Ownership Structure and Initial Public Offerings

The authors study the relationship between ownership structure, corporate governance, and the initial public offering (IPO) process. They examine equity ownership by different institutions, such as foreign and domestic financial institutions, banks...

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Main Authors:	Aggarwal, Reena, Klapper, Leora
Format:	Policy Research Working Paper
Language:	English en_US
Published:	World Bank, Washington, DC 2014
Subjects:	ACCOUNTING BANK LENDING BANK LOANS BANK RELATIONSHIPS BANKING RELATIONSHIPS BANKS BOOK VALUE CAPACITY BUILDING CAPITAL MARKETS COMMON EQUITY COMPANY CORPORATE FINANCE CORPORATE GOVERNANCE CORPORATE OWNERSHIP CORPORATION CORPORATIONS DEBT DISCLOSURE DISCLOSURE REQUIREMENTS ECONOMIC DEMAND ECONOMICS EMERGING MARKETS EMPIRICAL ANALYSIS ENTREPRENEURS FINANCIAL INFORMATION FINANCIAL INSTITUTIONS FINANCIAL MANAGEMENT FINANCIAL SECTOR FIRM SIZE FIRMS FIXED ASSETS FOREIGN INVESTMENT FOREIGN INVESTORS FOREIGN OWNERSHIP FOREIGN SHAREHOLDERS GOING PUBLIC GROSS MARGIN GUIDELINES INFORMATION ASYMMETRY INITIAL PUBLIC OFFERINGS INSIDER CONTROL INSIDER TRADING INSURANCE INVESTOR PROTECTION IPO IPOS LARGE SHAREHOLDERS LENDERS LIQUIDITY MUTUAL FUNDS OWNERSHIP STRUCTURE POLITICAL ECONOMY PROFIT RATE PROFITABILITY PROPERTY RIGHTS RISK MANAGEMENT ROA SECURITIES SHAREHOLDERS SHAREHOLDING SHAREHOLDINGS SMALL FIRMS TAKEOVER UNDERWRITER REPUTATION UNDERWRITERS VENTURE CAPITAL INITIAL PUBLIC OFFERING CORPORATE STRUCTURE FINANCE LAW EQUITY STRUCTURE INSTITUTIONAL FRAMEWORK BANKING SYSTEMS VENTURE CAPITAL COMPANIES SALES MARGINS STOCK MARKETS SECURITIES PRICES STOCK OPTIONS FOREIGN INVESTMENTS VENTURE CAPITAL INITIAL PUBLIC OFFERING
Online Access:	http://documents.worldbank.org/curated/en/2003/07/2483261/ownership-structure-initial-public-offerings http://hdl.handle.net/10986/18150

