Governing Board Interlocks and Probability of an IPO

Naoko Matsuda and Yuta MATSUOka

Discussion papers from Research Institute of Economy, Trade and Industry (RIETI)

Abstract: Using comprehensive data of Japanese firms, including small-sized and unlisted firms, this paper empirically analyzes the relationship of initial public offerings (IPOs) and the governing boards. The results show that board size, interlocks with other firms, and interlocks with other listed firms are all positively related to the probability of an IPO. These results imply that a firm's intention to conduct an IPO can be estimated by the size and interlocks of the firm's board, and that knowledge diffusion of an IPO occurs among firms.

Pages: 25 pages
Date: 2014-07
New Economics Papers: this item is included in nep-bec, nep-ent and nep-sbm
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Persistent link: https://EconPapers.repec.org/RePEc:eti:dpaper:14040

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