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Governance, ownership structure, and performance of IPO firms: The impact of different types of private equity investors and institutional environments

Show simple item record Bruton G.D. Filatotchev I. Chahine S. Wright M.
dc.contributor.editor 2010 2017-09-07T07:51:20Z 2017-09-07T07:51:20Z 2010
dc.identifier 10.1002/smj.822
dc.identifier.issn 1432095
dc.description.abstract This paper examines performance effects of ownership concentration and two types of private equity investors (venture capitalists and business angels) in firms that have recently undergone an initial public offering (IPO) in the United Kingdom and France. We expand and contextualize nascent understanding of multiple agency theory by examining heterogeneity of private equity investors and by suggesting that multiple agency relationships are affected by different institutional contexts. We employ a unique, hand-collected dataset of 224 matched IPOs (112 in each country). Controlling for the endogeneity of private equity investors' retained share ownership, we find support for the agency theory argument that concentrated ownership improves IPOs' performance. The research also shows that the two types of private equity investors have a differential impact on performance, and the legal institutions in a given country moderate this impact. Copyright © 2009 John Wiley and Sons, Ltd.
dc.format.extent Pages: (491-509)
dc.language English
dc.publisher CHICHESTER
dc.relation.ispartof Publication Name: Strategic Management Journal; Publication Year: 2010; Volume: 31; no. 5; Pages: (491-509);
dc.source Scopus
dc.title Governance, ownership structure, and performance of IPO firms: The impact of different types of private equity investors and institutional environments
dc.type Article
dc.contributor.affiliation Bruton, G.D., Neeley School of Business, Texas Christian University, Fort Worth, TX 76129, United States
dc.contributor.affiliation Filatotchev, I., Sir John Cass Business School, City University London, London, United Kingdom
dc.contributor.affiliation Chahine, S., Olayan School of Business, American University of Beirut, Beirut, Lebanon
dc.contributor.affiliation Wright, M., Centre for Management Buy-out Research, Nottingham University Business School, Nottingham, United Kingdom, EMLyon, FRA, France
dc.contributor.authorAddress Bruton, G. D.; Neeley School of Business, Texas Christian University, Fort Worth, TX 76129, United States; email:
dc.contributor.authorCorporate University: American University of Beirut; Faculty: Suliman S. Olayan School of Business; Department: School of Business;
dc.contributor.authorDepartment School of Business
dc.contributor.faculty Suliman S. Olayan School of Business
dc.contributor.authorInitials Bruton, GD
dc.contributor.authorInitials Filatotchev, I
dc.contributor.authorInitials Chahine, S
dc.contributor.authorInitials Wright, M
dc.contributor.authorReprintAddress Bruton, GD (reprint author), Texas Christian Univ, Neeley Sch Business, Ft Worth, TX 76129 USA.
dc.contributor.authorUniversity American University of Beirut
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dc.description.citedCount 55
dc.description.citedTotWOSCount 43
dc.description.citedWOSCount 43
dc.format.extentCount 19
dc.identifier.coden SMAJD
dc.identifier.scopusID 77952172617
dc.relation.ispartOfISOAbbr Strateg. Manage. J.
dc.relation.ispartOfIssue 5
dc.relation.ispartofPubTitle Strategic Management Journal
dc.relation.ispartofPubTitleAbbr Strategic Manage J
dc.relation.ispartOfVolume 31
dc.source.ID WOS:000276286700002
dc.type.publication Journal
dc.subject.otherAuthKeyword Agency Theory
dc.subject.otherAuthKeyword Business Angel
dc.subject.otherAuthKeyword Institutional Theory
dc.subject.otherAuthKeyword Legal Institutions
dc.subject.otherAuthKeyword Venture Capital
dc.subject.otherIndex Agency Theory
dc.subject.otherIndex Contextualize
dc.subject.otherIndex Data Sets
dc.subject.otherIndex Endogeneity
dc.subject.otherIndex Initial Public Offerings
dc.subject.otherIndex Institutional Theory
dc.subject.otherIndex Ownership Structure
dc.subject.otherIndex Performance Effect
dc.subject.otherIndex Private Equity
dc.subject.otherIndex United Kingdom
dc.subject.otherIndex Venture Capital
dc.subject.otherIndex Venture Capitalists
dc.subject.otherIndex Societies and Institutions
dc.subject.otherIndex Investments
dc.subject.otherKeywordPlus Initial Public Offerings
dc.subject.otherKeywordPlus Venture Capital Industry
dc.subject.otherKeywordPlus Corporate Governance
dc.subject.otherKeywordPlus Emerging Economies
dc.subject.otherKeywordPlus Board Composition
dc.subject.otherKeywordPlus Weak Instruments
dc.subject.otherKeywordPlus Market
dc.subject.otherKeywordPlus Certification
dc.subject.otherKeywordPlus Perspective
dc.subject.otherKeywordPlus Strategies
dc.subject.otherWOS Business
dc.subject.otherWOS Management

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