Diversity and IPOs : An empirical analysis of OSE listed firms from 2006-2019
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- Master Thesis 
The aim of this master’s thesis is to investigate whether top management diversity is associated with short-term firm performance in relation to initial public offerings (IPOs). We use a panel data sample consisting of 113 companies listed on the Oslo Stock Exchange between 2006-2019. For the purpose of our analysis, the chief executive officer (CEO) and the chief financial officer (CFO) represent top management. Diversity is measured by differing attributes between them. Using regression models, a range of diversity factors, including a total diversity score, and firm and executive controls, we evaluate the extent to which diversity can be associated with firm performance. Our findings suggest that gender-diverse top management teams are correlated with higher returns on equity and assets. Notably, the firms with top management teams which include one NHH alum at the time of listing appear to have a lower share of equity.