Les déterminants des retraits de la cote: le cas francais

Stéphane Onnée ()
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Stéphane Onnée: Université de Paris 12

Revue Finance Contrôle Stratégie, 1998, vol. 1, issue 4, 83-114

Abstract: Do firms that have voluntary gone private have different characteristics from firms which have not gone private ? Using financial ratios and data concerning ownership structure, managerial discretion and composition of the board of directors, statistical analysis have been performed to explain the motivations behind GPTs. GPTs are influenced by a greater concentration of ownership, a lower share turnover and a poor entrenchment of the ex-public firm's manager. Market conditions, conflicts with minority stockholders and capital structure are not predictors of GPTs. Moreover, the results of tests don't indicate that ex-public firms are low-performing compared to firms which remain publicly owned.

Keywords: voluntary going private transactions; corporate governance; managerial discretion. (search for similar items in EconPapers)
Date: 1998
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Persistent link: https://EconPapers.repec.org/RePEc:dij:revfcs:v:1:y:1998:i:q4:p:83-114

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