The impact of shareholders and creditors rights on IPO performance: An international study

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dc.contributor.authorEspenlaub, Susanne
dc.contributor.authorGoyal, Abhinav
dc.contributor.authorMohamed, Abdulkadir
dc.date.accessioned2020-01-09T11:48:51Z
dc.date.available2020-01-09T11:48:51Z
dc.date.issued2019-11-09
dc.date.updated2020-01-09T11:44:18Z
dc.description.abstractThis paper examines the impact of cross-country variation in shareholders' and debt holders' rights on post-IPO performance and survival of newly listed stocks across the globe. Using a sample of 10,490 initial public offerings (IPOs) in 40 countries between 2000 and 2013, we find that post-IPO performance and survival is better in countries with stronger shareholder protection, but the impact of creditor protection is negative i.e. stronger creditor protection leads to poor post-IPO performance and survival. This effect is driven by rules requiring creditors’ consent for company reorganization and the mandatory replacement of incumbent managers. Reputable IPO advisors exacerbate the positive impact of shareholder rights and the negative impact of creditor rights.en
dc.description.statusPeer revieweden
dc.description.versionAccepted Versionen
dc.format.mimetypeapplication/pdfen
dc.identifier.articleid100872en
dc.identifier.citationEspenlaub, S., Goyal, A. and Mohamed, A. (2019) 'The impact of shareholders and creditors rights on IPO performance: An international study', The British Accounting Review, 100872 (22 pp). doi: 10.1016/j.bar.2019.100872en
dc.identifier.doi10.1016/j.bar.2019.100872en
dc.identifier.endpage22en
dc.identifier.issn0890-8389
dc.identifier.journaltitleThe British Accounting Reviewen
dc.identifier.startpage1en
dc.identifier.urihttps://hdl.handle.net/10468/9472
dc.language.isoenen
dc.publisherElsevieren
dc.relation.urihttp://www.sciencedirect.com/science/article/pii/S0890838919300976
dc.rights© 2019, Elsevier Ltd. All rights reserved. This manuscript version is made available under the CC BY-NC-ND 4.0 licence.en
dc.rights.urihttps://creativecommons.org/licenses/by-nc-nd/4.0/en
dc.subjectInvestor protectionen
dc.subjectShareholder rightsen
dc.subjectAnti-director rights index (ADRI)en
dc.subjectCreditor rightsen
dc.subjectIPO delistingen
dc.subjectLong-term performanceen
dc.subjectSecurity lawen
dc.titleThe impact of shareholders and creditors rights on IPO performance: An international studyen
dc.typeArticle (peer-reviewed)en
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