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Asian Journal of Management
Year : 2019, Volume : 10, Issue : 2
First page : ( 95) Last page : ( 99)
Print ISSN : 0976-495X. Online ISSN : 2321-5763.
Article DOI : 10.5958/2321-5763.2019.00016.7

Impact of Corporate Governance on IPO Underpricing-An Evidence from Indian Stock Market

Patel A.1,*, Suresha B.2

1Student, Master of Business Administration Finance Management

2Associate Professor, Department of Management Studies, CHRIST (Deemed to be University), suresh.b@christuniversity.in

*Corresponding Author E-mail: ananyapatel1308@gmail.com

Online published on 3 January, 2020.

Abstract

Corporate Governance influence the companies to manage their organization in such a way to achieve the long term strategic goals to satisfy the shareholders, creditors, employees, customers, suppliers, and complying with the legal and monitoring requirements, apart from meeting environmental and local community needs. Corporate Governance is administered to provide the maximum benefits to the stakeholders. The evaluation on the basis of its listing and its returns, describes the customary valuation of such IPO. There is always an impact of the management on the pricing of IPOs, the status of directors also affects its pricing structure. It also depends upon the policies, norms and legislative structure of the management. This is a pragmatic study that examines the pricing of IPOs and the initial performance of such IPOs in Indian capital market. It also describes the impact of corporate governance on pricing of Initial Public Offers, and also outlines the relationship between corporate governance and underpricing of IPOs. It also attempts to provide new evidence on the first-day IPO market performance using a set of 94 IPOs newly listed between 1 April 2014 to 31 March 2018 on Indian stock exchanges.

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Keywords

Corporate Governance, IPO Underpricing, Corporate Governance Scorecard, Listing Returns.

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