uu.seUppsala University Publications
Change search
CiteExportLink to record
Permanent link

Direct link
Cite
Citation style
  • apa
  • ieee
  • modern-language-association
  • vancouver
  • Other style
More styles
Language
  • de-DE
  • en-GB
  • en-US
  • fi-FI
  • nn-NO
  • nn-NB
  • sv-SE
  • Other locale
More languages
Output format
  • html
  • text
  • asciidoc
  • rtf
IPO Underpricing and Ownership Structure: A Comparison of Family Firms and Non-Family Firms
Uppsala University, Disciplinary Domain of Humanities and Social Sciences, Faculty of Social Sciences, Department of Business Studies.
Uppsala University, Disciplinary Domain of Humanities and Social Sciences, Faculty of Social Sciences, Department of Business Studies.
2016 (English)Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
Abstract [en]

Underpricing in an Initial Public Offering (IPO) is often used as a means of retaining control of the company when going public. Therefore, first day returns post-IPO can be substantial for investors. Ownership structure is directly linked to IPOs where in particular family control is interesting due to the special link families have to their firms. Sweden has a great portion of family firms and is also the country that uses dual class share structures to the largest extent. With this study, we examine family control in terms of voting rights related to initial returns for IPOs. Additionally, we investigate this relation with regards to family firms and non-family firms and the usage of dual class share structures. This is conducted by using a hand-collected data set of 165 Swedish IPO firms between years 2000-2015. The results indicate that family firms use dual class share structures to a larger extent than non-family firms. In addition, it indicates that family firms use dual class share structures instead of underpricing the share in order to retain control of the company.

Place, publisher, year, edition, pages
2016. , 45 p.
Keyword [en]
Initial public offering, IPO, family firms, initial return, underpricing, dual class share structure
National Category
Business Administration
Identifiers
URN: urn:nbn:se:uu:diva-296602OAI: oai:DiVA.org:uu-296602DiVA: diva2:938991
Subject / course
Business Studies
Educational program
Master Programme in Business and Management
Supervisors
Available from: 2016-06-20 Created: 2016-06-17 Last updated: 2016-06-20Bibliographically approved

Open Access in DiVA

fulltext(5482 kB)201 downloads
File information
File name FULLTEXT01.pdfFile size 5482 kBChecksum SHA-512
dda9296a19dbf3fa757b83fee7df7d0b2aafcec4ba8a318d7b4a3537676d4e24fd15aab106f3a7cba9a4b14d0b5c93d429e26509c759416e20cd97ccef3e1514
Type fulltextMimetype application/pdf

By organisation
Department of Business Studies
Business Administration

Search outside of DiVA

GoogleGoogle Scholar
Total: 201 downloads
The number of downloads is the sum of all downloads of full texts. It may include eg previous versions that are now no longer available

urn-nbn

Altmetric score

urn-nbn
Total: 418 hits
CiteExportLink to record
Permanent link

Direct link
Cite
Citation style
  • apa
  • ieee
  • modern-language-association
  • vancouver
  • Other style
More styles
Language
  • de-DE
  • en-GB
  • en-US
  • fi-FI
  • nn-NO
  • nn-NB
  • sv-SE
  • Other locale
More languages
Output format
  • html
  • text
  • asciidoc
  • rtf