Corporate governance and firm value for small and medium sized IPOs

Chahine, Salim

doi:10.1007/s11408-004-0203-0

Cited by 21 publications

(45 citation statements)

References 51 publications

(38 reference statements)

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“…The signalling effects of external business angel and private equity investors in terms of quality and the consequent reduction of asymmetric information between principals and agents has received limited attention in the literature (Chahine et al, 2007). Leading from the initial research undertaken by Chahine et al (2007) I conjecture that the informal relationship-based finance of business angels will cause a reduction in asymmetric information and underpricing owing to business angel finance arising from an extension of family networks within the wider Maghreb economy.…”

Section: Business Angel and Private Equity Effects On Ipo Firm Underpmentioning

confidence: 99%

“…Leading from the initial research undertaken by Chahine et al (2007) I conjecture that the informal relationship-based finance of business angels will cause a reduction in asymmetric information and underpricing owing to business angel finance arising from an extension of family networks within the wider Maghreb economy. However in contrast to this informal network relationship finance the more formal organised, and often foreign, private equity and venture capital investment will result in an increase in underpricing (Chahine et al, 2007 …”

Section: Business Angel and Private Equity Effects On Ipo Firm Underpmentioning

confidence: 99%

“…Given the North African region is dominated by family firms and an extended network of family and political ties business angel finance is likely to arise through the extension of family networks and is more likely to be positively associated with family as opposed to non-family firms (Chahine et al, 2007). However private equity and venture capital which is more formal and often involves foreign firms that are more intrusive in their control and involvement in business affairs are less likely to be involved in family firms (Chahine et al, 2007 …”

Section: Determinants Of Family Firmsmentioning

confidence: 99%

“…However private equity and venture capital which is more formal and often involves foreign firms that are more intrusive in their control and involvement in business affairs are less likely to be involved in family firms (Chahine et al, 2007 …”

Section: Determinants Of Family Firmsmentioning

confidence: 99%

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

Hearn

2011

International Review of Financial Analysis

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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.

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Section: Business Angel and Private Equity Effects On Ipo Firm Underpmentioning

confidence: 99%

Section: Business Angel and Private Equity Effects On Ipo Firm Underpmentioning

confidence: 99%

Section: Determinants Of Family Firmsmentioning

confidence: 99%

Section: Determinants Of Family Firmsmentioning

confidence: 99%

See 2 more Smart Citations

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

Hearn

2011

International Review of Financial Analysis

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“…6.2). 8 A discussion and empirical evidence of the impact of corporate governance mechanism on underpricing of small and medium sized IPOs in France is provided in Chahine (2004). 9 For an empirical study of analyst behavior in Germany and their positive bias during the stock market boom of the 1990, see Wallmeier (2005).…”

Section: Long-run Performancementioning

confidence: 99%

Patents and the performance of technology firms: Evidence from initial public offerings in Germany

Bessler

Bittelmeyer

2008

Financ Mark Portf Manag

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The objective of this study is to analyze the relationship between innovation and performance for German firms that went public at the "Neuer Markt" during the period from 1997 to 2002. In the empirical analysis we investigate in particular whether initial public offerings (IPOs) with more or higher quality patents outperformed IPOs with lower quality or no patented technology. For this we measure the impact of patents on underpricing and long-run performance and explain the magnitude of these valuation effects with the Fama-French value and growth factors, with patent-specific variables such as the number of IPC-classes, family size, the number of backward and forward citations, as well as with industry variables. The empirical evidence suggests that patents are a reliable indicator for the success and the shortand long-run performance of start-up technology firms that went public and that the valuation effects are more pronounced for higher quality patents.

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Underpricing and long-run performance of Chinese IPOs: the role of underwriter reputation

Bangassa

2011

Financ Mark Portf Manag

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Corporate governance and firm value for small and medium sized IPOs

Cited by 21 publications

References 51 publications

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

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

Patents and the performance of technology firms: Evidence from initial public offerings in Germany

Underpricing and long-run performance of Chinese IPOs: the role of underwriter reputation

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