The institutional differences between family and non-family business groups in terms of retained ownership by venture capitalist and angel investors in an emerging African context
The institutional differences between family and non-family business groups in terms of retained ownership by venture capitalist and angel investors in an emerging African context
This study examines the role of retained ownership of business angel (BA), domestic and foreign venture capital (VC), in 202 newly listed firms at initial public offering (IPO) in 22 emerging African economies. We integrate agency-based signalling approaches with institutional arguments and find retained post-IPO ownership is prevalent in business groups. These associations are mediated by institutional quality. We find that elevated rule of law and government effectiveness are associated with retained ownership by foreign VC and BAs. These provide an institutional rationalization for the strengths of business groups in terms of protection and enforcement of property rights
Hearn, Bruce
45dccea3-9631-4e5e-914c-385896674dc2
30 June 2015
Hearn, Bruce
45dccea3-9631-4e5e-914c-385896674dc2
Hearn, Bruce
(2015)
The institutional differences between family and non-family business groups in terms of retained ownership by venture capitalist and angel investors in an emerging African context.
In Academy of International Business Annual Meeting, Indian Institute of Management, Bangalore/Bengaluru, India.
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Abstract
This study examines the role of retained ownership of business angel (BA), domestic and foreign venture capital (VC), in 202 newly listed firms at initial public offering (IPO) in 22 emerging African economies. We integrate agency-based signalling approaches with institutional arguments and find retained post-IPO ownership is prevalent in business groups. These associations are mediated by institutional quality. We find that elevated rule of law and government effectiveness are associated with retained ownership by foreign VC and BAs. These provide an institutional rationalization for the strengths of business groups in terms of protection and enforcement of property rights
Text
Revised Business Groups Paper 1
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Published date: 30 June 2015
Venue - Dates:
Academy of International Business, Indian Institute of Management, Bangalore/Bengaluru, India: Academy of International Business, Indian Institute of Management, Bangalore/Bengaluru, India, Indian Institute of Management, Bangalore/Bengaluru, India, Bangalore/Bengaluru, India, 2015-07-30 - 2015-07-31
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Local EPrints ID: 423311
URI: http://eprints.soton.ac.uk/id/eprint/423311
PURE UUID: f4c0fcff-0662-4bca-97c1-320e9cb9fd51
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Date deposited: 20 Sep 2018 16:30
Last modified: 16 Mar 2024 04:37
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