The going public decision of business group firms
نویسندگان
چکیده
IPOs affiliated to business groups represent a large fraction of new issues in global markets. Groups are characterized by stronger private benefits control and an internal funding advantage. Consistent with these features, group firms more selective when going public than standalone firms. In particular, larger older engage less market timing IPOs. Group invest profitable post IPO. Private also affect the within-group selection IPO firm. Our findings illustrate novel effects markets due pre-IPO structures.
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ژورنال
عنوان ژورنال: Journal of Corporate Finance
سال: 2021
ISSN: ['0929-1199', '1872-6313']
DOI: https://doi.org/10.1016/j.jcorpfin.2020.101819