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The Effects Of Going Public On Firm Performance And Strategy
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Book Synopsis The Effects of Going Public on Firm Performance and Commercialization Strategy by : Borja Larrain
Download or read book The Effects of Going Public on Firm Performance and Commercialization Strategy written by Borja Larrain and published by . This book was released on 2021 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: We study the effects of going public using a unique panel of firms in 16 European countries for which we observe financial data before and after firms' initial-public-offering (IPO) attempts. We compare firms that complete their IPO with firms that withdraw their IPO. We instrument the going public decision using prior market returns. We find that firm profitability goes up after going public--contrary to previous results in the literature. We also find an post-IPO expansion in the number of subsidiaries and countries in which IPO firms operate. Our results are stronger for firms in financially dependent industries and in countries with higher investor protection consistent with going public relaxing financial constraints and with a stronger impact when agency conflicts are lower. Overall, our results are consistent with going public inducing a shift towards a strategy of commercialization to increase profitability.
Book Synopsis The Effects of Going Public on Firm Performance and Strategy by : Borja Larrain
Download or read book The Effects of Going Public on Firm Performance and Strategy written by Borja Larrain and published by . This book was released on 2021 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis "Can Entrepreneurs Sell Their Firms and Still Own Them?": the Adoption of Dual-class Structures and Their Effects on IPO Performance by : Nitin Kumar Singh
Download or read book "Can Entrepreneurs Sell Their Firms and Still Own Them?": the Adoption of Dual-class Structures and Their Effects on IPO Performance written by Nitin Kumar Singh and published by . This book was released on 2022 with total page 159 pages. Available in PDF, EPUB and Kindle. Book excerpt: Dual-class Structures enable entrepreneurs to separate voting rights and cash-flow rights in arbitrary proportions to exercise control of the firm. Dual-class structures allow entrepreneurs to retain the benefits of being private and reap the benefits of going public. This dissertation identifies the governance, firm-specific, and strategic antecedents of firms that adopt dual-class structures and determines its effect on IPO performance. This study finds that firms that adopt fewer governance mechanisms, have a greater number of insiders, are younger, have a higher level of sales, pursue risky strategies (such as internationalization, acquisition, and innovation) are more likely to adopt dual-class structures. Further, I find that entrepreneurs adopt dual-class structures to gain entrenchment, but shareholders are more concerned about having unity of command in IPO firms than they are about avoiding entrenchment. They likely consider entrepreneurs to have more information about the future value of the opportunities. Thus, entrenchment strategies of entrepreneurs do not appear to have negative effects on IPO performance. We hand-collect data on a comprehensive set of IPO firms that went public between 2006 to 2018 and use a matched sampling research design to draw our conclusions.
Download or read book The IPO Decision written by Jason Draho and published by Edward Elgar Publishing. This book was released on 2004-01-01 with total page 400 pages. Available in PDF, EPUB and Kindle. Book excerpt: Annotation Initial public offerings (IPOs) garnered unprecedented positive attention in the 1990s for their spectacular returns and central role in entrepreneurial activity. Subsequent revelations of unscrupulous IPO allocation and promotion practices cast a less fa.
Book Synopsis The Ernst & Young Guide to the IPO Value Journey by : Ernst & Young LLP
Download or read book The Ernst & Young Guide to the IPO Value Journey written by Ernst & Young LLP and published by Wiley. This book was released on 1999-10-22 with total page 312 pages. Available in PDF, EPUB and Kindle. Book excerpt: Ernst & Young ist einer der führenden Finanzdienstleister in den USA. Dies ist die aktualisierte Version des Leitfadens zum Börsengang 'Ernst & Young Guide to Taking Your Company Public'. Ziel war es, leitende Angestellte anzusprechen, wobei der Schwerpunkt auf Emissionskursen (IPOs - Initial Offering Prices) liegt als Verfahren, das einen bedeutenden Einfluß auf Geschäftsoperationen haben wird. Ein praktisches Fachbuch mit wichtigen Informationen zum Börsengang, einschließlich neuer Arten von IPOs und Internetangeboten. (09/99)
Book Synopsis The Family Business Map by : M. Bennedsen
Download or read book The Family Business Map written by M. Bennedsen and published by Springer. This book was released on 2014-09-29 with total page 179 pages. Available in PDF, EPUB and Kindle. Book excerpt: Combining the expertise of two consultants and academics from East and West, this book provides an international guide for family businesses, showing how to identify and implement the best governance strategies. Packed with case studies and interviews, this is the ultimate guide for family businesses wanting to achieve long-term success.
