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| Author: | Bruton, G.D. (et al.) |
| Title: | Governance, ownership structure, and performance of IPO firms: the impact of different types of private equity investors and institutional environments |
| Journal: | Strategic Management Journal
2010 : MAY, VOL: 31:5, p. 491-509 |
| Index terms: | France United Kingdom companies agency theory institutions initial public offerings investors corporate governance company ownership |
| Freeterms: | ownership structure private equity |
| Language: | eng |
| Abstract: | This paper explores performance effects of ownership concentration with two types of private equity (herein as: p-eq.) investors, that is, venture capitalists and business angels, in firms having recently undergone an initial public offering (IPO) in France and in the United Kingdom (U.K.) Nascent understanding of multiple agency theory is expanded and conceptualized through examining heterogeneity of p-eq. investors and by suggesting of multiple agency relationships being affected by different institutional contexts. Based on a unique dataset of over 220 matched IPOs (112 in each country) and controlling for the endogeneity of p-eq. investors' retained share ownership, there is found support for the agency theory argument of concentrated ownership improving IPOs' performance. Moreover, it is also shown that the two types of p-eq. investors have a differential impact on performance with the legal institutions moderate this impact. |
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