Does corporate governance affect the valuation of Spanish IPOs? The role of ownership structure and the board of directors

• Susana Álvarez-Otero ^[1] ; Félix J. López-Iturriaga ^[1]
  1. [1] Universidad de Oviedo

     Universidad de Oviedo

     Oviedo, España

     
• Localización: Revista española de financiación y contabilidad, ISSN 0210-2412, Vol. 47, Nº 2, 2018, págs. 214-241
• Idioma: inglés
• DOI: 10.1080/02102412.2018.1429556
• Títulos paralelos:
  • ¿Afecta el gobierno corporativo a la valoración de las opis españolas? El papel de la estructura de propiedad y el consejo de administración
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• Dialnet Métricas: 2 Citas
• Resumen
  • español

    En este trabajo analizamos la influencia del consejo de administración y la estructura de propiedad en la valoración de las Ofertas Públicas Iniciales (OPIs) en el mercado de capitales español durante el período 1998-2013. Tras controlar por otras influencias tales como la reputación del auditor, la reputación del asegurador y el nivel de información asimétrica, nuestros resultados arrojan un fuerte apoyo para la hipótesis de la influencia ejercida por la concentración de la propiedad sobre el nivel de infravaloración de las OPIs. Así mismo, encontramos una relación no lineal entra la proporción de acciones de la OPI que pertenecen a los miembros del consejo de administración y el nivel de infravaloración. Otras características de la OPI y de la empresa tales como el tamaño de la oferta y su estructura también resultan estadísticamente significativas. Finalmente, encontramos que el ciclo de mercado influencia la valoración de las OPIs, dado que la relación entre la rentabilidad de mercado y la rentabilidad inicial de la OPI es positiva y estadísticamente significativa.

  • English

    We analyse the influence of the board of directors and ownership structure on the valuation of initial public offering (IPOs) in the Spanish capital market during the period 1998–2013. After controlling for other influences such as the auditor’s reputation, the underwriter’s reputation and the level of information asymmetry, our results lend strong support for the hypothesis of the influence exerted by ownership concentration over the level of IPO underpricing. Moreover, we find a nonlinear relationship between the proportion of shares in the IPO belonging to members of the board of directors and the level of underpricing. Other IPO and firm characteristics such as the size of the offer and its structure also prove to be statistically significant. Finally, we find that the market cycle influences the valuation of IPOs, as the relationship between the market return and the initial IPO return is positive and statistically significant.

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