Information Asymmetry and Investor Valuation of IPOs : Top Management Team Legitimacy as A Capital Market Signal  

Oleh:

Cohen, Boyd D. ; Dean, Thomas J.

Jenis: Article from Journal - ilmiah internasional
Dalam koleksi: Strategic Management Journal vol. 26 no. 7 (Jul. 2005), page 683-690.
Topik: capital markets; top management team; information asymmetry; initial public offering; signaling

Ketersediaan

Perpustakaan Pusat (Semanggi) Nomor Panggil: SS30.19 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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Isi artikel

The condition of information asymmetry between current owners and potential IPO investors creates a context wherein the legitimacy of the top management team (TMT) may serve as a valid signal of value to potential investors. The result confirm our hypotheses that TMT legitimacy is negatively correlated with post - IPO stock value run - up. Our results support a previously unexplored view of the TMT as an importnat signal of value in IPOs, and suggest that dual benfits accrue to the TMT selection process in IPO firms.

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