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Download or read book The Effect of IPOs on German Family-owned Firms: Governance Changes, Ownership Structure, and Performance written by and published by . This book was released on with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Hung-Bin Ding
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (13 download)
Download or read book Family Firms Going Public written by Hung-Bin Ding and published by . This book was released on 2014 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Recently, the interests in the performance of family firms in the capital market are on the rise. However studies on long-term performance give us little information about the performance of family firms in the initial public offering (IPO) markets. Building on agency theory, we investigated the effect of three IPO signals in family firm IPOs. Practices such as the appointment of outside non-family directors and waiting longer before going public significantly reduce underpricing. In addition, family owners' intent to retain large percentage of share in the long run is an indication of original shareholders' level of confidence in their own companies. Such confidence helps reduce after market investors' uncertainty and thus underpricing. On the other hand, family ownership at the IPO positively moderates the impact of non-family directors on underpricing.
Author : Corinna M. Lindow
Publisher : Springer Science & Business Media
ISBN 13 : 3834971677
Total Pages : 286 pages
Book Rating : 4.8/5 (349 download)
Download or read book A Strategic Fit Perspective on Family Firm Performance written by Corinna M. Lindow and published by Springer Science & Business Media. This book was released on 2012-10-02 with total page 286 pages. Available in PDF, EPUB and Kindle. Book excerpt: Corinna M. Lindow substantiates, develops, and tests a strategic fit perspective on family firm performance in order to contribute to explaining previous inconclusive findings. In particular, she aims at investigating whether strategic fit determines family firm performance and what role family influence plays. Based on a sample of German family firms, the author indicates that, against expectations, family firms’ performance is not driven by strategic fit but through the effective use of family-specific factors such as family business governance and family culture. Further, the results suggest that family influence has important implications for strategy, organizational structure, and the achievement of strategic fit.
Author : Peter Jaskiewicz
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)
Download or read book Long-Run IPO Performance Analysis of German and Spanish Family-Owned Businesses written by Peter Jaskiewicz and published by . This book was released on 2005 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This article examines the long-run stock market performance of German and Spanish initial public offerings (IPOs) between 1990 and 2000. We distinguish between family- and nonfamily-owned business IPOs by using the power subscale of the F-PEC. Buy-and-hold-abnormal returns (BHAR) are calculated in order to determine abnormal returns. Our results show that three years after going public, investors, on average, realized an abnormal return of -32.8% for German and -36.7% for Spanish IPOs. In both countries, nonfamily business IPOs perform insignificantly better. Regression analyses show that for the whole sample there is a positive company size effect. In family-owned businesses, strong family involvement has a positive impact on the long-run stock market performance, whereas the age of the firm has a negative influence.
Author : Mike Wright
Publisher : Oxford University Press, USA
ISBN 13 : 0199642001
Total Pages : 830 pages
Book Rating : 4.1/5 (996 download)
Download or read book The Oxford Handbook of Corporate Governance written by Mike Wright and published by Oxford University Press, USA. This book was released on 2013-03-28 with total page 830 pages. Available in PDF, EPUB and Kindle. Book excerpt: Corporate governance remains a central area of concern to business and society, and this Handbook constitutes the definitive source of academic research on this topic, synthesizing international studies from economics, strategy, international business, organizational behavior, entrepreneurship, business ethics, accounting, finance, and law.
