家族企业与非家族企业的IPO时机:CEO的特征作用研究

Q4 Business, Management and Accounting

International Journal of Business and Management Science Pub Date : 2023-04-17 DOI:10.5539/ijbm.v18n3p78

E. Carbone, Riccardo Viganò

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引用次数: 0

摘要

本文旨在探讨家族性对上市时间的影响，克服家族企业与非家族企业的二分法，解决家族企业CEO特征的异质性问题。本文以2000 - 2020年意大利上市公司为样本进行回归分析，既有理论贡献，又有实践意义。研究结果表明家族企业地位与IPO时机之间存在正相关关系，证实了先前关于家族影响IPO特征的研究。此外，实证结果表明，虽然CEO年龄增加了家族企业上市的时间，但当CEO同时也是公司创始人时，家族企业上市时间会提前。这一证据支持了一些文献的主张，即年龄和创始人地位在塑造家庭决策过程中起着重要作用。

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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IPO Timing in Family and Non-Family Firms: Investigating the CEO’s Characteristics Role

The aim of the paper is to investigate the influence of the family nature of the firm on the time to going public and, overcoming the dichotomy between family and non-family firms, addressing the family firms heterogeneity in terms of CEO characteristics. Grounding our regression analyses on a sample of IPO firms went public in Italy from 2000 to 2020, our paper offers theoretical contributions and has practical implications. Findings demonstrate the existence of a positive relationship between family firm status and IPO timing, corroborating previous research claiming that the family influences IPO features. Moreover, empirical results point out that while CEO age increases the time to IPO in family firms, when the CEO is also the company founder, family firms go public earlier. This evidence supports literature advocating that age and founder status matter in shaping family decision making process.

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来源期刊

International Journal of Business and Management Science Business, Management and Accounting-Business and International Management

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期刊介绍： The International Journal of Business and Management Science (IJBMS) (Print: ISSN 1837-6614; Online: 1985-692X) is a double-blind peer-reviewed semiannual journal. Generally the journal publishes the articles that expand knowledge on business and management issues. Business Complexity and Performance Management were the two of the top ten problems IJBMS cover pageof 20th century management. In the 21st century, overcoming such problems seem to be challenging to educators and practitioners. Do educators and practitioners agree on which management skills are required for success in the 21st century? These all issues call for substantial research to achieve a very modern sustainable business era of the global economy. IJBMS intends to focus on the business and management issues with the vision of sustainable competitiveness along with scientific evidences. The quantitative approach for analyzing a research problem is promoted by IJBMS.