The Board Structure and Performance in IPO Firms: Evidence from Stakeholder-Oriented Corporate Governance

This study investigates the internal mechanisms as an important factor for shareholders and stakeholders in initial public offering (IPO) firms with stakeholder-oriented corporate governance. Over period of 2009–2016, we examine role independent directors Japanese According to previous research, monitoring is strengthened countries a market-based financial system. Our empirical analyses show that do not effectively mitigate conflicts among such IPO underpricing governance framework. Alternatively, accounting expertise may contribute mitigating accordance U.S. corporations. The participation bank-affiliated further contributes mitigation underpricing. Accordingly, these findings imply bank ties through Horizontal Keiretsu’s bank-appointed are critical firms. These results systems reducing stakeholders.