Book Synopsis The Impact of Global Industrial Manufacturing and the Development Strategy of New Energy and New Technologies under the Action of Carbon Reduction by : Wen-Tsao Pan
Download or read book The Impact of Global Industrial Manufacturing and the Development Strategy of New Energy and New Technologies under the Action of Carbon Reduction written by Wen-Tsao Pan and published by Frontiers Media SA. This book was released on 2024-01-26 with total page 132 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the context of the climate crisis, governments reached a consensus on promoting enterprises and organizations to take relevant carbon reduction actions in the United Nations Climate Change Conference (COP 26) held in Glasgow on November 1, 2021. The topic of carbon reduction will continue to be discussed at the 27th Conference of the Parties (COP27) of the United Nations Climate Change Conference in 2022. The international community expects all parties to truly implement their commitments to reduce emissions and take joint actions to effectively address the crises and challenges brought about by climate change. Carbon dioxide will lead to the global average temperature warming year by year. The use of coal, oil and natural gas and the emission of exhaust gas are the main driving factors of global warming. In addition, the causes of global warming also include the reduction of plants due to deforestation.
Book Synopsis Family Firms Going Public by : Hung-Bin Ding
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.
Book Synopsis The Effect of Capital Structure and Consolidated Control on Firm Performance by : Ekkehart Boehmer
Download or read book The Effect of Capital Structure and Consolidated Control on Firm Performance written by Ekkehart Boehmer and published by . This book was released on 2004 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: We analyze short-term and long-term performance of firms that go public with more than one class of common stock. To assess performance differences that are due to the firm's ownership structure, we create a control sample of single-class IPOs that is matched to the dual-class firms by exchange, offer date, industry, and size. For a comprehensive sample of 98 dual-class IPOs, we document that dual-class firms outperform their matched single-class counterparts in terms of stock-market returns as well as accounting measures of firm performance. Moreover, we find no statistically significant abnormal long-run performance over a three year horizon for dual-class firms. This contrasts with Ritter's (1991) result that IPOs significantly underperform in the three years after going public. We conclude that going public with a dual-class equity structure has net benefits for investors in those firms that choose this specific organizational structure, as evidenced by better operating performance and larger equity returns relative to other IPOs.
Book Synopsis The Oxford Handbook of IPOs by : Douglas Cumming
Download or read book The Oxford Handbook of IPOs written by Douglas Cumming and published by Oxford University Press. This book was released on 2018-11-15 with total page 841 pages. Available in PDF, EPUB and Kindle. Book excerpt: Initial public offerings (IPOs), or new listings of companies on stock exchanges, are among the most important form of finance and generate considerable attention and excitement. They are used to raise capital or to monetize investments by the early generation of venture capital and other private investors. They are increasingly international in scope and reach, especially with non-American firms offering on American stock exchanges. This handbook provides a comprehensive overview of why companies list on stock exchanges, how IPOs are regulated, initially valued, and their performance in the short and long run. The first part examines the economics of IPOs, and offers statistics and regulatory insights from the United States and other countries around the world. The volume then covers mergers versus IPOs, as well as reverse mergers and special purpose acquisition companies. Part III analyzes institutional ties in IPOs, including analysts, investment banks, auditors, and venture capitalists. The fourth section provides international perspectives on IPOs from a number of countries around the world. Part V discusses alternatives to IPOs, including private marketplaces, and crowdfunding. Reflecting the range of disciplines that analyze IPOs, the contributors come from the fields of finance, international business and management, economics, and law. The chapters cover the latest information on a range of fundamental questions that are of interest to academics, practitioners, and policymakers alike.
Book Synopsis The Oxford Handbook of Entrepreneurship and Collaboration by : Jeffrey J. Reuer
Download or read book The Oxford Handbook of Entrepreneurship and Collaboration written by Jeffrey J. Reuer and published by Oxford University Press. This book was released on 2019-08-08 with total page 752 pages. Available in PDF, EPUB and Kindle. Book excerpt: Organizational collaboration has played an important role in the field of strategic management in recent decades, including influential works on joint ventures, networks, and social capital. Likewise, the field of entrepreneurship has long recognized the value of collaboration, since young ventures often don't have the latitude to own or control all of the resources they need. Rather, the conditions of uncertainty and resource scarcity inherent in entrepreneurship push these ventures to creatively access resources, often through partnerships and collaborations that vary in formality. Though the importance of collaboration to entrepreneurship might seem apparent, research on it is distributed across multiple contexts, theoretical perspectives, and units of analysis. The Oxford Handbook of Entrepreneurship and Collaboration is a comprehensive volume that addresses the most important topics related to collaboration and connects them to unique challenges and opportunities related to entrepreneurship. Bringing together leading scholars from both areas, the volume takes stock of the current literature and aims to advance this body of research by highlighting the role that collaboration plays in value creation, resource acquisition, and the development of entrepreneurial ventures.
