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Title: The performance and the effects of family control in North African IPOs
Authors: Hearn, Bruce
First Published: Jun-2011
Publisher: Elsevier
Citation: International Review of Financial Analysis, 2011, 20 (3), pp. 140-151.
Abstract: This paper examines the performance effects of family ownership and influence on board structure and its composition in firms that have recently undergone an initial public offering (IPO) in the North African region. Using a unique and comprehensive hand-collected sample of 63 locally listed IPO firm's from across North Africa we find considerable evidence of a sizeable differential between family and non-family controlled firms. I find considerable evidence supporting increased participation of family members at board level while contrastingly the wider dispersion of family ownership facilitates monitoring and surveillance and mitigates underpricing. Equally in line with the extended network and relationships involved in family firms business angels provide the optimal form of governance in contrast to the more formal private equity and venture capital industry
DOI Link: 10.1016/j.irfa.2011.02.006
ISSN: 1057-5219
Type: Article
Rights: NOTICE: this is the author’s version of a work that was accepted for publication in International Review of Financial Analysis. Changes resulting from the publishing process, such as peer review, editing, corrections, structural formatting, and other quality control mechanisms may not be reflected in this document. Changes may have been made to this work since it was submitted for publication. A definitive version was subsequently published in International Review of Financial Analysis, 2011, 20 (3), pp. 140-151. DOI: 10.1016/j.irfa.2011.02.006
Appears in Collections:Published Articles, School of Management

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