但研究結果並不能在統計上顯著地支持台灣公司在管理素質上和IPO特徵的關聯性。 We empirically examine the relationship between the quality and reputation of a Taiwan firm’s management and various aspects of its IPO and post-IPO performance, a relationship that has so far received little attention in the literature. We hypothesize that better and more reputable managers are able to convey the intrinsic value of their firm more credibly to outsiders, thereby reducing the information asymmetry facing their firm in the equity market.
Therefore, IPOs of firms with higher management quality will be characterized by lower underpricing, greater institutional interest, and more reputable underwriters. Further, if higher management quality is associated with lower heterogeneity in investor valuations, firms with better managers will have greater long-term stock returns. Finally, since better managers are likely to select better projects (having a larger NPV for any given scale) and implement them more ably, higher management quality will also be associated with larger IPO offer sizes and stronger post-IPO operating performance. We present evidence consistent with the above hypotheses.
The major findings are summarized as follows： No significant relationship was found between quality and reputation of a Taiwan firm’s management and various aspects of its IPO and post-IPO performance.