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IPO Firm Performance and Its Link with Board Officer Gender, Family-Ties and Other Demographics

机译:首次公开募股公司的业绩及其与董事会性别,家庭联系和其他人口统计特征的联系

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Issues of social justice underlie the clamour for greater gender balance in top-management. The present study reveals that pursuit of such social justice is also value-enhancing in relation to the longer-run performance of initial public offerings (IPO) stocks, especially where female board members are unencumbered by family-connection with other directors. This study examines the economic benefits of board gender diversity for state- and privately controlled firms in the Hong Kong IPO market. Gender board diversity is much less common in state-run IPO firms. Within the subset of privately controlled IPO firms, distinction exists between entities that accommodate family-connected board officers and those that do not. Specifically, this study focuses on family-ties between board members. This issue allows for finer-grained assessment of family influence on firm performance. Stronger post-listing stock, return-on-assets and sales-on-assets performance arise in (1) privately controlled firms without family-connected board members and in (2) state-run entities. Gender diversity thus serves as a positive, but only when female director presence is untrammelled by family associations between directors. However, there is little evidence of a link between female board representation and IPO underpricing. Relative to state-backed issuers, privately controlled firm boards accommodate more women, younger officers and a broader mix of nationalities, but appear more-inclined to unify CEO and chair positions. Board duality, the fraction of independent directors and directors' age and nationality exhibit little relation with initial and aftermarket stock returns. In prescriptive terms, minority investors gain from the inclusion of female directors, especially when IPO firm directors are unencumbered by family-affiliation with other board members. Results therefore add to the clarion of calls for greater female board presence.
机译:社会正义问题是在高层管理人员中争取实现性别平衡的强烈要求。本研究表明,与首次公开募股(IPO)股票的长期表现相比,追求这种社会正义也具有增值作用,尤其是在女性董事会成员不受与其他董事有家庭联系的情况下。这项研究探讨了在香港IPO市场上国有和私人控股公司的董事会性别多元化所带来的经济利益。在国有IPO公司中,性别董事会多元化的情况要少得多。在私人控制的IPO公司子集中,可以容纳与家族有联系的董事会官员的实体与不适合与家族相关的董事会官员的实体之间存在区别。具体而言,本研究关注董事会成员之间的家庭关系。该问题允许对家族对公司绩效的影响进行更细致的评估。 (1)没有家族联系董事会成员的私人控制公司和(2)国有实体在上市后的股票,资产收益率和资产销售业绩方面都有所提高。因此,性别多样性是一种积极的态度,但前提是,董事之间的家庭联系不会影响女性董事的存在。但是,几乎没有证据表明女性董事会代表与IPO定价偏低之间存在联系。相对于国家支持的发行人,私人控制的公司董事会容纳了更多的女性,年轻的管理人员和更大范围的国籍,但似乎更倾向于统一首席执行官和董事长职位。董事会的二重性,独立董事的比例以及董事的年龄和国籍与初始和售后股票收益没有太大关系。按照规定,少数派投资者可从女性董事中受益,特别是在IPO公司董事不受与其他董事会成员有家族关系的限制的情况下。因此,结果更加明确了要求增加女性董事会人数的呼声。

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