id	okr-10986-18150
recordtype	oai_dc
spelling	okr-10986-181502021-04-23T14:03:41Z Ownership Structure and Initial Public Offerings Aggarwal, Reena Klapper, Leora ACCOUNTING BANK LENDING BANK LOANS BANK RELATIONSHIPS BANKING RELATIONSHIPS BANKS BOOK VALUE CAPACITY BUILDING CAPITAL MARKETS COMMON EQUITY COMPANY CORPORATE FINANCE CORPORATE GOVERNANCE CORPORATE OWNERSHIP CORPORATION CORPORATIONS DEBT DISCLOSURE DISCLOSURE REQUIREMENTS ECONOMIC DEMAND ECONOMICS EMERGING MARKETS EMPIRICAL ANALYSIS ENTREPRENEURS FINANCIAL INFORMATION FINANCIAL INSTITUTIONS FINANCIAL MANAGEMENT FINANCIAL SECTOR FIRM SIZE FIRMS FIXED ASSETS FOREIGN INVESTMENT FOREIGN INVESTORS FOREIGN OWNERSHIP FOREIGN SHAREHOLDERS GOING PUBLIC GROSS MARGIN GUIDELINES INFORMATION ASYMMETRY INITIAL PUBLIC OFFERINGS INSIDER CONTROL INSIDER TRADING INSURANCE INVESTOR PROTECTION IPO IPOS LARGE SHAREHOLDERS LENDERS LIQUIDITY MUTUAL FUNDS OWNERSHIP STRUCTURE POLITICAL ECONOMY PROFIT RATE PROFITABILITY PROPERTY RIGHTS RISK MANAGEMENT ROA SECURITIES SHAREHOLDERS SHAREHOLDING SHAREHOLDINGS SMALL FIRMS TAKEOVER UNDERWRITER REPUTATION UNDERWRITERS VENTURE CAPITAL INITIAL PUBLIC OFFERING CORPORATE STRUCTURE FINANCE LAW EQUITY STRUCTURE INSTITUTIONAL FRAMEWORK FINANCIAL INSTITUTIONS BANKING SYSTEMS VENTURE CAPITAL COMPANIES CORPORATE GOVERNANCE SALES MARGINS PROFITABILITY STOCK MARKETS SECURITIES PRICES STOCK OPTIONS FOREIGN INVESTMENTS VENTURE CAPITAL INITIAL PUBLIC OFFERING The authors study the relationship between ownership structure, corporate governance, and the initial public offering (IPO) process. They examine equity ownership by different institutions, such as foreign and domestic financial institutions, banks with and without lending relationships, venture capitalists, and corporations prior to an IPO. The authors also analyze the relationship between ownership structure and corporate governance. They use a unique dataset of 152 Indian IPOs during the period 1999-2001 to analyze ownership of shares by main groups of shareholders. The authors find a relationship between ownership structure and firm-specific factors such as sales, leverage, and profitability, and IPO characteristics such as percentage of equity locked up, gross proceeds, and exchange of listing. There is also a strong relationship between ownership by different types of institutions. Ownership is also tied to bank lending relationships. Finally, the authors find strong relationships between ownership types and corporate governance. For example, firms with foreign investors are more likely to have an outside chief executive officer and offer an employee stock option plan. 2014-05-01T22:14:56Z 2014-05-01T22:14:56Z 2003-07 http://documents.worldbank.org/curated/en/2003/07/2483261/ownership-structure-initial-public-offerings http://hdl.handle.net/10986/18150 English en_US Policy Research Working Paper;No. 3103 CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank, Washington, DC Publications & Research :: Policy Research Working Paper Publications & Research South Asia India
repository_type	Digital Repository
institution_category	Foreign Institution
institution	Digital Repositories
building	World Bank Open Knowledge Repository
collection	World Bank
language	English en_US
topic	ACCOUNTING BANK LENDING BANK LOANS BANK RELATIONSHIPS BANKING RELATIONSHIPS BANKS BOOK VALUE CAPACITY BUILDING CAPITAL MARKETS COMMON EQUITY COMPANY CORPORATE FINANCE CORPORATE GOVERNANCE CORPORATE OWNERSHIP CORPORATION CORPORATIONS DEBT DISCLOSURE DISCLOSURE REQUIREMENTS ECONOMIC DEMAND ECONOMICS EMERGING MARKETS EMPIRICAL ANALYSIS ENTREPRENEURS FINANCIAL INFORMATION FINANCIAL INSTITUTIONS FINANCIAL MANAGEMENT FINANCIAL SECTOR FIRM SIZE FIRMS FIXED ASSETS FOREIGN INVESTMENT FOREIGN INVESTORS FOREIGN OWNERSHIP FOREIGN SHAREHOLDERS GOING PUBLIC GROSS MARGIN GUIDELINES INFORMATION ASYMMETRY INITIAL PUBLIC OFFERINGS INSIDER CONTROL INSIDER TRADING INSURANCE INVESTOR PROTECTION IPO IPOS LARGE SHAREHOLDERS LENDERS LIQUIDITY MUTUAL FUNDS OWNERSHIP STRUCTURE POLITICAL ECONOMY PROFIT RATE PROFITABILITY PROPERTY RIGHTS RISK MANAGEMENT ROA SECURITIES SHAREHOLDERS SHAREHOLDING SHAREHOLDINGS SMALL FIRMS TAKEOVER UNDERWRITER REPUTATION UNDERWRITERS VENTURE CAPITAL INITIAL PUBLIC OFFERING CORPORATE STRUCTURE FINANCE LAW EQUITY STRUCTURE INSTITUTIONAL FRAMEWORK FINANCIAL INSTITUTIONS BANKING SYSTEMS VENTURE CAPITAL COMPANIES CORPORATE GOVERNANCE SALES MARGINS PROFITABILITY STOCK MARKETS SECURITIES PRICES STOCK OPTIONS FOREIGN INVESTMENTS VENTURE CAPITAL INITIAL PUBLIC OFFERING
