دانلود مقاله ISI انگلیسی شماره 80277
ترجمه فارسی عنوان مقاله

ساختار مالکیت قبل از IPO و تاثیر آن بر روند IPO

عنوان انگلیسی
Pre-IPO ownership structure and its impact on the IPO process ☆
کد مقاله سال انتشار تعداد صفحات مقاله انگلیسی
80277 2008 15 صفحه PDF
منبع

Publisher : Elsevier - Science Direct (الزویر - ساینس دایرکت)

Journal : Journal of Banking & Finance, Volume 32, Issue 11, November 2008, Pages 2361–2375

ترجمه کلمات کلیدی
مشکل آژانس؛ حفظ کنترل؛ عرضه اولیه عمومی؛ ساختار مالکیت
کلمات کلیدی انگلیسی
G24; G32Agency problem; Control retention; Initial public offering; Ownership structure
پیش نمایش مقاله
پیش نمایش مقاله  ساختار مالکیت قبل از IPO و تاثیر آن بر روند IPO

چکیده انگلیسی

We investigate the impact of pre-issue ownership structure on the key decisions surrounding an IPO. We find that managerial ownership is significantly related to (1) the proportion of shares offered, (2) share allocation, and (3) direct issue-related expenses. This suggests that pre-IPO ownership by managers influences their incentive to maintain control and to lower the cost of going public. In comparison, large pre-IPO non-managerial shareholders are more concerned about exiting, and their presence tends to increase issue size and costs. Our findings indicate that differences in pre-IPO owners’ incentives and bargaining power as implied by their pre-IPO shareholdings can significantly influence the IPO process.