AUB ScholarWorks

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

Show simple item record

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.faculty 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
dc.description.cited Ahearne AG, 2004, J INT ECON, V62, P313, DOI 10.1016-S0022-1996(03)00015-1; Ajinkya B, 2005, J ACCOUNTING RES, V43, P343, DOI 10.1111-j.1475-679X.2005.00174.x; ALEXANDER JA, 1993, ADMIN SCI QUART, V38, P74, DOI 10.2307-2393255; Ali A., 1993, INT STUDIES MANAGEME, V23, P53; ALI A, 1990, INT STUDIES MANAGEME, V3, P7; Ali A., 1995, INT STUDIES MANAGEME, V25, P7; ALMANEY AJ, 1981, MANAGE INT REV, V21, P10; Al-Muharrami S, 2006, J BANK FINANC, V30, P3487, DOI 10.1016-j.jbankfin.2006.01.006; Amihud Y, 2003, J FINANC ECON, V68, P137, DOI 10.1016-S0304-405X(02)00251-9; Anderson C. A., 1986, NEW CORPORATE DIRECT; [Anonymous], 1994, PACIFIC BASIN FINANC, V2, P165, DOI 10.1016-0927-538X(94)90016-7; Argyris C., 1964, INTEGRATING INDIVIDU; Bakhtari H., 1995, INT STUDIES MANAGEME, V25, P97; Baliga BR, 1996, STRATEGIC MANAGE J, V17, P41, DOI 10.1002-(SICI)1097-0266(199601)17:141::AID-SMJ7843.0.CO;2-#; BARBER B, 2002, ALL GLITTERS EFFECT; BARNEY J, 1991, J MANAGE, V17, P99, DOI 10.1177-014920639101700108; BARNEY J., 2002, GAINING SUSTAINING C; Berg S. V., 1978, DIRECTORS BOARDS, V3, P34; BLEY J, 2006, INVESTING STOCK MARK; BOARDMAN AE, 1989, J LAW ECON, V32, P1, DOI 10.1086-467167; BOYD BK, 1995, STRATEGIC MANAGE J, V16, P301, DOI 10.1002-smj.4250160404; Brennan MJ, 1997, J FINANC ECON, V45, P391, DOI 10.1016-S0304-405X(97)00022-6; Brennan MJ, 1997, J FINANC, V52, P1851, DOI 10.2307-2329467; Brickley J., 1997, J CORP FINANC, V3, P189, DOI 10.1016-S0929-1199(96)00013-2; BRUTON G, 2008, FOUNDERS PR IN PRESS; BUSHMAN RM, 2003, EC POLICY REV, V9, P61; CARTER R, 1990, J FINANC, V45, P1045, DOI 10.2307-2328714; Castanias RP, 2001, J MANAGE, V27, P661, DOI 10.1177-014920630102700604; Certo S.T., 2001, ENTREP THEORY PRACT, V26, P33; CHAGANTI RS, 1985, J MANAGE STUD, V22, P400, DOI 10.1111-j.1467-6486.1985.tb00005.x; CHAHINE S, 2009, MARKETING FINANCIAL; Chahine S., 2007, J MANAGEMENT GOVERNA, V11, P353, DOI 10.1007-s10997-007-9034-5; Chen G., 2004, J MULTINATIONAL FINA, V14, P283, DOI 10.1016-j.mulfin.2003.07.007; Chibber P. K., 1999, J LAW ECON, V42, P209; Claessens S, 2000, J FINANC ECON, V58, P81, DOI 10.1016-S0304-405X(00)00067-2; Cook DO, 2006, J FINANC ECON, V82, P35, DOI 10.1016-j.jfineco.2005.08.005; Cooney J. W., 2001, IPO INITIAL RETURNS; Daily CA, 2002, J MANAGE, V28, P387; Daily CM, 2003, ENTREP THEORY PRACT, V27, P271, DOI 10.1111-1540-8520.t01-1-00004; Dalton DR, 1998, STRATEGIC MANAGE J, V19, P269, DOI 10.1002-(SICI)1097-0266(199803)19:3269::AID-SMJ9503.0.CO;2-K; Dharwadkar R, 2000, ACAD MANAGE REV, V25, P650, DOI 10.2307-259316; Djankov S, 2000, WORLD BANK ECON REV, V14, P49; Donaldson L, 1991, AUSTR J MANAGEMENT, V16, P49; Douma S, 2006, STRATEGIC MANAGE