Author : ALAN CARSRUD
Publisher : Springer Science & Business Media
ISBN 13 : 146140911X
Total Pages : 333 pages
Book Rating : 4.4/5 (614 download)
Download or read book Understanding Family Businesses written by ALAN CARSRUD and published by Springer Science & Business Media. This book was released on 2011-10-29 with total page 333 pages. Available in PDF, EPUB and Kindle. Book excerpt: Businesses owned and operated by families constitute the vast majority of firms around the world. These firms are found in all industrial segments, from retail and service establishments to heavy manufacturers. Their sizes and revenues range from the smallest venture of a husband and wife roadside food stall in rural India to the largest multinational, highly diversified corporations in the United States and Europe. Many challenges, such as competition, regulation, environmental concerns, access to capital, and macroeconomic factors confront family and nonfamily firms alike. In addition, family and closely-held firms grapple with such issues of succession, continuity, conflict resolution, identity and organizational roles, estate and financial planning that are idiosyncratic to them; when psychological, social, and emotional factors are in play, constantly changing familial relationships influence the strategic and financial choices they make. Yet, there has been comparatively little theoretical or empirical research undertaken on family firms, relative to entrepreneurship and strategic management. This book addresses gaps in the literature by presenting a holistic, multi-disciplinary approach to the study and practice of family business that draws from such fields as psychology, anthropology, sociology, strategy, family therapy, family studies, wealth management, and international business. An international array of experts addresses both macro issues (including the role of family businesses in new business creation and economic development, influences of culture on family business, public policies that can encourage or threaten family business) and firm management (strategic and financial decision making, governance, entering and exiting). Featuring case studies from firms in a variety of industries, Understanding Family Businesses not only offers provocative new insights on family business dynamics, but outlines an agenda for future research.
Author : Panikkos Poutziouris
Publisher : Edward Elgar Publishing
ISBN 13 : 1847204392
Total Pages : 653 pages
Book Rating : 4.8/5 (472 download)
Download or read book Handbook of Research on Family Business written by Panikkos Poutziouris and published by Edward Elgar Publishing. This book was released on 2008-01-01 with total page 653 pages. Available in PDF, EPUB and Kindle. Book excerpt: . . . this Handbook is a good example . . . for those interested in giving a more articulated and solid flavour to their research. Andrea Colli, Business History The authors have taken a lot of pain in putting this Handbook together. As the name indicates, this is an excellent Handbook for researchers. Global Business Review The Handbook of Research on Family Business has collected and synthesized a broad variety of topics by notable researchers who share a common dedication to family business research. This Handbook provides a comprehensive treatment that advances the frontiers of knowledge in family business, provoking valuable thoughts and discussion. The Handbook serves as both an authoritative and comprehensive reference work for researchers investigating family enterprises. A. Bakr Ibrahim, Concordia University, Montreal, Canada Although family business research is a young discipline it is both necessary and important. For the wellbeing and future development of our society the survival of prosperous and passionate family business entrepreneurs is indispensable. In order to help the families in business to better understand how to succeed with their enterprises we need qualified and updated research. This book is the answer! Hans-Jacob Bonnier, Bonnier Business Press Group, Sweden and 6th Generation Chairman of the Family Business Network International This Handbook is a unique compilation of the most important and the best recent family business research. The field has grown so rapidly that this effort will be a mark for the research to follow. The Handbook of Research on Family Business will be the reference for scholars in family business for many years to come. It will also stimulate new ideas in research. John L. Ward, IMD, Switzerland and Northwestern University, US The Handbook of Research on Family Business provides a comprehensive first port of call for those wishing to survey progress in the theory and practice of family business research. In response to the extensive growth of family business as a topic of academic inquiry, the principal objective of the Handbook is to provide an authoritative and scholarly overview of current thinking in this multidisciplinary field. The contributors examine recent advances in the study of family business, which has undertaken significant strides in terms of theory building, empirical rigour, development of sophisticated survey instruments, systematic measurement of family business activity, use of alternative research methodologies and deployment of robust tools of analysis. A wide selection of empirical studies addressing the current family business research agenda are presented, and issues and topics explored include: validation of the protagonist role that family firms play in social-economic spheres; operational and definitional issues surrounding what constitutes a family business; historical development of the field of family business; methodologies encompassing micro and macro perspectives; challenges to the orthodox microeconomic view of homo-economicus firms by highlighting the virtues of family influence and social capital. Comprising contributions from leading researchers credited with shaping the family business agenda, this Handbook will prove an invaluable reference tool for students, researchers, academics and practitioners involved with the family business arena.
