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The Journal of Private Equity

The Journal of Private Equity

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Article

The Impact of Board Structure on IPO Underpricing

Steven D. Dolvin and Jill E. Kirby
The Journal of Private Equity Spring 2016, 19 (2) 15-21; DOI: https://doi.org/10.3905/jpe.2016.19.2.015
Steven D. Dolvin
is an associate professor of finance at Butler University in Indianapolis, IN.
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  • For correspondence: sdolvin@butler.edu
Jill E. Kirby
is an assistant professor of finance at Butler University in Indianapolis, IN.
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Abstract

Prior research has examined the impact of board structure on firm performance and found that characteristics such as board size affect both operating and stock price performance. Existing research has concentrated primarily on performance in periods well removed from a firm’s initial public offering (IPO), and relatively little research has examined the impact of board structure on the stock price performance of IPOs, particularly with regard to characteristics other than board size. This study fills this gap, finding that the key board characteristic is the percentage external directors on the board. The authors find that the greater the percentage of external board members, the lower the firm’s underpricing or initial return. This result is particularly pronounced for firms with venture capital backing, suggesting that VCs provide certification value, although primarily when they have a deep involvement in the issuing firm.

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The Journal of Private Equity: 19 (2)
The Journal of Private Equity
Vol. 19, Issue 2
Spring 2016
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The Impact of Board Structure on IPO Underpricing
Steven D. Dolvin, Jill E. Kirby
The Journal of Private Equity Feb 2016, 19 (2) 15-21; DOI: 10.3905/jpe.2016.19.2.015

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The Impact of Board Structure on IPO Underpricing
Steven D. Dolvin, Jill E. Kirby
The Journal of Private Equity Feb 2016, 19 (2) 15-21; DOI: 10.3905/jpe.2016.19.2.015
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  • Article
    • Abstract
    • BOARD COMPOSITION AND IPOS
    • VENTURE CAPITAL BACKING
    • DATA DESCRIPTION ANDSUMMARY STATISTICS
    • UNIVARIATE RESULTS
    • MULTIVARIATE ANALYSIS
    • CONCLUSION
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  • Profitability Analysis of Select Private Equity Funds in India
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