ハン ホウタツ   FAN Pengda
  笵 鵬達
   所属   立命館アジア太平洋大学  国際経営学部
   職種   助教
言語種別 英語
発行・発表の年月 2020/12
形態種別 論文(学術誌・プロフェショナル誌)
査読 査読あり
標題 Same bed different dream composition of IPO shares and withdrawal decisions in weak market conditions
執筆形態 第一著書
掲載誌名 Small Business Economics
出版社・発行元 Springer
巻・号・頁 55,pp.955-974
著者・共著者 山田和郎
概要 This paper examines that the object function of each insider of IPO firms differs by examining the relationship between the sources of secondary shares and withdrawal decision. Findings reveal that portion of secondary share sold by the venture capitalists is positively related to the withdrawal decision whereas that of CEOs is not related. When considering the market condition, the finding is pronounced in the worse market condition. We interpret it is caused by the difference in the object by the insiders: venture capitalists have a strong incentive to bring firm public in good market conditions, in order to maximize gains through IPO.
DOI https://doi.org/10.1007/s11187-019-00169-2
ISSN 0921-898X