The performance and the effects of family control in North African IPOs

摘要: Abstract This paper examines the performance effects of family ownership and influence on board structure its composition in firms that have recently undergone an initial public offering (IPO) North African region. Using a unique comprehensive hand-collected sample 63 locally listed IPO firm's from across Africa we find considerable evidence sizeable differential between non-family controlled firms. I supporting increased participation members at level while contrastingly wider dispersion facilitates monitoring surveillance mitigates underpricing. Equally line with extended network relationships involved business angels provide optimal form governance contrast to more formal private equity venture capital industry.