As noted by Roberts et al. (2006), access to such elite groups is difficult. Nevertheless, 22 face-to-face interviews were conducted during 2005 with top managers; the average duration was 1 h. At each company, one member of the board, the CEO, the CFO3, a corporate controller and the manager responsible for investor relations were interviewed. In each company, the CEO and the CFO had been in their companies for a long time: all for more than five years. None had prior experience of being listed on the stock exchange.