
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Bibliographic Info

Paper provided by Deakin University, Faculty of Business and Law, School of Accounting, Economics and Finance in its series Accounting, Finance, Financial Planning and Insurance Series with number 2004_04.

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Length: 15 pages
Date of creation: 21 Mar 2004
Date of revision:
Handle: RePEc:dkn:acctwp:aef_2004_04

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Related research

Keywords: Stakeholders; IPOs;

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  1. Dave Jackson & Jeff Madura, 2003. "Profit Warnings and Timing," The Financial Review, Eastern Finance Association, vol. 38(4), pages 497-513, November.
  2. Nick Collett, 2004. "Reactions of the London Stock Exchange to Company Trading Statement Announcements," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 31(1-2), pages 3-35.
  3. Meulbroek, Lisa K, 1992. " An Empirical Analysis of Illegal Insider Trading," Journal of Finance, American Finance Association, vol. 47(5), pages 1661-99, December.
  4. Elisabeth Dedman, 2004. ""Discussion of" Reactions of the London Stock Exchange to Company Trading Statement Announcements," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 31(1-2), pages 37-47.
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