Although legitimacy theory provides strong arguments that environmental, social and governance (ESG) disclosure and performance can help mitigate firm-specific (idiosyncratic) risks, this relationship has been repeatedly challenged by conceptual arguments, such as 'transparency fallacy' or...

This study examines the relative importance of financial structure, advisers' reputations, and managerial experience on the market value achieved by an initial public offering (IPO). A sample of 172 UK IPOs on the Official list of the London Stock Exchange during the period 1992–1996 indicates...