Corporate Governance in IPO Firms encompasses theories and concepts
analyzing, judging and describing financial decisions in
entrepreneurial firms and draws on positive and normative aspects
of entrepreneurship. In a positive way, this monograph describes
these phenomena in aspects of governance issues in IPO firms, and
why and how governance structures shape the behavior, the
boundaries and the performance of these firms. In a normative way,
this monograph offers concepts on how institutions and mechanisms
should be designed and work to optimize a respective goal or
performance associated with the IPO of an entrepreneurial firm.
Corporate governance mechanisms in IPO firms differ from the
traditional corporate governance issues in several ways. First, an
IPO confronts the founder-manager of the firm with the trade-off
between obtaining additional resources to sustain future growth and
profits and maintaining total control of the company. Secondly,
this constitutes a trade-off for investors between the expected
returns of a risky investment and the agency costs associated with
moral hazard and adverse selection effects caused by imperfect and
asymmetric information. Thirdly, analyzing IPOs offers insights
into how these agency costs are priced by investors at the point in
time that these costs occur. Fourthly, of difference is which
governance mechanisms are at work at this initial stage of a
company's lifecycle. Finally, analyzing corporate governance issues
in IPO's offers additional insights on the macro level and reveals
country-specific differences.
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