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The Effect of IPOs on German Family-Owned Firms: Governance Changes, Ownership Structure, and Performance

2003; Wiley; Volume: 41; Issue: 2 Linguagem: Inglês

10.1111/1540-627x.00078

0047-2778

Olaf Ehrhardt, Éric Nowak,

Corporate Governance and Law

Journal of Small Business ManagementVolume 41, Issue 2 p. 222-232 Full Access The Effect of IPOs on German Family–Owned Firms: Governance Changes, Ownership Structure, and Performance Olaf Ehrhardt, Olaf Ehrhardt Humboldt University, Berlin,Search for more papers by this authorEric Nowak, Eric Nowak Goethe University–FrankfurtSearch for more papers by this author Olaf Ehrhardt, Olaf Ehrhardt Humboldt University, Berlin,Search for more papers by this authorEric Nowak, Eric Nowak Goethe University–FrankfurtSearch for more papers by this author First published: 21 February 2003 https://doi.org/10.1111/1540-627X.00078Citations: 58AboutPDF ToolsRequest permissionExport citationAdd to favoritesTrack citation ShareShare Give accessShare full text accessShare full-text accessPlease review our Terms and Conditions of Use and check box below to share full-text version of article.I have read and accept the Wiley Online Library Terms and Conditions of UseShareable LinkUse the link below to share a full-text version of this article with your friends and colleagues. Learn more.Copy URL Share a linkShare onEmailFacebookTwitterLinkedInRedditWechat References Allen, Franklin, and Andrew Winton (1995). " Corporate Financial Structure, Incentives, and Optimal Contracting", in Handbooks in Operations Research and Management Science, vol. 9. Ed. R. Jarrow, V. Maksimovic, and W. Ziemba. Elsevier North-Holland , 693–720. Bebchuk Lucian A. (1999). " A Rent-Protection Theory of Corporate Ownership and Control", Working Paper, Harvard University. Bhattacharya, Utpal, and B. Ravikumar (2001). "Capital Markets and the Evolution of Family Businesses", Journal of Business 74(2), 187–220. Böhmer, Ekkehard (1993). "The Informational Content of Initial Public Offerings: A Critical Analysis of the Ownership-Retention Signalling Model", International Review of Financial Analysis 2(2), 77–95. Chemmanur Thomas J. (1993). "The Pricing of Initial Public Offerings: A Dynamic Model with Information Production", Journal of Finance 48(1), 285–304. Demsetz, Harold (1983). "The Structure of Ownership and the Theory of the Firm", Journal of Law and Economics 16(6), 375–390. Demsetz, Harold, and Kenneth Lehn (1985). "The Structure of Corporate Ownership: Causes and Consequences", Journal of Political Economy 93(6), 1155–1177. Field Laura C. (1999). " Control Considerations of Newly Public Firms: The Implementation of Antitakeover Provisions and Dual Class Shares before the IPO", Working Paper, Pennsylvania State University. Franks, Julian, and Colin Mayer (2001). " Ownership, Control, and the Performance of German Corporations", Working Paper, London Business School, University of Oxford. Gompers, Paul (1996). "Grandstanding in the Venture Capital Industry", Journal of Financial Economics 42(1), 133–156. Goergen, Marc (1998). " Insider Retention and Long-Run Performance in German and U.K. IPOs", Working Paper, University of Manchester Institute of Science and Technology. Goergen, Marc, and Luc Renneboog (2001). " Prediction of Ownership and Control Concentration in German and U.K. Initial Public Offerings", in Convergence and Diversity in Corporate Governance Regimes and Capital Markets. Ed. L. Renneboog, J. McCahery, P. Moerland, and T. Raaijmakers. Oxford University Press. Holmén, Martin, and Peter Högfeldt (2000). " A Law and Finance Analysis of Initial Public Offerings", Workingv Paper, Stockholm School of Economics. Jensen Michael C., and William H. Meckling (1976). "Theory of the Firm: Managerial Behavior, Agency Costs, and Ownership Structure", Journal of Financial Economics 3(4), 305–360. Kang David L. (2000). " Family Ownership and Performance in Public Corporations: A Study of the U.S. Fortune 500, 1982–1994", Working Paper 00–051, Harvard Business School. Krinsky, Itzhak, and Wendy Rotenberg (1988). "The Valuation of Initial Public Offerings", Contemporary Accounting Research 5(2), 501–515. Leland Hayne E., and David Pyle (1977). "Information Asymmetries, Financial Structure, and Financial Intermediation", Journal of Finance 32(2), 737–748. McConaughy Daniel L., Charles H. Matthews, and Anne S. Fialko (2001). "Founding Family Controlled Firms: Efficiency, Risk, and Value", Journal of Small Business Management 39(1), 31–49. Pagano Marco, Fabio Panetta, and Luigi Zingales (1998). "Why Do Companies Go Public? An Empirical Analysis", Journal of Finance 53(1), 27–64. Rydqvist, Kristian, and Kenneth Högholm (1995). "Going Public in the 1980s: Evidence from Sweden", European Financial Management 1(3), 287–316. Schürmann Walter, and Kurt Körfgen (1997). Familienunternehmen auf dem Weg zur Börse. München , Germany : Beck. Shleifer, Andrei, and Robert W. Vishny (1997). "A Survey of Corporate Governance", Journal of Finance 52(2), 737–783. Zingales, Luigi (1995). "Insider Ownership and the Decision to Going Public", Review of Economic Studies 62(3), 425–448. Citing Literature Volume41, Issue2April 2003Pages 222-232 ReferencesRelatedInformation