The Role of Top Management Teams Behind Investors’ Valuation of Entrepreneurial IPOs

Investment Management and Financial Innovations, Volume 7, Issue 2, 2010

12 Pages Posted: 7 Feb 2014

See all articles by Lucio Cassia

Lucio Cassia

University of Bergamo - SIGE Sezione di Ingegneria Gestionale

Andrea Correale

Independent

Tommaso Minola

University of Bergamo

Date Written: 2010

Abstract

The paper investigates the role of Top Management Teams (TMTs) characteristics behind market performance of IPOs on a secondary market. After highlighting the main differences between entrepreneurial and managerial companies, we identify effective drivers related to TMT characteristics able to distinguish between them. Next, we empirically investigate the impact of TMT characteristics on the market performance of companies listing through IPOs on the Alternative Investment Market (AIM). Last, we verify how TMTs characteristics are relevant when firms under study are led by entrepreneurial-oriented TMTs.

Keywords: entrepreneurship, Top Management Teams, firm performance, IPO, alternative investment market

JEL Classification: M10, M13, G10, G14

Suggested Citation

Cassia, Lucio and Correale, Andrea and Minola, Tommaso, The Role of Top Management Teams Behind Investors’ Valuation of Entrepreneurial IPOs (2010). Investment Management and Financial Innovations, Volume 7, Issue 2, 2010. Available at SSRN: https://ssrn.com/abstract=2391674

Lucio Cassia

University of Bergamo - SIGE Sezione di Ingegneria Gestionale ( email )

Via Pasubio 7b
Dalmine, Bergamo 24044
Italy

Andrea Correale

Independent

No Address Available

Tommaso Minola (Contact Author)

University of Bergamo ( email )

Via Salvecchio, 19
Bergamo, 24129
Italy

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