How Do Founder-CEOs Sell Their Remaining Ownership Shares? Theory and Evidence
In: International Journal of Managerial Finance, Band 18
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In: International Journal of Managerial Finance, Band 18
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Working paper
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In: Quarterly Journal of Finance and Accounting, Band 57
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In: Journal of Financial Education, Band 45
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In: Journal of economics and business, Band 125-126, S. 106125
ISSN: 0148-6195
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In: Journal of Economics and Business, Band 125-126
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In: The journal of financial research: the journal of the Southern Finance Association and the Southwestern Finance Association, Band 47, Heft 1, S. 27-60
ISSN: 1475-6803
AbstractFirms managed by the scions of founders continue to be prevalent in the United States despite the increase in shareholder activism over the last few decades, calling into question the argument that such organizational structures reduce firm value. Founder‐family successions are rare in high‐growth industries where the benefits of selecting from a larger pool of managers is significant. Rather, they tend to happen in low‐growth industries, in manufacturing/retail firms. Once we account for the differences in firm characteristics, we do not find that founder‐family successions reduce firm value. We explore a mechanism that compensates for the costs of choosing from a smaller pool of managers and document evidence consistent with family firms benefiting from improved labor relations.
In: Advances in Financial Education, forthcoming
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In: Journal of Financial Research, Band 47
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In: Journal of Business Finance & Accounting, Band 46, Heft 5-6, S. 739-761
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In: Journal of Business Finance and Accounting, Band 46
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In: Journal of Corporate Finance, Band 51
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