کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
967462 931323 2013 16 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Share transfer behaviour of newly introduced Tunisian companies and its determinants: An empirical analysis
موضوعات مرتبط
علوم انسانی و اجتماعی اقتصاد، اقتصادسنجی و امور مالی اقتصاد و اقتصادسنجی
پیش نمایش صفحه اول مقاله
Share transfer behaviour of newly introduced Tunisian companies and its determinants: An empirical analysis
چکیده انگلیسی
This study seeks to determine the reasons behind original shareholder sales of particular numbers of shares at the IPO date. It also examines whether share transfer behaviour reveals specific characteristics of blockholders and if a non-linear relationship emerges between the variable representing the shares held by controlling shareholders immediately prior to the transaction and the share transfer variable. The sample consists of 46 Tunisian companies listed on the Tunis Stock Exchange during the period 1992-2012. Results show that the original shareholders sale decision depends significantly on company growth opportunities. Assignee shareholders benefit from favourable stock market conditions when they sell their shares at the IPO time. Share transfer behaviour depends on whether company ownership consists of a family or not, and on whether the shareholders are blockholders or not. Besides, controlling shareholders benefit from IPO to enhance their ownership.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Multinational Financial Management - Volume 23, Issue 4, October 2013, Pages 285-300
نویسندگان
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