Impact of Chief Executive Officer’s characteristics on the performance of Initial Public Offering in Vietnam

Abstract

 The paper examines the impact of Chief Executive Officer’s characteristics (CEO characteristics) on the performance of Initial Public Offering (IPO) in companies that carried out IPO activities, then listed on the Vietnam stock market in the period of 2005-2017, in which IPO performance is measured by the degree of IPO underpricing and business operating performance of enterprises after IPO. The empirical results from the regression models show that CEO characteristics do not play a very important role in determining the IPO performance as well as firms’ business operating performance. However, the research still finds evidence to prove that some CEO characteristics including CEO with financial expertise, experience, knowledge of the business and the market have certain impacts on the IPO performance.