Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/129640
Authors: 
Hearn, Bruce
Oxelheim, Lars
Randøy, Trond
Year of Publication: 
2015
Series/Report no.: 
IFN Working Paper 1082
Abstract: 
This study examines the governance attributes of post-IPO (initial public offering) retained ownership of private equity in business group constituent firms in contrast to their unaffiliated counterparts, in 202 newly listed firms in 22 emerging African economies. We adopt an actor centred institutional-theoretic perspective in rationalizing institutional voids and the advantages of maintained governance by both business angels (BA) and venture capital (VC) private equity. Our findings reveal private equity retain higher post-IPO ownership in business group constituents compared to unaffiliated firms and that this is inversely moderated in the context of improving institutional quality. Our result adds to the literature on multifocal corporate governance mechanisms.
Subjects: 
Business Group
Business Angel
Venture Capital
Africa
IPO
Ownership Structure
Institutional Voids
Property Rights Protection
JEL: 
K00
G10
G30
G32
G34
G38
Document Type: 
Working Paper

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