Family Control Longevity: Evidence from the S&P 500
This paper examines the effects of three industry characteristics (i.e., capital intensity, cyclicality and growth) on the age at which firms first seek public equity funding as well as the longevity of control by the founding family. We hypothesize that family firms in cyclical, capital intensive and growth industries will seek equity funding sooner, and also have shorter control span for the founding family than family firms that do not exhibit these industries. Our results support the hypotheses and they remain significant after controlling for firm-level and industry-level characteristics. The paper contributes to a better understanding of the determinants of IPO timing and control longevity for family founded firms.
Family firm Capital intensiveness Cyclicality Growth Family control longevity Initial Public Offerings
Roger King Winnie Qian Peng
Department of Finance Hong Kong University of Science and Technology Clear Water Bay,Kowloon,Hong Kong
国际会议
大连
英文
1-41
2008-07-02（万方平台首次上网日期，不代表论文的发表时间）