North African FAMILY IPO BH.pdf (610.81 kB)
Download file

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

Download (610.81 kB)
journal contribution
posted on 13.06.2011, 15:25 by Bruce Hearn
This paper examines the performance effects of family ownership and influence on board structure and its composition in firms that have recently undergone an initial public offering (IPO) in the North African region. Using a unique and comprehensive hand-collected sample of 63 locally listed IPO firm's from across North Africa we find considerable evidence of a sizeable differential between family and non-family controlled firms. I find considerable evidence supporting increased participation of family members at board level while contrastingly the wider dispersion of family ownership facilitates monitoring and surveillance and mitigates underpricing. Equally in line with the extended network and relationships involved in family firms business angels provide the optimal form of governance in contrast to the more formal private equity and venture capital industry

History

Citation

International Review of Financial Analysis, 2011, 20 (3), pp. 140-151.

Published in

International Review of Financial Analysis

Publisher

Elsevier

issn

1057-5219

Copyright date

2011

Available date

13/06/2011

Publisher version

http://www.sciencedirect.com/science/article/pii/S1057521911000147

Language

en

Usage metrics

Categories

Keywords

Exports