Corporate Governance Disclosure and IPO Underpricing in Germany

This thesis examines the impact of Corporate Governance Disclosure on IPO Underpricing in Germany. Using a manually collected dataset of 183 IPOs from 2002 to 2024, it constructs a Governance Disclosure Score based on board structure, gender diversity, ROA, institutional investors, firm age and size. Drawing on signaling and agency theory, the study applies OLS regression to test whether governance transparency reduces first-day underpricing.

This thesis examines the impact of Corporate Governance Disclosure on IPO Underpricing in Germany. Using a manually collected dataset of 183 IPOs from 2002 to 2024, it constructs a Governance Disclosure Score based on board structure, gender diversity, ownership, and institutional participation. Drawing on signaling and agency theory, the study applies OLS regression to test whether governance transparency reduces first-day underpricing.