Analysis of the Relationship between the Quality of Corporate Governance and the Company Value during Initial Public Offering

The fact that there are no generally accepted criteria in measuring the quality of corporate governance (CG) leads to the considerable disagreement of scholars whose studies address the relationship between the quality of corporate governance and the value of the firm at the time of its initial public offering (IPO). It determines the relevance of researching different ways of measuring corporate governance characteristics in a company and examining whether they are related to the company's value at the time of the IPO. An additional incentive for Russian companies to study this issue is that most of the existing studies were conducted for firms in foreign and developed countries. The scientific significance of the research results lies in the fact that on a sample of Russian companies that, in general, relatively recently commenced to carry out IPOs, the relationship between the company's value at the time of the IPO and the quality of CG was checked using data from PREQVECA, Bloomberg, and Ruslana. The sample consists of 29 Russian companies that made an initial public offering between 2011 and March 2021. The results of the study reveal that high-quality corporate governance has a positive effect on the company's value at the time of the IPO.