L’ underpricing des entreprises financées par le capital-investissement. Une analyse empirique dans le contexte français

Honorine Awounou-N’dri and Emmanuelle Dubocage

Revue française de gestion, 2019, vol. N° 278, issue 1, 77-103

Abstract: This article analyses the effect of the commonly used corporate governance practices in venture capital financing. More precisely, it studies how staged investment and syndication may impact the IPO performance (underpricing) of venture backed firms when going public. This empirical research relies on a unique dataset of 267 venture backed firms that went public on Euronext-Paris and Alternext between 1997 and 2013. The results show a lower underpricing for syndicated private equity-backed firms. In other words, the syndication of venture capital firms does impact the underpricing level at the IPO, as its size increases. This corporate governance mechanism minimizes the related-information asymmetry and agency costs of the IPO process. However, staged investment appears to have no significant effect.

Date: 2019
References: Add references at CitEc
Citations:

Downloads: (external link)
http://www.cairn.info/load_pdf.php?ID_ARTICLE=RFG_278_0077 (application/pdf)
http://www.cairn.info/revue-francaise-de-gestion-2019-1-page-77.htm (text/html)
free

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:cai:rfglav:rfg_278_0077

Access Statistics for this article

More articles in Revue française de gestion from Lavoisier
Bibliographic data for series maintained by Jean-Baptiste de Vathaire ().