SPAC Performance, Ownership and Corporate Governance

John S. Howe and Scott W. O’Brien

A chapter in Advances in Financial Economics, 2012, pp 1-14 from Emerald Group Publishing Limited

Abstract: Purpose – We examine how the ownership and corporate governance of special purpose acquisition companies (SPACs) influence their short- and long-run performance. Design/methodology/approach – By splitting our sample at the median value of different governance characteristics, we test for differences in short- and long-run performance between the low and high governance groups. Findings – We find weak evidence of a positive influence of board independence on performance, but no indication that either managerial or institutional ownership is associated with performance. Research limitations/implications – The study provides further evidence on the open question of how governance characteristics affect firm performance. Originality/value – We describe the unique conflicts that exist within a SPAC, and the recent evolution of their organizational structure in response to these conflicts.

Keywords: SPAC; corporate governance; managerial ownership; institutional ownership (search for similar items in EconPapers)
Date: 2012
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Citations: View citations in EconPapers (2)

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Persistent link: https://EconPapers.repec.org/RePEc:eme:afeczz:s1569-3732(2012)0000015003

DOI: 10.1108/S1569-3732(2012)0000015003

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