How do boards of directors contribute to IPO returns? an empirical study of a multinational sample

Corporate governance literature argues that the board of directors performs three roles: monitoring the corporation, advising and providing services to management, and gaining access to critical resources. Previous empirical studies on IPO outcomes have typically focused on a single board role and/or examined IPOs in a single country. This study examines all three roles in nineteen different countries and demonstrates that all three roles are important for understanding IPO returns.