Looking at the IPO from the “top floor”: a literature review

This article aims to assess the current situation and the evolution of the literature on the role of top level decision-makers in initial public offerings. The article combines bibliometric and qualitative reviews of 147 articles published in 57 journals until 2015. Findings show that the debate on the role of top-level decision-makers in initial public offerings has followed an irregular pathway. Research attention has moved from studies on the actors and the dynamics of going public to a focus on the strategic implications of initial public offerings. The paper is a good starting point for future policy-making interventions designed to support top-level decision-making. By enhancing awareness of the strategic role of initial public offerings, we hope to improve the governance practices associated with them. The paper also sheds light on the importance of fostering the corporate transparency of top-level decision-making in firms going public, as an additional tool to increase investors’ trust and attract financial resources. Finally, the paper provides a comprehensive overview of the academic field, examining research trends and the evolutionary pattern. It also suggests future research avenues by identifying un(der)explored issues to advance knowledge on the topic.