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Is CEO duality always negative? An exploration of CEO duality and ownership structure in the Arab IPO context

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dc.contributor.author Chahine S.
dc.contributor.author Tohme N.S.
dc.contributor.editor
dc.date 2009
dc.date.accessioned 2017-09-07T07:51:44Z
dc.date.available 2017-09-07T07:51:44Z
dc.date.issued 2009
dc.identifier 10.1111/j.1467-8683.2008.00724.x
dc.identifier.isbn
dc.identifier.issn 09648410
dc.identifier.uri http://hdl.handle.net/10938/12325
dc.description.abstract Manuscript type: Empirical Research Question-Issue: This paper examines the relationships between initial public offering (IPO) underpricing, CEO duality, and strategic ownership in 12 Arab countries of the Middle East and North Africa (MENA) region. Research Findings-Results: Using all IPOs from January 2000 until the end of July 2007, we document an average IPO underpricing of 184.1 per cent. Underpricing is higher in IPO firms that have CEO duality. However, strategic shareholders, such as corporations and other industry-related investors, are likely to play a monitoring role whereas underpricing is found to be lower in firms with both CEO duality and strategic shareholder ownership. Moreover, the negative relation between underpricing and strategic blockholding is greater for foreign strategic ownership than it is for domestic strategic ownership. Theoretical Implications: This paper examines the level and determinants of IPO underpricing in the MENA region. It provides evidence on the role played by foreign strategic owners in reducing agency conflicts and information asymmetries within an environment where firms may be affected by the cultural issues related to political ties and family involvement. Practical Implications: Our results contribute to the existing debate on the appropriate regulations for an effective and stable financial system in Arab countries. They offer policy-makers additional evidence on the positive impact of market openness to foreign shareholders. © 2009 Blackwell Publishing Ltd.
dc.format.extent
dc.format.extent Pages: (123-141)
dc.language English
dc.publisher MALDEN
dc.relation.ispartof Publication Name: Corporate Governance; Publication Year: 2009; Volume: 17; no. 2; Pages: (123-141);
dc.relation.ispartofseries
dc.relation.uri
dc.source Scopus
dc.subject.other
dc.title Is CEO duality always negative? An exploration of CEO duality and ownership structure in the Arab IPO context
dc.type Article
dc.contributor.affiliation Chahine, S., American University of Beirut, Olayan School of Business, Bliss Street, Beirut, Lebanon, University of Aix-Marseille III-France, France
dc.contributor.affiliation Tohmé, N.S., Olayan School of Business, American University of Beirut, Lebanon
dc.contributor.authorAddress Chahine, S.; American University of Beirut, Olayan School of Business, Bliss Street, Beirut, Lebanon; email: sc09@aub.edu.lb
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.authorDivision
dc.contributor.authorEmail sc09@aub.edu.lb
dc.contributor.authorFaculty Suliman S. Olayan School of Business
dc.contributor.authorInitials Chahine, S
dc.contributor.authorInitials TohmE, NS
dc.contributor.authorOrcidID
dc.contributor.authorReprintAddress Chahine, S (reprint author), Amer Univ Beirut, Olayan Sch Business, Bliss St,POB 11-0236, Beirut, Lebanon.
dc.contributor.authorResearcherID
dc.contributor.authorUniversity American University of Beirut
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dc.description.citedCount 18
dc.description.citedTotWOSCount 9
dc.description.citedWOSCount 9
dc.format.extentCount 19
dc.identifier.articleNo
dc.identifier.coden
dc.identifier.pubmedID
dc.identifier.scopusID 62249184551
dc.identifier.url
dc.publisher.address COMMERCE PLACE, 350 MAIN ST, MALDEN 02148, MA USA
dc.relation.ispartofConference
dc.relation.ispartofConferenceCode
dc.relation.ispartofConferenceDate
dc.relation.ispartofConferenceHosting
dc.relation.ispartofConferenceLoc
dc.relation.ispartofConferenceSponsor
dc.relation.ispartofConferenceTitle
dc.relation.ispartofFundingAgency
dc.relation.ispartOfISOAbbr Corp. Gov.
dc.relation.ispartOfIssue 2
dc.relation.ispartOfPart
dc.relation.ispartofPubTitle Corporate Governance
dc.relation.ispartofPubTitleAbbr Corp. Gov.
dc.relation.ispartOfSpecialIssue
dc.relation.ispartOfSuppl
dc.relation.ispartOfVolume 17
dc.source.ID WOS:000263965700002
dc.type.publication Journal
dc.subject.otherAuthKeyword Agency Theory
dc.subject.otherAuthKeyword CEO Duality
dc.subject.otherAuthKeyword Corporate Governance
dc.subject.otherAuthKeyword IPO Pricing
dc.subject.otherAuthKeyword MENA Region
dc.subject.otherAuthKeyword Ownership Issues
dc.subject.otherChemCAS
dc.subject.otherIndex
dc.subject.otherKeywordPlus INITIAL PUBLIC OFFERINGS
dc.subject.otherKeywordPlus FIRM PERFORMANCE
dc.subject.otherKeywordPlus CORPORATE GOVERNANCE
dc.subject.otherKeywordPlus AGENCY THEORY
dc.subject.otherKeywordPlus EMPIRICAL-ANALYSIS
dc.subject.otherKeywordPlus EMERGING MARKETS
dc.subject.otherKeywordPlus BUSINESS GROUPS
dc.subject.otherKeywordPlus FOREIGN
dc.subject.otherKeywordPlus INVESTMENT
dc.subject.otherKeywordPlus MANAGEMENT
dc.subject.otherWOS Business
dc.subject.otherWOS Business, Finance
dc.subject.otherWOS Management


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