The DOI matches its Crossref record; 121 of the 121 references it cites were found in a registry or an index.
Governance, ownership structure, and performance of IPO firms: the impact of different types of private equity investors and institutional environments
Abstract
This paper examines performance effects of ownership concentration and two types of private equity investors (venture capitalists and business angels) in firms that have recently undergone an initial public offering (IPO) in the United Kingdom and France. We expand and contextualize nascent understanding of multiple agency theory by examining heterogeneity of private equity investors and by suggesting that multiple agency relationships are affected by different institutional contexts. We employ a unique, hand‐collected dataset of 224 matched IPOs (112 in each country). Controlling for the endogeneity of private equity investors' retained share ownership, we find support for the agency theory argument that concentrated ownership improves IPOs' performance. The research also shows that the two types of private equity investors have a differential impact on performance, and the legal institutions in a given country moderate this impact. Copyright © 2009 John Wiley & Sons, Ltd.
Overview
The claims and statistics of this paper haven’t been checked yet.
Run the check — free, no account needed. It reads the open-access text and checks the sources it cites.
Integrity signals
Registry
Cites
Statistics
Verification
Claims the paper makes
The claims and statistics of this paper haven’t been checked yet.
Run the check — free, no account needed. It reads the open-access text and checks the sources it cites.
Self-check
Percentages, sums and reported differences re-computed from the paper’s own numbers.
The self-check needs the paper’s full text.
Citations
Cites
Theory of the firm: Managerial behavior, agency costs and ownership structure
Jensen, M. C., & Meckling, W. H. (1976) · Journal of Financial Economics · doi:10.1016/0304-405x(76)90026-x · Cited by 71,491
Institutions, Institutional Change and Economic Performance
North, D. C. (1990) · doi:10.1017/cbo9780511808678 · Cited by 32,691
Institutions, Institutional Change and Economic Performance
Munger, M. C., & North, D. C. (1991) · Southern Economic Journal · doi:10.2307/1060065 · Cited by 24,871
La Porta, R., Lopez‐de‐Silanes, F., Shleifer, A., & Vishny, R. W. (1998) · Journal of Political Economy · doi:10.1086/250042 · Cited by 18,025
A Survey of Corporate Governance
Shleifer, A., & Vishny, R. W. (1997) · The Journal of Finance · doi:10.1111/j.1540-6261.1997.tb04820.x · Cited by 16,243
A Caution Regarding Rules of Thumb for Variance Inflation Factors
O’brien, R. M. (2007) · Quality & Quantity · doi:10.1007/s11135-006-9018-6 · Cited by 11,217
The Modern Industrial Revolution, Exit, and the Failure of Internal Control Systems
JENSEN, M. C. (1993) · The Journal of Finance · doi:10.1111/j.1540-6261.1993.tb04022.x · Cited by 8,528
The New Institutionalism in Organizational Analysis.
Andrews, A. O., Powell, W. W., & DiMaggio, P. J. (1993) · Administrative Science Quarterly · doi:10.2307/2393344 · Cited by 8,261
Institutions and organizations
(1995) · Choice Reviews Online · doi:10.5860/choice.33-1848 · Cited by 8,003
Instrumental Variables Regression with Weak Instruments
Staiger, D., & Stock, J. H. (1997) · Econometrica · doi:10.2307/2171753 · Cited by 7,081
Cited by
Contextualization and the advancement of entrepreneurship research
Zahra, S. A., Wright, M., & Abdelgawad, S. G. (2014) · International Small Business Journal: Researching Entrepreneurship · doi:10.1177/0266242613519807 · Cited by 675
Self-citationDrover, W., Busenitz, L., Matusik, S., Townsend, D., Anglin, A., & Dushnitsky, G. (2017) · Journal of Management · doi:10.1177/0149206317690584 · Cited by 629
Corporate Governance and Investors' Perceptions of Foreign IPO Value: An Institutional Perspective
Bell, R. G., Filatotchev, I., & Aguilera, R. V. (2014) · Academy of Management Journal · doi:10.5465/amj.2011.0146 · Cited by 429
Self-citationCorporate Governance Meets Corporate Social Responsibility: Mapping the Interface
Zaman, R., Jain, T., Samara, G., & Jamali, D. (2022) · Business & Society · doi:10.1177/0007650320973415 · Cited by 414
Ownership as a form of corporate governance
Connelly, B. L., Hoskisson, R. E., Tihanyi, L., & Certo, S. T. (2010) · Journal of Management Studies · doi:10.1111/j.1467-6486.2010.00929.x · Cited by 389
Metadata
- Authors
- Bruton, G. D., Filatotchev, I., Chahine, S., & Wright, M.
- Venue
- Strategic Management Journal
- Publisher
- Wiley
- Published
- 2009-12-16
- Volume
- 31
- Issue
- 5
- Pages
- 491-509
- ISSN
- 0143-2095 (ISSN-L)
- 1097-0266
- OpenAlex
- W2020436418
- Cited by
- 443
- References
- 121
- FWCI
- 62.22
- Type
- journal article
- Language
- en
- Open access
- closed
About these checks
Registry, retraction, Cites and statistics results are computed, not judged, with one exception: a printed reference that no index lists is read once by a model before it counts as a citation error. Claims are extracted by a model and kept only when their quote appears verbatim in the text; each cited source is then checked, with a model’s help, for whether it says what the claim relies on. Those verdicts can be wrong — read the claim’s quote and the cited source before relying on one.
Statistics and arithmetic are recomputed, not judged.
Confidence bands are shown only for fields calibrated on our annotated test set. None is calibrated yet, so no band is shown.
What counts as a claim ›How we measure confidence ›How we check this ›
Are you an author, or do you see a problem with this page? Request a review
How to cite
Cite CoChat for the checks on this page, and the paper for its own findings.
- This page
- CoChat. (2026). Citation check: Governance, ownership structure, and performance of IPO firms: the impact of different types of private equity investors and institutional environments. https://app.cochat.ai/papers/10.1002/smj.822
- The paper
- Bruton, G. D., Filatotchev, I., Chahine, S., & Wright, M. (2010). Governance, ownership structure, and performance of IPO firms: the impact of different types of private equity investors and institutional environments. Strategic Management Journal. https://doi.org/10.1002/smj.822
Data sources
Bibliographic data: Semantic Scholar, OpenAlex, Crossref.
Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
