[Home ] [Archive]   [ فارسی ]  
:: Main :: About :: Current Issue :: Archive :: Search :: Submit :: Contact ::
Main Menu
Home::
Journal Information::
Articles archive::
For Authors::
For Reviewers::
Registration::
Contact us::
Site Facilities::
::
Search in website

Advanced Search
..
Receive site information
Enter your Email in the following box to receive the site news and information.
..
:: Volume 2, Issue 1 (modern theories of accounting,spring 2012,vol2,no.1,ser.3 2012) ::
3 2012, 2(1): 135-156 Back to browse issues page
The Investigation of Corporate Governance Mechanisms and Short Term IPO Performance in TSE's Listed Companies
Ghodratolah Talebnia , Maryam Pourbahrami
Abstract:   (2017 Views)
This study investigates the mechanisms of Corporate Governance and Initial Public Offerings (IPO’s) short-term performance during the years of 1383 to 1389 in which the period of two months post-IPO has been considered and analyzed. Initially the average return of the IPO has been compared with the return of the Market index during a two month period after the IPO date. The results demonstrate the fact that the return of IPOs is higher than the return of the Market Index for the same period. This phenomenon is known as IPO Underpricing which leads to abnormal higher returns for their buyers. Subsequently the impact of corporate governance mechanisms, through three variables of: Board of director’s size, Independent member ratio and the separation of the CEO and Chairman, on gaining higher returns for IPOs compared to Market Index returns were examined individually and mutually. The results show that: There is no significant relationship between the Board size and Underpricing. There is a significant relationship between the independent members’ ratio and Underpricing. There is a significant relationship between the separation of the CEO and Chairman and Underpricing. There is a significant relationship between Corporate Governance mechanisms and Underpricing.
Keywords: Initial Public Offering (IPO), Corporate Governance, Underpricing, Short-term Performance
Full-Text [PDF 2359 kb]   (196 Downloads)    
Type of Study: Research | Subject: General
Received: 2012/01/3 | Accepted: 2012/02/17 | Published: 2012/03/20
Send email to the article author

Add your comments about this article
Your username or Email:

CAPTCHA


XML   Persian Abstract   Print


Download citation:
BibTeX | RIS | EndNote | Medlars | ProCite | Reference Manager | RefWorks
Send citation to:

Talebnia G, Pourbahrami M. The Investigation of Corporate Governance Mechanisms and Short Term IPO Performance in TSE's Listed Companies. 3 2012; 2 (1) :135-156
URL: http://mta.raja.ac.ir/article-1-64-en.html


Rights and permissions
Creative Commons License This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.
Volume 2, Issue 1 (modern theories of accounting,spring 2012,vol2,no.1,ser.3 2012) Back to browse issues page
فصلنامه نظریه های نوین حسابداری فصلنامه نظریه های نوین حسابداری
Persian site map - English site map - Created in 0.05 seconds with 37 queries by YEKTAWEB 4657