The determinants of IPO firm prospectus length in Africa
The determinants of IPO firm prospectus length in Africa
This paper studies the differential impact on IPO firm listing prospectus length from increasing proportions of foreign directors from civil as opposed to common law societies and social elites. Using a unique hand-collected and comprehensive sample of 165 IPO firms from across 18 African countries the evidence suggests that increasing proportions of directors from civil code law countries is associated with shorter prospectuses while the opposite is true for their common law counterparts. Furthermore increasing proportions of directors drawn from elevated social positions in indigenous society is related to increasing prospectus length in North Africa while being insignificant in SSA.
Africa, Board of directors, Disclosure, IPO
84-98
Hearn, Bruce
45dccea3-9631-4e5e-914c-385896674dc2
April 2013
Hearn, Bruce
45dccea3-9631-4e5e-914c-385896674dc2
Hearn, Bruce
(2013)
The determinants of IPO firm prospectus length in Africa.
Review of Development Finance, 3 (2), .
(doi:10.1016/j.rdf.2013.04.002).
Abstract
This paper studies the differential impact on IPO firm listing prospectus length from increasing proportions of foreign directors from civil as opposed to common law societies and social elites. Using a unique hand-collected and comprehensive sample of 165 IPO firms from across 18 African countries the evidence suggests that increasing proportions of directors from civil code law countries is associated with shorter prospectuses while the opposite is true for their common law counterparts. Furthermore increasing proportions of directors drawn from elevated social positions in indigenous society is related to increasing prospectus length in North Africa while being insignificant in SSA.
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Published date: April 2013
Keywords:
Africa, Board of directors, Disclosure, IPO
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Local EPrints ID: 423335
URI: http://eprints.soton.ac.uk/id/eprint/423335
ISSN: 1879-9337
PURE UUID: be703b6a-ab18-4217-a9c7-1bf04bce1e4e
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Date deposited: 20 Sep 2018 16:30
Last modified: 16 Mar 2024 04:37
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