{"title":"家族企业IPO定价过低的决定因素：来自日本的证据","authors":"Kenta Funaoka , Zhihua Yao","doi":"10.1016/j.japwor.2024.101294","DOIUrl":null,"url":null,"abstract":"<div><div>This study analyzes 94 firms that were listed on the JASDAQ between 2015 and 2021, with a specific focus on identifying the determinants of underpricing in family firms during their initial public offering (IPO). In Japan, over 90 % of enterprises are family-owned, with even half of the publicly listed companies falling into this category. The findings revealed that, ceteris paribus, firms with founding CEOs experienced less underpricing at the time of going public compared to those without. This difference was more significant in companies with higher management ownership and a higher ratio of external directors. These results emphasize the importance of strong governance structures in reducing underpricing for family firms during their IPOs.</div></div>","PeriodicalId":46744,"journal":{"name":"Japan and the World Economy","volume":"73 ","pages":"Article 101294"},"PeriodicalIF":1.2000,"publicationDate":"2025-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"Determinants of family firm IPO underpricing: Evidence from Japan\",\"authors\":\"Kenta Funaoka , Zhihua Yao\",\"doi\":\"10.1016/j.japwor.2024.101294\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<div><div>This study analyzes 94 firms that were listed on the JASDAQ between 2015 and 2021, with a specific focus on identifying the determinants of underpricing in family firms during their initial public offering (IPO). In Japan, over 90 % of enterprises are family-owned, with even half of the publicly listed companies falling into this category. The findings revealed that, ceteris paribus, firms with founding CEOs experienced less underpricing at the time of going public compared to those without. This difference was more significant in companies with higher management ownership and a higher ratio of external directors. These results emphasize the importance of strong governance structures in reducing underpricing for family firms during their IPOs.</div></div>\",\"PeriodicalId\":46744,\"journal\":{\"name\":\"Japan and the World Economy\",\"volume\":\"73 \",\"pages\":\"Article 101294\"},\"PeriodicalIF\":1.2000,\"publicationDate\":\"2025-03-01\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Japan and the World Economy\",\"FirstCategoryId\":\"96\",\"ListUrlMain\":\"https://www.sciencedirect.com/science/article/pii/S0922142524000574\",\"RegionNum\":4,\"RegionCategory\":\"经济学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"2024/12/8 0:00:00\",\"PubModel\":\"Epub\",\"JCR\":\"Q3\",\"JCRName\":\"ECONOMICS\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Japan and the World Economy","FirstCategoryId":"96","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S0922142524000574","RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"2024/12/8 0:00:00","PubModel":"Epub","JCR":"Q3","JCRName":"ECONOMICS","Score":null,"Total":0}
Determinants of family firm IPO underpricing: Evidence from Japan
This study analyzes 94 firms that were listed on the JASDAQ between 2015 and 2021, with a specific focus on identifying the determinants of underpricing in family firms during their initial public offering (IPO). In Japan, over 90 % of enterprises are family-owned, with even half of the publicly listed companies falling into this category. The findings revealed that, ceteris paribus, firms with founding CEOs experienced less underpricing at the time of going public compared to those without. This difference was more significant in companies with higher management ownership and a higher ratio of external directors. These results emphasize the importance of strong governance structures in reducing underpricing for family firms during their IPOs.
期刊介绍：
The increase in Japan share of international trade and financial transactions has had a major impact on the world economy in general and on the U.S. economy in particular. The new economic interdependence between Japan and its trading partners created a variety of problems and so raised many issues that require further study. Japan and the World Economy will publish original research in economics, finance, managerial sciences, and marketing that express these concerns.
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