Family control and stock market reactions to announcements of corporate venturing

Shao Chi Chang, Wann Yih Wu, Ying Jiuan Wong

研究成果: Paper

摘要

This study investigates whether family control affects the stock market reactions of new venturing. We found that with greater family control experienced more negative stock market reactions to venturing announcements. The results further indicated that the divergence of cash flow and voting rights was strongly and negatively correlated with announcement-period abnormal returns. The findings also indicated that institutional ownership had a significantly positive moderating effect suggesting that participation of institutional investors mitigated the negative influence of family control. The conclusions were robust under various measures of family control, and remained valid after controlling other influential factors for stock market reactions to venturing announcements.

原文English
出版狀態Published - 2008 十二月 1
事件68th Annual Meeting of the Academy of Management, AOM 2008 - Anaheim, CA, United States
持續時間: 2008 八月 82008 八月 13

Other

Other68th Annual Meeting of the Academy of Management, AOM 2008
國家United States
城市Anaheim, CA
期間08-08-0808-08-13

All Science Journal Classification (ASJC) codes

  • Management Information Systems
  • Management of Technology and Innovation

指紋 深入研究「Family control and stock market reactions to announcements of corporate venturing」主題。共同形成了獨特的指紋。

  • 引用此

    Chang, S. C., Wu, W. Y., & Wong, Y. J. (2008). Family control and stock market reactions to announcements of corporate venturing. 論文發表於 68th Annual Meeting of the Academy of Management, AOM 2008, Anaheim, CA, United States.