Does family involvement foster IPO value? Empirical analysis on Italian stock market
作者： Alessandro Cirillo , Mauro Romano , Otello Ardovino
关键词: Control (management) 、 Accounting 、 Stock market 、 Context (language use) 、 Robustness (economics) 、 Business 、 Initial public offering 、 Proxy (statistics) 、 Corporate governance 、 Value (economics)
摘要: Purpose – The purpose of this paper is to shed light on the relationship between family involvement and Initial Public Offering (IPO) value in Italian context. Design/methodology/approach Based a unique hand-collected data set, authors test hypotheses companies that went public 2000 2011, making inference 113 firms using OLS hierarchical regressions. quantify IPO from an outside investors’ perspective with two measures proxy for short-term apply robustness checks long-run performance. In stewardship framework, examine demographic variables including firm status, managerial positions generations. Findings results suggest status positively influences value, greater corresponds higher lastly, beneficial effect control mainly attributable first generation. are robus...
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