The role of Top Management Teams behind investors ’ valuation of

The paper investigates the role of Top Management Teams (TMTs) characteristics behind market performance of IPOs on a secondary market. After highlighting the main differences between entrepreneurial and managerial companies, we identify effective drivers related to TMT characteristics able to distinguish between them. Next, we empirically inves-tigate the impact of TMT characteristics on the market performance of companies listing through IPOs on the Alterna-tive Investment Market (AIM). Last, we verify how TMTs characteristics are relevant when firms under study are led by entrepreneurial-oriented TMTs