Click here for search results
Ownership structure and initial public offerings, Volume 1
 
Author:Aggarwal, Reena; Klapper, Leora; Country:India;
Date Stored:2003/08/30Document Date:2003/07/31
Document Type:Policy Research Working PaperSubTopics:Small Scale Enterprise; International Terrorism & Counterterrorism; Economic Theory & Research; Payment Systems & Infrastructure; Financial Crisis Management & Restructuring; Microfinance; Financial Intermediation
Language:EnglishMajor Sector:Finance
Region:South AsiaReport Number:WPS3103
Sub Sectors:General finance sector; Banking; Capital marketsCollection Title:Policy, Research working paper ; no. WPS 3103
Volume No:1  

Summary: The authors study the relationship between ownership structure, corporate governance, and the initial public offering (IPO) process. They examine equity ownership by different institutions, such as foreign and domestic financial institutions, banks with and without lending relationships, venture capitalists, and corporations prior to an IPO. The authors also analyze the relationship between ownership structure and corporate governance. They use a unique dataset of 152 Indian IPOs during the period 1999-2001 to analyze ownership of shares by main groups of shareholders. The authors find a relationship between ownership structure and firm-specific factors such as sales, leverage, and profitability, and IPO characteristics such as percentage of equity locked up, gross proceeds, and exchange of listing. There is also a strong relationship between ownership by different types of institutions. Ownership is also tied to bank lending relationships. Finally, the authors find strong relationships between ownership types and corporate governance. For example, firms with foreign investors are more likely to have an outside chief executive officer and offer an employee stock option plan.

Official Documents
Official, scanned versions of documents (may include signatures, etc.)
File TypeDescriptionFile Size (mb)
PDF 32 pagesOfficial version*2.24 (approx.)
TextText version**
How To Order
Light-Weight Documents
Lighter (less MB) documents which may or may not be the final, official version
File TypeDescriptionFile Size (mb)
PDF 31 pagesWPS31030.20

* The official version is derived from scanning the final, paper copy of the document and is the official,
archived version including all signatures, charts, etc.
** The text version is the OCR text of the final scanned version and is not an accurate representation of the final text.
It is provided solely to benefit users with slow connectivity.



Permanent URL for this page: http://go.worldbank.org/VHYCADVF80