J, V27, P637, DOI 10.1002-smj.535; EISENHARDT KM, 1989, ACAD MANAGE REV, V14, P57, DOI 10.2307-258191; Elsayed-Elkhouly S., 1997, INT J COMMERCE MANAG, V7, P102, DOI 10.1108-eb047358; FAMA EF, 1980, J POLIT ECON, V88, P288, DOI 10.1086-260866; FAMA EF, 1983, J LAW ECON, V26, P301, DOI 10.1086-467037; Fan JPH, 2007, J FINANC ECON, V84, P330, DOI 10.1016-j.jfineco.2006.03.008; FINKELSTEIN S, 1994, ACAD MANAGE J, V37, P1079, DOI 10.2307-256667; FIRSTENBERG PB, 1994, SLOAN MANAGE REV, V36, P27; FIZEL JL, 1990, MANAGE DECIS ECON, V11, P167, DOI 10.1002-mde.4090110304; GIUDICI G, 2006, INITIAL PUBLIC OFFER; Habib MA, 2001, REV FINANC STUD, V14, P433, DOI 10.1093-rfs-14.2.433; Harris D, 1998, STRATEGIC MANAGE J, V19, P901, DOI 10.1002-(SICI)1097-0266(199809)19:9901::AID-SMJ23.0.CO;2-V; HARRIS RS, 1991, J FINANC, V46, P825, DOI 10.2307-2328544; Hofstede G., 1980, CULTURES CONSEQUENCE; JENSEN MC, 1976, J FINANC ECON, V3, P305, DOI 10.1016-0304-405X(76)90026-X; JONES GR, 1988, STRATEGIC MANAGE J, V9, P159, DOI 10.1002-smj.4250090206; KHALAF R, 2007, FINANCIAL TIMES 1116, P42; Khanna T, 2000, ACAD MANAGE J, V43, P268, DOI 10.2307-1556395; Klapper LF, 2004, J CORP FINANC, V10, P703, DOI 10.1016-S0929-1199(03)00046-4; LaPorta R, 1997, J FINANC, V52, P1131; LAPORTA R, 1999, J FINANC, V54, P1; LELAND HE, 1977, J FINANC, V32, P371, DOI 10.2307-2326770; LJUNGQVIST A, 2004, HDB CORPORATE FINANC; LORSCH JW, 1989, PAWNS POTENTATES EEA; Loughran T, 2002, REV FINANC STUD, V15, P413, DOI 10.1093-rfs-15.2.413; Mayer RC, 2005, ACAD MANAGE J, V48, P874; MEGGINSON WL, 1991, J FINANC, V46, P879, DOI 10.2307-2328547; MEHRAN H, 1995, J FINANC ECON, V38, P163, DOI 10.1016-0304-405X(94)00809-F; Omran MM, 2008, INT REV LAW ECON, V28, P32, DOI 10.1016-j.irle.2007.12.001; OSWALD SL, 1991, STRATEGIC MANAGE J, V12, P321, DOI 10.1002-smj.4250120407; Pedersen T., 2003, J MANAGEMENT GOVERNA, V7, P27, DOI 10.1023-A:1022480016567; Pfeffer Jeffrey, 1978, EXTERNAL CONTROL ORG; Prevost A. K., 2002, J BUSINESS FINANCE A, V29, P731, DOI 10.1111-1468-5957.00448; PUGEL TA, 1988, Q REV ECON BUS, V28, P6; Rechner P. L., 1989, ACADEMY MANAGEMENT E, V2, P141; RECHNER PL, 1991, STRATEGIC MANAGE J, V12, P155, DOI 10.1002-smj.4250120206; Rice G., 2003, INT BUSINESS REV, V12, P461, DOI 10.1016-S0969-5931(03)00039-8; Shleifer A, 1997, J FINANC, V52, P737, DOI 10.2307-2329497; Sidani YM, 2000, J SOC PSYCHOL, V140, P597; STOEBERL PA, 1985, HDB CORPORATE DIRECT, V12, P1; THOMAS K, 1997, GULF MARKETING R NOV, P4; Velayutham S., 2004, CORPORATE GOVERNANCE, V4, P52, DOI 10.1108-14720700410521961; WELCH I, 1992, J FINANC, V47, P695, DOI 10.2307-2329120; Wheatley M., 1999, LEADERSHIP NEW SCI
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


Files in this item

Files Size Format View

There are no files associated with this item.

This item appears in the following Collection(s)

Show simple item record

Search AUB ScholarWorks


Browse

My Account