家族企业IPO定价过低的决定因素：来自日本的证据

IF 1.3 4区经济学 Q3 ECONOMICS

Japan and the World Economy Pub Date : 2024-12-08 DOI:10.1016/j.japwor.2024.101294

Kenta Funaoka , Zhihua Yao

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引用次数: 0

摘要

本研究分析了2015年至2021年间在JASDAQ上市的94家公司，特别关注于确定家族企业首次公开发行（IPO）期间定价过低的决定因素。在日本，超过90% %的企业是家族企业，甚至有一半的上市公司属于这一类。研究结果显示，在其他条件不变的情况下，有创始人ceo的公司在上市时遭遇的定价过低的情况要比没有创始人ceo的公司少。这种差异在管理层持股比例较高、外部董事比例较高的公司中更为显著。这些结果强调了强有力的治理结构对于减少家族企业ipo期间定价过低的重要性。

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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Determinants of family firm IPO underpricing: Evidence from Japan

This study analyzes 94 firms that were listed on the JASDAQ between 2015 and 2021, with a specific focus on identifying the determinants of underpricing in family firms during their initial public offering (IPO). In Japan, over 90 % of enterprises are family-owned, with even half of the publicly listed companies falling into this category. The findings revealed that, ceteris paribus, firms with founding CEOs experienced less underpricing at the time of going public compared to those without. This difference was more significant in companies with higher management ownership and a higher ratio of external directors. These results emphasize the importance of strong governance structures in reducing underpricing for family firms during their IPOs.

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来源期刊

Japan and the World Economy ECONOMICS-

CiteScore

2.60

自引率

0.00%

发文量

审稿时长

46 days

期刊介绍： The increase in Japan share of international trade and financial transactions has had a major impact on the world economy in general and on the U.S. economy in particular. The new economic interdependence between Japan and its trading partners created a variety of problems and so raised many issues that require further study. Japan and the World Economy will publish original research in economics, finance, managerial sciences, and marketing that express these concerns.