Examining the Impact of Women Directors and the Performance of Indian IPOs

Abstract: This study aims to identify and analyse the effects of women directors on boards on the performance of Initial Public Offerings of Indian companies. The study tested the hypotheses by selecting 100 Indian companies that have made an Initial Public Offering (IPO) in the recent past and have been listed on the National Stock Exchange during the period 2012-2020. The study shows that women on boards have different governance mechanisms due to their presence. It is explored that the increase in IPO prices is closely associated with the presence of women directors in most companies. Women's presence on boards creates larger boards, more committees, a smaller number of related directors, and better board interdependence. The size and issue price of shares are significantly higher for IPOs when there are women on the board, reflecting better investor acceptance Keywords: Initial Public Offer (IPOs), Gender Diversity, Corporate Governance, Relationship-Related Characteristics, Emerging Economy JEL Classification Number: G10, G23