Economics, Econometrics and Finance
8 years ago

Italian firms' ownership changes post-IPO linked to decline in performance.

SSRN Electronic Journal
Ownership Pre- and Post- IPOs and Operating Performance of Italian Firms
Francesca Scribano

Paper Summary

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After going public, Italian firms often see a drop in their performance. This could be due to changes in ownership. The study looked at how the stake held by top shareholders and the presence of private equity firms affect operating performance before and after an IPO. Surprisingly, ownership structure positively impacts performance before going public, but this effect diminishes after the IPO. This suggests that ownership changes can influence how well a company does in the long run.