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Institutional and strategic implications of founder-ceo transitions in firms issuing initial public offerings

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Institutional and strategic implications of founder-ceo transitions in firms issuing initial public offerings

Arcand, Jean-Philippe (2004) Institutional and strategic implications of founder-ceo transitions in firms issuing initial public offerings. Masters thesis, Concordia University.

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Abstract

Some of the most highly recognized CEOs were the entrepreneurial creators of their firms. These CEOs distinguished themselves, not only by starting their firms, but also by successfully managing them for long periods of time after they issued initial public offerings (IPOs) and became public. Considering such successes, it seems reasonable to ask the following question: Why do founders have a bad reputation among Venture Capitalists and Investment Bankers? Tashakori (1980) notes that Venture Capitalists realize that they put pressure on founders to leave their CEO positions. However, empirical research supporting the replacement of the Founder is limited. In this research, I examine the effect of replacing the founder with a professional CEO in firms that are issuing an initial public offering on a US stock exchange between 1996 and 2000. It is found that replacing the founder-CEO by a professional results in an increase of, on average, $12 million in the valuation of the issue. (Abstract shortened by UMI.)

Divisions:Concordia University > John Molson School of Business
Item Type:Thesis (Masters)
Authors:Arcand, Jean-Philippe
Pagination:viii, 106 leaves ; 29 cm.
Institution:Concordia University
Degree Name:M. Sc. Admin.
Program:John Molson School of Business
Date:2004
Thesis Supervisor(s):Martens, Martin
ID Code:7869
Deposited By:Concordia University Libraries
Deposited On:18 Aug 2011 14:09
Last Modified:18 Aug 2011 14:09
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