Corporate governance, illiquidity, and valuation issues in privately-owned corporations
Investors in private corporations face unique problems relating to corporate control, illiquidity and valuation of securities. In this research, we survey a large sample of US corporations. Our sample includes both private and public firms. Major findings of our research are as follows: Private firms use written shareholder agreements for safeguarding ownership interests and dividend payments. Family owned firms dominate the ownership structure of private firms. Insiders of private firms own a much larger proportion of common stock than insiders in public firms, and the CEOs of private firms often happen to be the largest stockholders.
Year of publication: |
2003
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Authors: | Bathala, Chenchuramaiah T. ; Bowlin, Oswald D. ; Dukes, William P. |
Published in: |
Journal of Entrepreneurial Finance, JEF. - Montrose, CA : The Academy of Entrepreneurial Finance (AEF), ISSN 1551-9570. - Vol. 8.2003, 1, p. 1-27
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Publisher: |
Montrose, CA : The Academy of Entrepreneurial Finance (AEF) |
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