Family firms going public: the choice of the CEO at an initial public offering

Alessandro Cirillo; Emmadonata Carbone; Salvatore Sciascia; Francesco Chirico

doi:10.5465/AMBPP.2022.13943abstract

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Family firms going public: the choice of the CEO at an initial public offering

Alessandro Cirillo, Emmadonata Carbone, Salvatore Sciascia and Francesco Chirico

Academy of management annual meeting proceedings, (1)

Creating a better world together: 82nd annual meeting of the Academy of management, 82 (Seattle, 05/08/2022–09/08/2022)

2022

DOI: https://doi.org/10.5465/AMBPP.2022.13943abstract

Appears in Pubblicazioni sulle imprese familiari = Family business publications

Abstract

Building on the signalling theory, the present study theorizes that family overhang, which indicates the quota of shares retained by the family over the quota of shares offered at IPO, positively affects the likelihood of choosing a non-family CEO versus a founder family CEO or a non-founder family CEO at the IPO stage. That is, family IPOs use the non-family CEO status as a non-family related signal for the market. Yet, in choosing between a founder family CEO and a non-founder family CEO at the IPO stage, the former is more likely to be selected. Additionally, family generational involvement strengthens the above-mentioned relationships. Drawing from a sample of Italian family firm IPOs, important theoretical contributions flowing from our study are shared in the concluding section.

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Title: Family firms going public
Creators: Alessandro Cirillo (Author)
Emmadonata Carbone (Author)
Salvatore Sciascia (Author) - Università Carlo Cattaneo - LIUC, Research field: Management science
Francesco Chirico (Author)
Publication Details: Academy of management annual meeting proceedings, (1)
Date published: 2022
Publisher: Academy of management; Valhalla
Conference: Creating a better world together: 82nd annual meeting of the Academy of management, 82 (Seattle, 05/08/2022–09/08/2022)
Identifiers: 2151-6561
Format: Online
Language: English
Copyright: Tutti i diritti sono riservati ai legittimi detentori del copyright. L'Università Carlo Cattaneo - LIUC pubblica i dati relativi alle pubblicazioni di ricerca realizzate dai propri affiliati. La presenza nell'archivio ARL di testi completi non determina in alcun modo la libera riproduzione degli stessi, ma esclusivamente la possibilità della loro consultazione sul sito di ARL.
Academic Unit: Research field: Management science
Resource Type: Conference proceeding
Identifiers: 991001056062105126