Long-Run IPO Performance Analysis Of German And Spanish Family-Owned Businesses  

Oleh:

Jaskiewicz, Peter ; González, Víctor M. ; Menéndez, Susana ; Schiereck, Dirk

Jenis: Article from Journal - ilmiah internasional
Dalam koleksi: Family Business Review vol. 18 no. 3 (Sep. 2005), page 179-202.
Fulltext: 179.pdf (237.64KB)

Isi artikel

This article examines the long-run stock market performance of German and Spanish initial public offerings (IPOs) between 1990 and 2000. We distinguish between familyand nonfamily-owned business IPOs by using the power subscale of the F-PEC. Buy-andhold- abnormal returns (BHAR) are calculated in order to determine abnormal returns. Our results show that three years after going public, investors, on average, realized an abnormal return of -32.8% for German and -36.7% for Spanish IPOs. In both countries, nonfamily business IPOs perform insignificantly better. Regression analyses show that for the whole sample there is a positive company size effect. In family-owned businesses, strong family involvement has a positive impact on the long-run stock market performance, whereas the age of the firm has a negative influence.

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