spellingShingle	ACCOUNTING BANK LENDING BANK LOANS BANK RELATIONSHIPS BANKING RELATIONSHIPS BANKS BOOK VALUE CAPACITY BUILDING CAPITAL MARKETS COMMON EQUITY COMPANY CORPORATE FINANCE CORPORATE GOVERNANCE CORPORATE OWNERSHIP CORPORATION CORPORATIONS DEBT DISCLOSURE DISCLOSURE REQUIREMENTS ECONOMIC DEMAND ECONOMICS EMERGING MARKETS EMPIRICAL ANALYSIS ENTREPRENEURS FINANCIAL INFORMATION FINANCIAL INSTITUTIONS FINANCIAL MANAGEMENT FINANCIAL SECTOR FIRM SIZE FIRMS FIXED ASSETS FOREIGN INVESTMENT FOREIGN INVESTORS FOREIGN OWNERSHIP FOREIGN SHAREHOLDERS GOING PUBLIC GROSS MARGIN GUIDELINES INFORMATION ASYMMETRY INITIAL PUBLIC OFFERINGS INSIDER CONTROL INSIDER TRADING INSURANCE INVESTOR PROTECTION IPO IPOS LARGE SHAREHOLDERS LENDERS LIQUIDITY MUTUAL FUNDS OWNERSHIP STRUCTURE POLITICAL ECONOMY PROFIT RATE PROFITABILITY PROPERTY RIGHTS RISK MANAGEMENT ROA SECURITIES SHAREHOLDERS SHAREHOLDING SHAREHOLDINGS SMALL FIRMS TAKEOVER UNDERWRITER REPUTATION UNDERWRITERS VENTURE CAPITAL INITIAL PUBLIC OFFERING CORPORATE STRUCTURE FINANCE LAW EQUITY STRUCTURE INSTITUTIONAL FRAMEWORK FINANCIAL INSTITUTIONS BANKING SYSTEMS VENTURE CAPITAL COMPANIES CORPORATE GOVERNANCE SALES MARGINS PROFITABILITY STOCK MARKETS SECURITIES PRICES STOCK OPTIONS FOREIGN INVESTMENTS VENTURE CAPITAL INITIAL PUBLIC OFFERING Aggarwal, Reena Klapper, Leora Ownership Structure and Initial Public Offerings
geographic_facet	South Asia India
relation	Policy Research Working Paper;No. 3103
description	The authors study the relationship between ownership structure, corporate governance, and the initial public offering (IPO) process. They examine equity ownership by different institutions, such as foreign and domestic financial institutions, banks with and without lending relationships, venture capitalists, and corporations prior to an IPO. The authors also analyze the relationship between ownership structure and corporate governance. They use a unique dataset of 152 Indian IPOs during the period 1999-2001 to analyze ownership of shares by main groups of shareholders. The authors find a relationship between ownership structure and firm-specific factors such as sales, leverage, and profitability, and IPO characteristics such as percentage of equity locked up, gross proceeds, and exchange of listing. There is also a strong relationship between ownership by different types of institutions. Ownership is also tied to bank lending relationships. Finally, the authors find strong relationships between ownership types and corporate governance. For example, firms with foreign investors are more likely to have an outside chief executive officer and offer an employee stock option plan.
format	Publications & Research :: Policy Research Working Paper
author	Aggarwal, Reena Klapper, Leora
author_facet	Aggarwal, Reena Klapper, Leora
author_sort	Aggarwal, Reena
title	Ownership Structure and Initial Public Offerings
title_short	Ownership Structure and Initial Public Offerings
title_full	Ownership Structure and Initial Public Offerings
title_fullStr	Ownership Structure and Initial Public Offerings
title_full_unstemmed	Ownership Structure and Initial Public Offerings
title_sort	ownership structure and initial public offerings
publisher	World Bank, Washington, DC
publishDate	2014
url	http://documents.worldbank.org/curated/en/2003/07/2483261/ownership-structure-initial-public-offerings http://hdl.handle.net/10986/18150
_version_	1764438997719842816

Ownership Structure and Initial Public Offerings

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