When the going gets tough: board capital and survival of new economy IPO firms

Paper

Chancharat, Nongnit, Krishnamurti, Chandrasekhar and Tian, Gary. 2009. "When the going gets tough: board capital and survival of new economy IPO firms." Benson, Karen and Ding, David K. (ed.) Asian FA 2009: New Knowledge...for Finance. Brisbane, Australia 30 Jun - 03 Jul 2009 Brisbane, Australia.
Paper/Presentation Title

When the going gets tough: board capital and survival of new economy IPO firms

Presentation TypePaper
AuthorsChancharat, Nongnit (Author), Krishnamurti, Chandrasekhar (Author) and Tian, Gary (Author)
EditorsBenson, Karen and Ding, David K.
Journal or Proceedings TitleProceedings of the Asian Finance Association International Conference (AsianFA 2009)
Number of Pages33
Year2009
Place of PublicationBrisbane, Australia
ISBN9781864999556
Conference/EventAsian FA 2009: New Knowledge...for Finance
Event Details
Asian FA 2009: New Knowledge...for Finance
Event Date
30 Jun 2009 to end of 03 Jul 2009
Event Location
Brisbane, Australia
Abstract

This study investigates the influence of corporate governance attributes on the likelihood of survival for 127 new economy IPO companies that listed on the ASX between 1994 to 2002. We use survival analysis techniques utilizing the Cox proportional hazards model with three main categories of corporate governance attributes; a) board size, b) board independence and c) ownership concentration We find that the survival time is negatively related to the percentage holdings of the top 20 shareholders. Our results also suggest that new economy IPO companies with low leverage and small company size are more likely to survive. However, the results indicate that board size and board
independence do not explain the survival likelihood of new economy IPO firms. Our results suggest that corporate governance mechanisms that are designed specifically to
protect minority shareholders and other providers of external capital are of little value during periods of extreme financial duress.

Keywordscorporate governance; survival analysis; new economy sector; Initial Public Offerings
ANZSRC Field of Research 2020350202. Finance
350208. Investment and risk management
350799. Strategy, management and organisational behaviour not elsewhere classified
Public Notes

No evidence of copyright restrictions.

Byline AffiliationsUniversity of Wollongong
Auckland University of Technology, New Zealand
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