The main objective of an IPO is to raise capital to allow the company to grow. However, during this operation, the governance of the company must be transformed, the support functions must be professionalized and the financial communication must be transparent. Our results are useful both for shareholders and for managers of companies wishing to open their capital to (more cautious) investors and orient themselves towards the stock market.
The underlying principle of my article is that, we observe a separation between the ownership and control of the company after its IPO, which creates an agency problem. The board of directors is a tool to alleviate these agency problems and the size of the board determines its effectiveness. To better manage agency issues, the board should be small, which will translate into better financial results.
The board of directors extends the section of its informed directors who are familiar with the reality of the company and its characteristics when the latter is faced with renewed uncertainty. When the firm has to face significant information costs, then the presence of well-informed directors will allow a greater efficiency of the board of directors and will be beneficial to the shareholders. The effectiveness of the board of directors is fundamental insofar as it allows the establishment of effective contracts between the firm and the shareholders.
It seems that the virtues of entrepreneurial education are universally acknowledged... But what is it really like? In other words, what are the collective imaginary representations associated with entrepreneurship education (EE) in France by its various stakeholders (teachers, students, researchers, entrepreneurs, coaches, school or university managers)? Our two-phase research, one qualitative, the other quantitative, has shown that the social imaginary of EE revolves around a utopian representational core.
BORNARD Fabienne - INSEEC U |
VERZAT Caroline - ESCP Business School |
- Entrepreneurship, Human Resources Management