The Life Cycle of Dual-Class Firm Valuation

被引：3

作者：

Cremers, Martijn ^{[1
,2
]}

Lauterbach, Beni ^{[2
,3
]}

Pajuste, Anete ^{[2
,4
]}

机构：

[1] Univ Notre Dame, Mendoza Coll Business, Notre Dame, IN 46556 USA

[2] ECGI, Brussels, Belgium

[3] Bar Ilan Univ, Sch Business Adm, Ramat Gan, Israel

[4] Stockholm Sch Econ Riga, Riga, Latvia

来源：

REVIEW OF CORPORATE FINANCE STUDIES | 2024年 / 13卷 / 02期

关键词：

SHARE-ONE VOTE; INVESTMENT; OWNERSHIP; EQUITY;

D O I：

10.1093/rcfs/cfac026

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We examine U.S. dual- and single-class firms from 1980 to 2019 and document their valuation differences over their corporate life cycle. At the IPO, dual-class firms have higher mean valuations than do single-class firms, and some evidence indicates that this premium may emanate from dual-class firm founders' unique vision and leadership skills. As firms age, the valuation premium of dual-class firms tends to dissipate, possibly because dual-class agency problems increase due to a gradual widening of the wedge (the difference between insider voting and cash flow rights) in the post-IPO years. (JEL G32, G34) Received April 15, 2019; editorial decision: July 2, 2022 editor by Andrew Ellul.

引用

页码：459 / 493

页数：35

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