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The impact of post-IPO changes in corporate governance mechanisms on firm performance: evidence from young Australian firms

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Chowdhury, B ORCID: 0000-0001-7660-7659, Dungey, M and Pham, TP 2014 , The impact of post-IPO changes in corporate governance mechanisms on firm performance: evidence from young Australian firms.

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Abstract

This paper examines the potential impact of governance mechanisms (top management team structure and board composition) on post-IPO performance of young Australian firms from 2002-2007. We find that change in board of directors and TMT membership significantly affects firm performance. The higher proportion of the IPO original board remains, the better performance. An analogous relationship between the proportion of original TMT members and firm performance is also documented. Our study reveals that both original TMT and board members have a significant effect on both short-term and long-term IPO performance. We conclude that the retention of both the original directors and TMT members is favourable to young IPO firms and their post-IPO performance.

Item Type: Report (Discussion Paper)
Authors/Creators:Chowdhury, B and Dungey, M and Pham, TP
Keywords: Corporate governance, board composition, top management teams, young firms, post-IPO performance
Publisher: University of Tasmania
Copyright Information:

Copyright 2014 University of Tasmania

Additional Information:

Classification-JEL: G30, G32, L25

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