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Board Characteristics of Australian IPOs: An analysis in Light of the ASX Best Practice Recommendations

Board Characteristics of Australian IPOs: An analysis in Light of the ASX Best Practice... Australian Stock Exchange recommendations on corporate governance include a highly detailed model of board structure and composition that is ostensibly “best practice”. We find that small IPO companies with relatively short operating histories have board characteristics that diverge substantially from the ASX recommendations, notwithstanding their strong incentives to adopt corporate governance measures that maximise their appeal to investors. Our findings lend support to the view that the ASX recommendations on corporate governance are excessively prescriptive and unduly costly for small companies in particular. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Australian Accounting Review Wiley

Board Characteristics of Australian IPOs: An analysis in Light of the ASX Best Practice Recommendations

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Publisher
Wiley
Copyright
© 2004 CPA Australia
ISSN
1035-6908
eISSN
1835-2561
DOI
10.1111/j.1835-2561.2004.tb00280.x
Publisher site
See Article on Publisher Site

Abstract

Australian Stock Exchange recommendations on corporate governance include a highly detailed model of board structure and composition that is ostensibly “best practice”. We find that small IPO companies with relatively short operating histories have board characteristics that diverge substantially from the ASX recommendations, notwithstanding their strong incentives to adopt corporate governance measures that maximise their appeal to investors. Our findings lend support to the view that the ASX recommendations on corporate governance are excessively prescriptive and unduly costly for small companies in particular.

Journal

Australian Accounting Review – Wiley

Published: Mar 1, 2004

References

  • “ASX Board Rule may be Relaxed”
    Buffini, Buffini
  • “Clashes in War of Independence”
    Buffini, Buffini
  • “Directors May ‘choke’ on Governance — Mansfield”
    Buffini, Buffini
  • “Independence — All Those in Favour?”
    Cameron, Cameron
  • “Losing Direction”
    Cornell, Cornell
  • “Separation of Ownership and Control”
    Fama, Fama; Jensen, Jensen
  • “The Dissenting Director”
    Gluyas, Gluyas
  • “Australian Stock Exchange Ready to Scrub Clean the Nation's Boardroom Tables”
    Lawson, Lawson
  • “ASX Sparks Corporate Governance Revolt”
    Nicholas, Nicholas
  • “ASX Agrees to Review New Code”
    Pheasant, Pheasant; Buffini, Buffini
  • “The Hampel Report on Corporate Governance”
    Stapledon, Stapledon