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Association between Independent Audit Committee Members’ Human-resource Features and Underpricing: The Case of Singapore IPOs From 1997 - 2004
J - L. W. Mitchell Van Der Zahn,
Curtin University of Technology
Inderpal Singh, Curtin University of Technology
Greg Tower, Curtin University of Technology
ABSTRACT. The primary objective of this paper is to examine the association between the seven human-resource features (spanning three major themes: (i) qualifications and credentials; (ii) business and IPO launch experience; and (iii) diversity) of independent audit committee members and the level of underpricing. Taking our empirical results together suggests no overwhelming association between the human-resource features of IPO audit committees and underpricing. Rather, our findings suggest only some specific human-resource features (e.g., presence of an independent audit committee member with accounting qualifications and credentials) are of significance with others (e.g., gender diversity of independent audit committee members) having no association. Also, results do not suggest a major category of human-resource features (i.e., qualifications and credentials, business and IPO launch experience, or diversity) is associated with underpricing. Time also does not appear to affect our results.
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