Author : Ritch L. Sorenson
Publisher : Edward Elgar Publishing
ISBN 13 : 1782547541
Total Pages : 255 pages
Book Rating : 4.7/5 (825 download)
Download or read book The Landscape of Family Business written by Ritch L. Sorenson and published by Edward Elgar Publishing. This book was released on 2013-09-30 with total page 255 pages. Available in PDF, EPUB and Kindle. Book excerpt: •The editors should be commended for developing a Map of the Landscape of Family Business Outcomes. It gives future research direction to the discipline considering both short-term profitability and long-term sustainability. It considers conventional c
Author : Peter Jaskiewicz
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (13 download)
Download or read book Long-Run IPO Performance Analysis of German and Spanish Family-Owned Businesses written by Peter Jaskiewicz and published by . This book was released on 2014 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This article examines the long-run stock market performance of German and Spanish initial public offerings (IPOs) between 1990 and 2000. We distinguish between family- and nonfamily-owned business IPOs by using the power subscale of the F-PEC. Buy-and-hold-abnormal returns (BHAR) are calculated in order to determine abnormal returns. Our results show that three years after going public, investors, on average, realized an abnormal return of -32.8% for German and -36.7% for Spanish IPOs. In both countries, nonfamily business IPOs perform insignificantly better. Regression analyses show that for the whole sample there is a positive company size effect. In family-owned businesses, strong family involvement has a positive impact on the long-run stock market performance, whereas the age of the firm has a negative influence.
Author : Olaf Ehrhardt
Publisher :
ISBN 13 :
Total Pages : 44 pages
Book Rating : 4.:/5 (129 download)
Download or read book Private Benefits of Control in Founding-Family Owned Firms written by Olaf Ehrhardt and published by . This book was released on 2015 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: Our study examines private benefits of control in founding-family owned firms, by analyzing a unique sample of 105 IPOs of family firms on German stock exchanges from 1970 to 2011. First, we show that substantial private benefits of control exist in these firms and we empirically determine the nature of these private benefits. Second, we confirm that the separation of cash flow rights and voting rights via dual-class shares is used to create controlling shareholder structures in order to preserve private benefits of the family. In doing so, we analyze the effect of different types of private benefits on dual-class adoption. Third, we show that the market cares about private benefits of control and find a significant long-run underperformance by dual-class IPO shares.
Author : Oliver Ahlers
Publisher : Springer
ISBN 13 : 3658040947
Total Pages : 253 pages
Book Rating : 4.6/5 (58 download)
Download or read book Family Firms and Private Equity written by Oliver Ahlers and published by Springer. This book was released on 2014-07-25 with total page 253 pages. Available in PDF, EPUB and Kindle. Book excerpt: Family firms are of particular importance for many economies. We know little about family firm buyouts and how they are different from non-family firm buyouts. Oliver Ahlers investigates this under-researched topic. After a comprehensive literature review on family firm buyouts, the focus of his book is on the key steps of the investment process such as family firm valuation and negotiations between PE investors and family sellers. Additionally, it is investigated how “soft factors” such as trust, reputation or commitment could play an important role when PE and family firms interact. Throughout the book, differences between family and non-family firm buyouts are highlighted.
Author : Markus P. Urban
Publisher : Springer
ISBN 13 : 3658114029
Total Pages : 494 pages
Book Rating : 4.6/5 (581 download)
Download or read book The Influence of Blockholders on Agency Costs and Firm Value written by Markus P. Urban and published by Springer. This book was released on 2015-11-04 with total page 494 pages. Available in PDF, EPUB and Kindle. Book excerpt: Markus P. Urban investigates the influence of large shareholders (the so-called blockholders) on agency costs and firm value, thereby accounting for blockholder characteristics and blockholder interrelationships. The work provides a profound theoretical and empirical analysis on the nature and effect of shareholder engagement with due regard to the specifics of the German institutional environment. Its empirical results illustrate that the effect of shareholder engagement depends on the characteristics of the specific blockholder as well as on interrelationships with additional blockholders.
Author : Marc Goergen
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (129 download)
Download or read book The Evolution of Ownership and Control in German Ipos written by Marc Goergen and published by . This book was released on 1998 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper provides an alternative analysis of German IPOs by looking at the evolution of control and ownership. Most companies are floated by families and in a majority of companies control stays with the family six years after the flotation. Control is not gradually dispersed by sales on the market, but is directly transferred to the new controlling shareholder. There is a positive relationship between the stake size of the family and the family members sitting on the supervisory and management boards. The seats held by banks on the supervisory boards date back to the time before the IPO and do not depend on holdings by the banks.
