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Stakeholder representation on the boards of Australian initial public offerings

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  • Bill Dimovski
  • Robert Brooks

Abstract

This paper analyses the board composition of Australian initial public offerings (IPOs) over the period 1994 to 1997. The recent management literature identifies a wide range of stakeholders beyond the traditional shareholders. Evan and Freeman, and Jones and Goldberg suggest that the importance of stakeholders should be reflected in board representation. Luoma and Goodstein provide evidence of increased stakeholder representation on the boards of American companies. This paper studies Australian IPOs and finds that this is not the case. This suggests that capital raising by new lists in the Australian equity market does not require stakeholder representation on the board.

Suggested Citation

  • Bill Dimovski & Robert Brooks, 2004. "Stakeholder representation on the boards of Australian initial public offerings," Applied Financial Economics, Taylor & Francis Journals, vol. 14(17), pages 1233-1238.
    • Handle: RePEc:taf:apfiec:v:14:y:2004:i:17:p:1233-1238
    DOI: 10.1080/09603100410001692800
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    Cited by:

    1. Bart Clarysse & Mirjam Knockaert & Andy Lockett, 2007. "Outside Board Members in High Tech Start-ups," Small Business Economics, Springer, vol. 29(3), pages 243-259, October.
    2. William Dimovski & Robert Brooks, 2005. "Putting Their Money Where Their Mouth Is: The Importance of Shareholder Directors Post Listing," Accounting Research Journal, Emerald Group Publishing, vol. 18(1), pages 34-39, June.
    3. Samantha Miles, 2017. "Stakeholder Theory Classification: A Theoretical and Empirical Evaluation of Definitions," Journal of Business Ethics, Springer, vol. 142(3), pages 437-459, May.

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