The Tradeoff Between Private Equity Sponsorship, Board Centrality, and Experience as Credible Signals for IPO Performance

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dc.contributor.authorCHARLES KIRSCHBAUM
dc.contributor.authorANDREA MARIA ACCIOLY FONSECA MINARDI
dc.contributor.authorSilva, Emília Borges da
dc.contributor.authorRossoni, Luciano
dc.coverage.cidadeWashingtonpt_BR
dc.coverage.paisEstados Unidospt_BR
dc.creatorSilva, Emília Borges da
dc.creatorRossoni, Luciano
dc.date.accessioned2023-11-13T17:21:19Z
dc.date.available2023-11-13T17:21:19Z
dc.date.issued2023
dc.description.otherPrivate equity funds implement various management and governance practices in firms they endorse, signaling higher quality of sponsored IPOs (Initial Public Offer). However, the participation of such PE funds comes at a cost for newcomer firms, as they may lose both autonomy and future post-IPO earnings. If they do not choose to signal quality through PE funds, the IPO literature points to the validity of other mechanisms, such as the experience and centrality of the board of directors. We theorize and test the effect of the tradeoff between private equity sponsorship and board centrality and experience on IPO performance. We analyzed the effects of signaling on long-term performance through the one-year cumulative abnormal return in Brazilian IPOs issued between 2004 and 2013. Our results indicate that private equity sponsorship is the most effective signal, completely overtaking the relevance of board centrality and experience to explain IPO performance. However, these latter board characteristics significantly affected the performance of non-private equity-backed IPOs. Between PE-backed companies, there is a reverse effect of the board centrality on the IPO's performance and a substitution effect of the board's previous experience with IPO processes.pt_BR
dc.format.extentp. 462 - 497pt_BR
dc.format.mediumDigitalpt_BR
dc.identifier.doihttps://doi.org/10.1017/mor.2022.55pt_BR
dc.identifier.issn1740-8776pt_BR
dc.identifier.issn1740-8784pt_BR
dc.identifier.issue3pt_BR
dc.identifier.urihttps://repositorio.insper.edu.br/handle/11224/6070
dc.identifier.volume19pt_BR
dc.language.isoInglêspt_BR
dc.publisherCambridge University Presspt_BR
dc.relation.ispartofManagement and Organization Reviewpt_BR
dc.rights.licenseO INSPER E ESTE REPOSITÓRIO NÃO DETÊM OS DIREITOS DE USO E REPRODUÇÃO DOS CONTEÚDOS AQUI REGISTRADOS. É RESPONSABILIDADE DOS USUÁRIOS INDIVIDUAIS VERIFICAR OS USOS PERMITIDOS NA FONTE ORIGINAL, RESPEITANDO-SE OS DIREITOS DE AUTOR OU EDITORpt_BR
dc.subject.keywordsPrivate equity fundspt_BR
dc.subject.keywordsInitial Public Offer - IPOpt_BR
dc.subject.keywordsIPO processept_BR
dc.titleThe Tradeoff Between Private Equity Sponsorship, Board Centrality, and Experience as Credible Signals for IPO Performancept_BR
dc.typejournal article
dspace.entity.typePublication
local.identifier.sourceUrihttps://www.cambridge.org/core/journals/management-and-organization-review/article/abs/tradeoff-between-private-equity-sponsorship-board-centrality-and-experience-as-credible-signals-for-ipo-performance/3378298204101A798952A5E38391E22E
local.subject.cnpqCiências Sociais Aplicadaspt_BR
local.typeArtigo Científicopt_BR
relation.isAuthorOfPublication6a78e139-d40f-41eb-b258-6922f24afda5
relation.isAuthorOfPublication4f89a841-117c-473d-8798-96eb2d9ce1cf
relation.isAuthorOfPublication.latestForDiscovery6a78e139-d40f-41eb-b258-6922f24afda5

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