Ricerc@Sapienza

In all official documentation, the Capital Markets Union (CMU) is considered a key pillar in the Commission’s Investment Plan for Europe and an important part of the work on the completion of the European Economic and Monetary Union.
Through the CMU, the European Commission aims to facilitate firms’ financial funding by fostering investments and increasing financial integration in European capital markets.
Whilst the Banking Union refers to the 19 Euro area countries, at inception the CMU was envisaged for EU28 members.

This paper investigates the determinants of a “successful” IPO from a corporate governance perspective upon a representative sample of European listings from 2000 to 2015. We use an extensive dataset of market performance, financial data, and corporate governance characteristics to run the investigation. Differently from previous studies, our analysis embraces both a short-term perspective and a medium–long-term perspective, where the board of directors seems to perform different tasks, moving from a value creation to a value protection strategy.