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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
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
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.

Record type: Conference or Workshop Item (Paper)

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

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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

Identifiers

Local EPrints ID: 423311
URI: http://eprints.soton.ac.uk/id/eprint/423311
PURE UUID: f4c0fcff-0662-4bca-97c1-320e9cb9fd51
ORCID for Bruce Hearn: ORCID iD orcid.org/0000-0001-9767-0198

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Date deposited: 20 Sep 2018 16:30
Last modified: 16 Mar 2024 04:37

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