Book Synopsis ECMLG2013-Proceedings For the 9th European Conference on Management Leadership and Governance by : Maria Th Semmelrock-Picej
Download or read book ECMLG2013-Proceedings For the 9th European Conference on Management Leadership and Governance written by Maria Th Semmelrock-Picej and published by Academic Conferences Limited. This book was released on 2013-01-09 with total page 528 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Ernst and Young Guide to the IPO Value Journey by : Stephen C Blowers
Download or read book The Ernst and Young Guide to the IPO Value Journey written by Stephen C Blowers and published by Wiley. This book was released on 1999-10 with total page 304 pages. Available in PDF, EPUB and Kindle. Book excerpt: A practical guide to taking your company public--successfully This updated version of the Ernst & Young Guide to Taking Your Company Public looks at the IPO as a milestone in a larger process called The Value Journeysm, the basis for the work of the Ernst & Young Center for Strategic Transactions(R), a business advisory resource for CEOs. This practical book is designed to help you determine whether an IPO is the right move for your company and addresses the major leadership challenges that CEOs face. It describes how to plan your IPO journey and chart your business strategy, focusing on the steps you must take to succeed during and after the IPO event and fulfill the critical need to continuously innovate and renew your company.
Book Synopsis Organizational Resources, Industry Membership, and Firm Performance by : Timothy R. Holcomb
Download or read book Organizational Resources, Industry Membership, and Firm Performance written by Timothy R. Holcomb and published by . This book was released on 2010 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: A widely held belief is that resource constraints and industry conditions pose severe threats to the performance of entrepreneurial firms. While previous research links resources controlled by these firms to different performance outcomes, extant research on organizational performance often assumes away contextual differences in the allocation of scarce resources by firms to develop and leverage different organizational capabilities. Further, no research has explored the performance implications of resource use, especially for new ventures. The purpose of this study is to bring capabilities to the foreground in the examination of organizational performance for new ventures following an initial public offering (IPO). Building from resource-based theory and contingency theory, I examine the indirect (through capability formation and use) effects that occur within the 'black box' between resources and performance for a sample of entrepreneurial firms undertaking an IPO. New theory is offered to explain the formation and performance outcomes of two configurations of organizational capabilities: market-managing capabilities and market-creating capabilities. Human capital is considered, bringing agency into theory explaining capability formation and use. Further, I consider how underlying routines allow resources to be managed for greater value across different industries-conditions that make resources valuable in some contexts and not in others. I find that resource endowments at IPO affect the formation and use of organizational capabilities and that this relationship varies across different industry contexts. Further, I find support for the indirect effect of resources on performance outcomes through capability formation and use. More specifically, I find that adjustments to the configuration of organizational capabilities affect performance prospects over time. Results confirm that capability configurations compete for scarce resources, necessitating tradeoffs in allocation decisions between them. I also find that industry conditions moderate this relationship. By employing an integrative, multidisciplinary approach, this dissertation extends research on the performance effects of resource endowments and capability formation and use for entrepreneurial firms. Further, it contributes to growing research on IPO firms in strategic management and entrepreneurship, especially theoretical and empirical research examining the different firm and industry conditions that affect organizational performance during the period following a firm0́9s transition into the public arena.
Book Synopsis The Changing Face of Corporate Ownership by : Michael J. Rubach
Download or read book The Changing Face of Corporate Ownership written by Michael J. Rubach and published by Routledge. This book was released on 2013-10-28 with total page 202 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book examines the shareholder activism of institutional investors, and the effect of this activism on portfolio performance. By focusing on 118 institutional investors headquartered in the United States, the book is unique in addressing the shareholder activism of a large sample. Institutional shareholder activism is defined to include both traditional mechanisms of influence (i.e. filing shareholder proposals) and relationship investing. Institutional owners included private and public pension funds, mutual funds, bank trusts, insurance companies, endowments, and foundations. These institutional owners differ substantially, and these differences lead institutions to use their ownership power to pursue different philosophies and actions. Some institutions follow a passive governance policy, While others adopt an activist role. This book seeks to answer four questions: (1) Are institutional owners actively involved in the strategic affairs of companies in their portfolios? (2)Which forms of activism do institutional owners employ (either confrontational mechanisms, such as filing shareholder proposals, or relationship building mechanisms)? (3)Which forms of activism employed are most effective? and (4) Does the institutional type affect its pursuit of shareholder activism? In answering these questions the author suggests new important results that in many cases are contrary to what prior reports of the activities by a small number of institutional owners may intimate.
