The Evolution of Corporate Ownership after IPO: The Impact of Investor Protection

• 成果类型: Article
• 署名作者: Foley, C. Fritz; Greenwood, Robin
• 署名单位: Harvard University; National Bureau of Economic Research
• 刊物名称: REVIEW OF FINANCIAL STUDIES
• ISSN/ISSBN: 0893-9454
• DOI: 10.1093/rfs/hhp069
• 发表日期: 2010
• 页码: 1231
• 关键词: PROPERTY-RIGHTS; GROWTH; finance; LAW; firm; liquidity; matter; COSTS; STOCK; size

摘要

Panel data on corporate ownership in thirty-four countries between 1995 and 2006 reveal that newly public firms have concentrated ownership regardless of the level of investor protection. After listing, firms in countries with strong investor protection are more likely to experience decreases in ownership concentration; these decreases occur in response to growth opportunities, and they are associated with new share issuance. We conclude that ownership concentration falls after listing in countries with strong investor protection, because firms in these countries continue to raise capital and grow, diluting blockholders as a consequence. (JEL G32, K22, G43)