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Corporate governance and underpricing of small and medium enterprises IPOs in India

机译：在印度的企业治理和中小企业IPO的估计

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Purpose - The purpose of the paper is to examine the impact of corporate governance mechanisms, i. e. board structure and ownership structure on the underpricing of small and medium enterprises (SME) IPOs in India. Design/methodology/approach - Most of the extant empirical research studies have either pivoted on mainstream IPOs or SMEs IPOs in developed economies, but the present study examines 200 SME IPOs issued during Feb 2012 to April 2017. Multiple regressions have been used to examine the impact of the corporate governance mechanisms on raw return (RR). Furthermore, robustness of the results has been verified through the employment of market-adjusted excess return (MAER) as an additional proxy of underpricing. Findings - The results highlight that board size, inverse of board committees, board independence, board age, board directorships positively, and top ten shareholding negatively influence RR. Further, direction of promoter ownership variable indicates curvilinear relationship with underpricing. Other explanatory variables used in model lack statistical validity. Similar results have been obtained when variables were regressed against MAER with related board members being additionally significant in model. Practical implications - The findings suggest that Indian investors do take cues from board structure and ownership patterns for making investment decisions in small- and medium-sized firms. Further, the results are also helpful to top management in structuring their boards. Originality/value - The present research enriches SME IPOs underpricing literature because the impact of corporate governance mechanisms on unadjusted returns is relatively under explored particularly within the context of small- and medium-sized firms.
机译：目的 - 论文的目的是审查公司治理机制的影响我。 e。董事会结构与所有权结构，对印度中小企业（中小企业）IPOS差异化。设计/方法/方法 - 大多数现存的实证研究研究要么在发达经济体的主流IPO或中小企业IPO上枢转，但本研究审查了2002年2月至2017年4月期间发布的200个IPO。多元回归被用来审查公司治理机制对原始回报（RR）的影响。此外，通过将市场调整后的超额回报（MAER）的额外代理予以验证，结果已经验证了结果的鲁棒性。调查结果 - 结果强调了董事会规模，董事会委员会，董事会独立，董事会年龄，董事会董事会积极的董事委员会的规模，以及前十名股权影响力影响力。此外，启动子所有权变量的方向表明了与低估的曲线关系。模型中使用的其他解释性变量缺乏统计有效性。当变量对MAER与相关董事会成员在模型中另外显着的MAER时，已经获得了类似的结果。实际意义 - 调查结果表明，印度投资者从董事会结构和所有权模式中采取了提示，以便在中小企业中进行投资决策。此外，结果也有助于构建其板的最高管理。原创性/价值 - 本研究丰富了中小企业IPO的文学，因为公司治理机制对未经调整的回报的影响尤其在小型和中型公司的背景下。

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