Author : Silvia Ferramosca
Publisher : Springer
ISBN 13 : 3319735888
Total Pages : 276 pages
Book Rating : 4.3/5 (197 download)
Download or read book Accounting Choices in Family Firms written by Silvia Ferramosca and published by Springer. This book was released on 2018-03-13 with total page 276 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides a critical analysis of the current state of knowledge on the relationship between family firms and a wide range of accounting choices, including earnings management, accounting conservatism, and financial and non-financial disclosure. In examining the choices made in family firms, the authors explore and elucidate the relevance of agency, socioemotional wealth, stewardship, and resource-based theories. Readers will also find close consideration of the impacts of a country’s culture and societal values on accounting choices. In particular, further evidence is provided on the impact of different cultures on accounting conservatism in family businesses. Finally, avenues for future accounting research on family firms are discussed, highlighting theoretical and empirical challenges. In addition to offering a revealing analysis of the influence of ownership types and cultures on accounting choices within family firms, the book identifies significant practical implications for the management of family firms and policy implications for regulators and standard setters.
Author : Andreas Oehler
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (13 download)
Download or read book IPOs, the Level of Private Equity Engagement and Stock Performance Matters written by Andreas Oehler and published by . This book was released on 2017 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Research on IPOs commonly focuses on the relation between firms' pre IPO ownership structure and subsequent stock performance. We extend the literature by additionally focusing on companies' post IPO ownership structure, in particular private equity capital engagement, to analyze IPOs stock performance matters. For this purpose, we employ a unique dataset on German IPOs from 2004 to 2014 that allows us to identify companies' ownership structures before and after the IPO. We compute stocks' market-adjusted returns and information ratios for the first 200 trading days to answer two research questions. First, do stocks of companies that were (partially) owned by private equity investors prior the IPO show a different performance after the IPO than stocks of companies without prior investments of private equity investors? Second, does the extent of private equity investors' involvement at the IPO (i.e. their pre and post IPO shareholdings) influence the stock performance following the IPO? We do not find evidence that stocks of companies, which had private equity investors as shareholders prior to the IPO, outperform stocks of companies without private equity investors per se. However, for the subsample of companies that had private equity investors as shareholders we document that the stronger the private equity investors reduce their engagement the stronger is the performance of the issued stock.
Author : Greg N. Gregoriou
Publisher : Elsevier
ISBN 13 : 0080466079
Total Pages : 433 pages
Book Rating : 4.0/5 (84 download)
Download or read book Venture Capital in Europe written by Greg N. Gregoriou and published by Elsevier. This book was released on 2011-04-01 with total page 433 pages. Available in PDF, EPUB and Kindle. Book excerpt: Until recently, only the United States had an active venture capital market. This is changing rapidly, as many other countries have experienced rapid growth in venture capital financing over the past five years. This book contains new scientific articles showcasing the latest research on venture capital in Europe. Venture capital investment remains a hot topic with portfolio managers, individual investors, academics worldwide. This book examines in detail all the major issues regarding venture capital investment: contracting, financing, regulation, valuation, etc. and identifies new trends in the venture capital arena. Features a foreword by Josh Lerner. *The only book in which academics from around the world present the latest research on venture capital in Europe *Covers all of Europe as well as including overview papers about venture capital industry, public and private venture capital, valuation, financing, contracting, structuring, regulation, etc. *Comprehensive, authoritative coverage
Author : Richard K. Lenz
Publisher : Springer Science & Business Media
ISBN 13 : 3834986003
Total Pages : 549 pages
Book Rating : 4.8/5 (349 download)
Download or read book Post-LBO development written by Richard K. Lenz and published by Springer Science & Business Media. This book was released on 2010-03-01 with total page 549 pages. Available in PDF, EPUB and Kindle. Book excerpt: Richard K. Lenz analyses how LBOs evolve after the financial investors have exited. Based on three case studies of former LBOs in Germany, he shows that performance decline is often related to the weakening of the former performance-enhancing series of governance instruments.
