Abstract

The paper aims to test the impact of CEO role on IPO value in family owned firms. We impose two criteria to define family firms: family involvement in the Top Management Team and family ownership. Based on unique, hand-collected, dataset we test our hypotheses on firms went public on Milano Stock Exchange between 2000 and 2011. We make inference on 77 family-owned firms and we measure IPO value from an outside investors’ perspective. Within an agency framework, we examine several CEO characteristics, namely: CEO family, CEO duality and CEO founder. Our results suggest that having a family member as CEO negatively affects IPO value: investors may anticipate the increasing of agency costs. This paper shed light into how pre-IPO governance can influence firm value.

Autore Pugliese

• Cirillo Alessandro

Tutti gli autori

• CIRILLO A , ROMANO M

Titolo volume/Rivista

Non Disponibile

Anno di pubblicazione

2014

ISSN

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ISBN

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Numero di citazioni Wos

Nessuna citazione

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Numero di citazioni Scopus

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Settori ERC

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Codici ASJC

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