Examining the relationship between management quality certifications and long-run performance of initial public offerings: a study of banking, financial services and insurance sector in India

Balpreet Singh and Kapil Gupta

International Journal of Business and Globalisation, 2023, vol. 35, issue 1/2, 160-172

Abstract: In this study an attempt has been made to examine the aftermarket performance of IPOs in the banking, financial services and insurance (BFSI) sector and its relationship with management quality certifications in India. From a sample period of 11 years, mean listing day market adjusted excess returns are observed at 27.86%. Furthermore, it is observed that long-run underperformance of IPOs using buy-and-hold returns is present during the holding period of 36 months. In addition to this, regression analysis depicts professional association of board members significantly influencing IPO performance, whereas, education level of board members, presence of foreign directors and director's diversity moderately influence the long-run performance of sample public issues.

Keywords: BFSI sector; top management team; TMT; quality; long-run performance; initial public offerings; IPOs. (search for similar items in EconPapers)
Date: 2023
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