Ownership Concentration and Firm Value: New Evidence from Owner Stakes in IPOs

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dc.contributor.authorLarrain, Borja
dc.contributor.authorRoosenboom, Peter
dc.contributor.authorSertsios, Giorgo
dc.contributor.authorUrzua, Francisco
dc.date.accessioned2025-01-20T17:11:45Z
dc.date.available2025-01-20T17:11:45Z
dc.date.issued2024
dc.description.abstractWe study the relationship between ownership concentration and firm value using hand-collected data on the stakes of owner-managers before and after initial public offerings (IPOs). We instrument for the reduction in stake using market returns shortly before IPOs. Short-run market returns are plausible instruments because owners engage in market timing by selling more when prior returns are high, but high short-run returns are unlikely to directly affect firm value years after the IPO. As predicted by agency theory, a large reduction in ownership concentration at the IPO is negatively related to valuation. Future asset growth is low when owners have low stakes.
dc.description.funderANID/CONICYT Proyecto FONDECYT Regular
dc.fuente.origenWOS
dc.identifier.doi10.1287/mnsc.2021.01039
dc.identifier.eissn1526-5501
dc.identifier.issn0025-1909
dc.identifier.urihttps://doi.org/10.1287/mnsc.2021.01039
dc.identifier.urihttps://repositorio.uc.cl/handle/11534/91205
dc.identifier.wosidWOS:001068434200001
dc.issue.numero7
dc.language.isoen
dc.pagina.final4464
dc.pagina.inicio4441
dc.revistaManagement science
dc.rightsacceso restringido
dc.subjectownership
dc.subjectfirm value
dc.subjectinstrumental variables
dc.subjectIPOs
dc.titleOwnership Concentration and Firm Value: New Evidence from Owner Stakes in IPOs
dc.typeartículo
dc.volumen70
sipa.indexWOS
sipa.trazabilidadWOS;2025-01-12
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