Book Synopsis The Impact of Internationalization on Post-IPO Performance of Firms by : Fazli Wahid
Download or read book The Impact of Internationalization on Post-IPO Performance of Firms written by Fazli Wahid and published by . This book was released on 2015 with total page 186 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study examines the relationship between the degree of internationalization at the time of IPO (initial public offering) and post-IPO market performance of US and Canadian firms. This proposition derives its support from the synthesis of major theories of international business with signaling and information asymmetry theory. Theories of international business are developed from the perspectives of the behaviour and decision-making of managers of the firms, whereas signaling and information asymmetry theory are about communicating to external investors; and thereby incorporates the assessments of these investors. After the IPO, investors become substantial equity holders in the firms. Therefore, the integration of the two streams of theories will help us understand how investors evaluate the degree of internationalization at the time of IPO. The basic premise of this integration is that theories of internationalization have identified a number of benefits of international expansion of firms. In this research, I assume that these benefits of international expansion provide positive signals to potential investors. As signaling is related to information asymmetry, these positive signals reduce the information asymmetry of investors, inducing them to value firms with the most internationalization. Further, drawing support from international new venture theory and the resource-based view (RBV) of the firm, this study explores the premise that international new ventures (INVs) go public earlier than other traditional firms. Rapid growth through international expansion requires substantial financial resources. One way to raise capital for this rapid international expansion is to go public earlier. As the speed of internationalization and early IPO might send strong positive signals to external investors, INVs would go public earlier. Data on post-IPO returns, volatility of returns, underpricing, and other characteristics of the firm, including the scale and scope of international sales, was extracted from a number of secondary sources including different databases and company prospectuses. The sample is restricted to IPO firms in the manufacturing and service sectors, headquartered in the US and Canada, that issued initial public offerings from 2001 to 2011. Post-IPO performance was measured in three ways: compound holding period returns, relative volatility of returns, and underpricing. The three measures of post-IPO performance are used to capture different aspects of performance, including the value assessed by external investors and insiders, and risk diversification. Internationalization-performance relationships have been extensively evaluated using linear models. However, recent studies have found non-linear forms of the relationship. This study provides a theoretical rationale and evaluates the relationship between internationalization and post-IPO performance using both linear and non-linear models. Internationalization is a complex phenomenon and may not be appropriately evaluated using simple linear models. Therefore, this study assumes a U-shaped relationship between the degree of internationalization and compound holding period returns and an inverted U-shaped relationship between the degree of internationalization and relative volatility of returns and underpricing. Using least square regression, the results confirm the existence of non-linear relationships between internationalization and compound holding period returns and relative volatility of returns. I find support for the idea that higher geographic scope provides a positive signal to potential investors. My findings indicate that higher geographic scope at the time of an IPO not only results in higher post-IPO returns, but also reduces the relative volatility of returns and underpricing. In the case of underpricing, higher intensity also leads to lower underpricing. The present study identifies an optimal point beyond which internationalization has a positive impact on performance. The implication is that management could signal future performance through both higher geographic scope and higher intensity of internationalization. In a similar way, investors can make more informed decisions using these signals. In contrast, at lower levels, internationalization is not related to compound holding period returns and underpricing, but it is positively associated with relative volatility. This implies that investors perceive lower levels of internationalization as more risky compared to higher levels. The findings have implications for both investors and management. Investors can utilize the findings of higher geographic scope resulting in a desirable outcome of higher returns and lower risk to make decisions that are more informed. The results also provide a strong strategic message to management considering going public of the potential benefits of higher internationalization. Contributions to the literature include: synthesizing theories of internationalization with signaling and information asymmetry theories, testing the non-linearity of the internationalization-performance relationship in the IPO context, evaluating the risk diversification aspect of multinationality in the context of IPO, and addition to the limited research on the link between internationalization and post-IPO performance. As simple linear and curvilinear approaches may not reveal the complexity of internationalization-performance relationship, this study introduces a dummy category approach in order to examine the relationship from different angles such as the impact of high and low internationalization, separating the effects of domestic firms, and identification of a threshold.
Book Synopsis Digitalization and Firm Performance by : Milena Ratajczak-Mrozek
Download or read book Digitalization and Firm Performance written by Milena Ratajczak-Mrozek and published by Springer Nature. This book was released on 2021-12-02 with total page 327 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book explores how digitalization and digital technologies influence markets, firms, financial institutions and organizations. Drawing on examples from Canada, Poland, France, Albania, Africa and Turkey this book takes a truly international perspective. It explores the technical aspects of digitalization, with chapters examining topics like how digitization creates value in a small company, how digital-driven business drives innovation, how import-exporting firms can increase productivity within the digital economy and how financial systems and institutions evolve due to new technologies. However, the book goes beyond this and, by adopting a holistic view, examines the social impact of digitalization, with the authors discussing how trade unions and employers present Industry 4.0 to employees and the general public. This book will be of interest to anyone studying digital innovation, digital management, digital strategy, Fin Tech, firm management, and Industry 4.0. Chapter 1 is available open access under a Creative Commons Attribution 4.0 International License via link.springer.com.
