The Life Cycle of Dual-Class Firm Valuation

IF 1.9 Q2 BUSINESS, FINANCE

Review of Corporate Finance Studies Pub Date : 2022-08-12 DOI:10.1093/rcfs/cfac026

Martijn Cremers, Beni Lauterbach, Anete Pajuste

引用次数: 0

Abstract

We examine U.S. dual- and single-class firms from 1980 to 2019 and document their valuation differences over their corporate life cycle. At the IPO, dual-class firms have higher mean valuations than do single-class firms, and some evidence indicates that this premium may emanate from dual-class firm founders’ unique vision and leadership skills. As firms age, the valuation premium of dual-class firms tends to dissipate, possibly because dual-class agency problems increase due to a gradual widening of the wedge (the difference between insider voting and cash flow rights) in the post-IPO years. (JEL G32, G34)

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双层企业估值的生命周期

我们研究了1980年至2019年的美国双类和单类公司，并记录了它们在公司生命周期中的估值差异。在IPO中，双重股权结构公司的平均估值高于单一股权结构公司，一些证据表明，这种溢价可能源于双重股权结构公司创始人独特的愿景和领导技能。随着公司年龄的增长，双重股权结构公司的估值溢价趋于消散，这可能是因为在ipo后的几年里，楔形(内线投票权和现金流权之间的差异)逐渐扩大，导致双重股权结构代理问题增加。(凝胶g32, g34)

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Review of Corporate Finance Studies BUSINESS, FINANCE-

CiteScore

17.80

自引率

1.80%

发文量

期刊介绍： The Review of Corporate Finance Studies (RCFS) is dedicated to publishing high-quality research in the expansive field of Corporate Finance. The journal seeks original contributions, reviewing papers based on their unique insights into Corporate Finance. This encompasses a wide spectrum, including a firm's interactions with stakeholders, capital markets, internal organization structure, compensation mechanisms, corporate governance, and capital management. RCFS also welcomes research in financial intermediation, financial institutions, microstructure, and the implications of asset pricing for Corporate Finance. The journal considers theoretical, empirical, and experimental papers for review.