Defines corporate governance, describes the special characteristics of Belgian companies and presents a study of the disciplining of bad management in 165 companies listed on the Brussels stock exchange 1989‐1996. Finds that poor share price performance is generally linked to a higher turnover...

Purpose – This paper seeks to answer the question whether control and changes in control after a firm's initial public offering (IPO) have a significant influence on firm value in two very different systems of corporate governance, i.e. Germany and the UK. Design/methodology/approach – The...

Purpose – The aim of the paper is to study the long‐run under‐performance of UK initial public offerings (IPOs) by relating it to the pre‐IPO financial performance of the firm as well as the managerial decisions taken before the IPO. Design/methodology/approach – The three‐year share...