Agency costs, ownership structure, and corporate governance in pre-and post-IPO firms

Wallace N. Davidson · Amani Khaled Bouresli · Manohar Singh

22 citations0/0 files storedCorporate Ownership and Control

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Corporate Finance and Governance Private Equity and Venture Capital Family Business Performance and Succession

Abstract

Following the approach in Ang, Cole, and Lin (2000), we estimate the impact of CEO ownership on agency costs in pre-IPO firms and again in the post-IPO period when they have become publicly traded companies. We find that CEO ownership is large in both the pre and post-IPO firms. Greater CEO ownership is associated with lower agency costs both before and after the IPO, and CEO ownership in these firms seems to dominate all other agency control mechanisms. Board composition and involvement by venture capital firms does not appear to mitigate agency costs.

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References

1976Theory of the firm: Managerial behavior, agency costs and ownership structure 1986Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers 1996Agency costs of free cash flow, corporate finance, and takeovers 1988Management ownership and market valuation 1983Agency Problems and Residual Claims 1990Additional evidence on equity ownership and corporate value 1990The structure and governance of venture-capital organizations 2000Agency Costs and Ownership Structure

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