Mostrar el registro sencillo del ítem

Determinants of corporate tone in an initial public offering : powerful CEOs versus well-functioning boards

dc.contributor.authorGonzález Ferrero, Maximilianospa
dc.contributor.authorGuzmán Vásquez, Alexanderspa
dc.contributor.authorTéllez Falla, Diego Fernandospa
dc.contributor.authorTrujillo Dávila , María Andreaspa
dc.date.accessioned2023-06-21T22:23:01Z
dc.date.available2023-06-21T22:23:01Z
dc.date.issued2021-12
dc.identifier.issn0275-5319
dc.identifier.urihttp://hdl.handle.net/10726/5057
dc.language.isoeng
dc.publisherElsevier Inc.
dc.titleDeterminants of corporate tone in an initial public offering : powerful CEOs versus well-functioning boardseng
dc.typearticle
dc.rights.accessrightsinfo:eu-repo/semantics/restrictedAccess
dc.rights.localAcceso Restringido
dc.type.versioninfo:eu-repo/semantics/acceptedVersion
dc.identifier.instnameinstname:Colegio de Estudios Superiores de Administración – CESA
dc.identifier.reponamereponame:Biblioteca Digital – CESA
dc.identifier.repourlrepourl:https://repository.cesa.edu.co/
dc.description.abstractenglishRecent literature on initial public offerings (IPOs) suggests a significant effect of tone in IPO underpricing but ignores its determinants. This study concentrates on the factors that shape the tone of the information disclosed in IPOs. Sampling 211 Latin American IPOs during the period 2000–2019, we find empirical evidence that a powerful CEO can influence tone, avoiding unfavorable tone and fostering the use of positive words in the information disclosed to the market. We also show that more independent boards tend to use more unfavorable tones. Additionally, we find a non-monotonic relationship between board size and the tone in the prospectus, which suggests that an optimal board size mitigates the excessive use of positive tone and leads to more unfavorable tones in the IPO prospectus. Overall, well-functioning boards counterbalance powerful CEOs and generate more realistic disclosure to the market. Finally, we find that market-dominant auditors, age of the issuing firm, proposed use of proceeds, and the number of risk factors significantly affect the tone in the information disclosed.eng
dc.type.coarhttp://purl.org/coar/resource_type/c_2df8fbb1
dc.relation.citationvolume58
dc.contributor.orcidGonzález Ferrero, Maximiliano [0000-0002-8675-6911]
dc.contributor.orcidGuzmán Vásquez, Alexander [0000-0001-7675-048X]
dc.contributor.orcidTéllez Falla, Diego Fernando [0000-0002-1902-2870]
dc.contributor.orcidTrujillo Dávila, María Andrea [0000-0002-9592-7890]
dc.type.driverinfo:eu-repo/semantics/article
dc.type.redcolhttp://purl.org/redcol/resource_type/ART
dc.type.coarversionhttp://purl.org/coar/version/c_71e4c1898caa6e32
dc.contributor.scopusGonzález Ferrero, Maximiliano [17434254200]
dc.contributor.scopusGuzmán Vásquez, Alexander [55207224400]
dc.contributor.scopusTéllez Falla, Diego Fernando [57200984310]
dc.contributor.scopusTrujillo Dávila, María Andrea [55206416700]
dc.description.orcidhttps://orcid.org/0000-0002-8675-6911
dc.description.orcidhttps://orcid.org/0000-0001-7675-048X
dc.description.orcidhttps://orcid.org/0000-0002-1902-2870
dc.description.orcidhttps://orcid.org/0000-0002-9592-7890
dc.description.scopushttps://www.scopus.com/authid/detail.uri?authorId=17434254200
dc.description.scopushttps://www.scopus.com/authid/detail.uri?authorId=55207224400
dc.description.scopushttps://www.scopus.com/authid/detail.uri?authorId=57200984310
dc.description.scopushttps://www.scopus.com/authid/detail.uri?authorId=55206416700
dc.identifier.eissn1878-3384
dc.relation.ispartofjournalResearch in International Business and Finance
dc.identifier.doihttps://doi.org/10.1016/j.ribaf.2021.101481
dc.subject.proposalInitial public offer
dc.subject.proposalText analysis
dc.subject.proposalInformation disclosure
dc.subject.proposalCorporate governance
dc.subject.proposalIPO valuation
dc.rights.coarhttp://vocabularies.coar-repositories.org/access_rights/c_16ec/


Ficheros en el ítem

FicherosTamañoFormatoVer

No hay ficheros asociados a este ítem.

Este ítem aparece en la(s) siguiente(s) colección(ones)

Mostrar el registro sencillo del ítem