Pre-Going Private Ownership Around the World
British Journal of Management
Wiley for British Academy of Management
Reason for embargo
Currently under an indefinite embargo pending publication by Wiley. 2 year embargo required on publication
Going private transactions are often highly leveraged, and give rise to potential agency conflicts among existing shareholders. But who exactly are those shareholders, and under what legal conditions are these transaction more likely to occur? We examine ownership structure prior to going private transactions in 33 countries around the world from 2002 to 2014.The data indicate strong and consistent evidence that pre-going private ownership is characterized by higher institutional and corporate ownership. Family ownership lowers the probability of a public to private transaction. Stronger creditor rights increase the probability of going private particularly for whole company and institutional buyouts
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