The Evolution of Ownership Structures in Publicly Traded Firms: Evidence From Controlling Family Ownership Exits

Tags:
Finance,
Financial Accounting,
Ownership Structure,
University Of Oregon
Source:
University of Oregon

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Overview: This article examines what leads controlling families of publicly traded firms to sell their remaining ownership stake. It finds that this exit is best explained in the context of theories of the firm relating to the CEO succession process, optimal risk-bearing, and the separation of ownership and management expertise. It shows that a timing explanation is only marginally supported. Finally, it finds that this exit is explained by family controlled firms having insufficient financial resources to fully invest in growth opportunities.

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Format: PDF | Size: 243KB | Date: Jan 2002 | Pages: 59

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