Ownership and operating performance of companies that go public

• 成果类型: Article
• 署名作者: Mikkelson, WH; Partch, MM; Shah, K
• 署名单位: University of Oregon; Southern Methodist University
• 刊物名称: JOURNAL OF FINANCIAL ECONOMICS
• ISSN/ISSBN: 0304-405X
• DOI: 10.1016/S0304-405X(97)00006-8
• 发表日期: 1997
• 页码: 281-307
• 关键词: initial public offerings; Going public; separation of ownership and control; operating performance of small companies

摘要

Going public typically leads to a separation of managerial control and stock ownership, and potentially worsens managerial incentives. We document that the median ownership stake of officers and directors declines significantly from the year before going public to ten years later. Median operating return on assets also declines from the year before the offering to the end of the first year of public trading, but performance declines no further in ten years. In general, operating performance both within one year of the offering and during the first ten years of public trading is unrelated to ownership of officers and directors.