Journal article

Governance structures of initial public offerings in Australia

Chander Shekhar, Geof Stapledon

CORPORATE GOVERNANCE-AN INTERNATIONAL REVIEW | WILEY | Published : 2007

Abstract

We study the relationship between venture capital financing, CEO ownership, compensation structure, and board structures for a group of Australian IPO firms. Results suggest that board structures are influenced by the industry the firm is in, and presence of venture capitalists results in a larger board with a higher number of outside directors. CEOs in non VC-backed firms own a significantly higher fraction of firm shares, and CEO ownership is negatively related to both board size and outside blockholders. VC-backed firms are significantly more likely to disclose information about CEO compensation packages, but the relationship between actual board size and structure and disclosure is insig..

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University of Melbourne Researchers