Board Interlocks and Initial Public Offering Performance in the United States and the United Kingdom: An Institutional Perspective

2016 ◽  
Vol 44 (4) ◽  
pp. 1620-1650 ◽  
Author(s):  
Igor Filatotchev ◽  
Salim Chahine ◽  
Garry D. Bruton
Keyword(s):  
United States ◽  
United Kingdom ◽  
Initial Public Offerings ◽  
Initial Public Offering ◽  
The United States ◽  
Board Members ◽  
Institutional Perspective ◽  
Board Interlocks ◽  
The United Kingdom ◽  
Public Offering

Building on the institutional perspective on capital markets, we examine the process of legitimation that underpins investor valuation of initial public offerings in the context of institutional polycentricism. We focus on the impact of board interlocks of the CEO and internal and external board members on investor perceptions of initial public offering firms in the United States and United Kingdom. We find that the extent of board members’ interlocks relates positively to the extent of the CEO’s interlocks, but this relationship is stronger in the United Kingdom than in the United States. More extensive interlocks lead to higher valuations in the United Kingdom than in the United States. This is the result of differences in institutional confluences that underpin corporate governance in the two culturally related countries.

IPO Valuation

2018 ◽  
pp. 107-145 ◽  
Author(s):  
Sanjai Bhagat ◽  
Jun Lu ◽  
Srinivasan Rangan
Keyword(s):  
United States ◽  
United Kingdom ◽  
Initial Public Offering ◽  
Significant Relationship ◽  
Capital Expenditure ◽  
The United States ◽  
Net Income ◽  
The United Kingdom ◽  
Underwriter Reputation ◽  
Public Offering

This chapter studies the valuation of 6,199 IPOs during 1998–2015 for Australia, Canada, China, Germany, India, Japan, United Kingdom, and United States. Net income is positively related to initial public offering (IPO) valuation in each of the eight countries. The economic impact of net income is largest for Chinese IPOs and smallest for Australian IPOs. Book value is positively and significantly related to IPO valuation in Canada, Germany, India, and the United States. Capital expenditure is significantly and positively related to IPO valuation in Canada, Germany, India, the United Kingdom, and the United States. There is a positive and statistically significant relation between insider retention and IPO valuation in China, Germany, the United Kingdom, and the United States; positive but marginally significant relationship for India and Japan. Underwriter reputation has a positive and statistically significant relationship for IPOs in China, Germany, India, the United Kingdom, and the United States.

The Dark Side of Venture Capital Syndication and IPO Firm Performance

2018 ◽  
pp. 429-459
Author(s):  
Salim Chahine ◽  
Igor Filatotchev ◽  
Robert E. Hoskisson ◽  
Jonathan D. Arthurs
Keyword(s):  
United States ◽  
United Kingdom ◽  
Venture Capital ◽  
Initial Public Offerings ◽  
The United States ◽  
Dark Side ◽  
Agency Conflicts ◽  
The United Kingdom ◽  
Stock Market Performance ◽  
Multiple Agency

This chapter integrates agency research with an institutional perspective and investigates multiple agency conflicts in venture capital (VC) syndicates and their effect on stock-market performance of initial public offerings (IPOs) in the United States and the United Kingdom. Using a matched sample of 402 IPOs, the authors show that the size and diversity of a VC syndicate have a negative impact on performance, but this impact is higher in the United States. Ownership concentration within a syndicate improves performance, but this effect is stronger in the United Kingdom. Results indicate that the extent of multiple agency conflicts and their potential remedies are not universal and depend on formal and informal institutions.

scholarly journals Stakeholder Views Regarding Patient Discharge from Intensive Care: Suboptimal Quality and Opportunities for Improvement

2015 ◽  
Vol 22 (2) ◽  
pp. 109-118 ◽  
Author(s):  
Pin Li ◽  
Jamie M Boyd ◽  
William A Ghali ◽  
Henry T Stelfox
Keyword(s):  
United States ◽  
United Kingdom ◽  
Intensive Care ◽  
Patient Discharge ◽  
The United States ◽  
Discharge Process ◽  
Institutional Perspective ◽  
The United Kingdom ◽  
Icu Discharge ◽  
Medium Quality

OBJECTIVE: To provide the first description of intensive care unit (ICU) discharge practices from the perspective of Canadian ICU administrators, and ICU providers from Canada, the United States and the United Kingdom.METHODS: The authors identified 140 Canadian ICUs and administered a survey to ICU administrators (unit manager, director) to obtain an institutional perspective. Also surveyed were members of professional critical care associations in Canada, the United States and the United Kingdom, using membership distribution lists, to obtain a provider perspective.RESULTS: A total of 118 ICU administrators (114 ICUs [81%]) and 737 ICU providers (denominator unknown) responded to the survey. Administrator and provider respondents reported that ICU physicians are primarily responsible for determining the timing (70% and 77%, respectively) and safety (94% and 96%) for patients discharged from ICU. The majority of respondents indicated that patient summaries (87% and 85%) and medication reconciliation (78% and 79%) were part of their institutions’ discharge process. One-half of respondents reported the use of discharge protocols, while a minority indicated that checklists (46% and 44%), electronic tools (19% and 28%) or outreach follow-up (44% and 33%) were used. The majority of respondents rated current ICU discharge practices to be of medium quality (57% and 58% scored 3 on a five-point scale). Suggested opportunities for improvement included the information provided to patients and families (71% and 59%) and collaboration among hospital units (65% and 66%).CONCLUSION: Findings from the present study revealed the complexity of the ICU discharge process, considerable practice variation, perception of only medium quality and several proposed opportunities for improvement.

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