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dc.contributor.authorHearn, Bruce
dc.contributor.authorOxelheim, L.
dc.contributor.authorRandøy, T.
dc.date.accessioned2020-12-03T01:42:29Z
dc.date.accessioned2020-12-14T07:14:29Z
dc.date.available2020-12-03T01:42:29Z
dc.date.available2020-12-14T07:14:29Z
dc.date.issued2018-02
dc.identifier.citationHearn B, Oxelheim L and Randøy T (2018) The institutional determinants of private equity involvement in business groups - The case of Africa. Journal of World Business. 53(2): 118-133.en_US
dc.identifier.urihttp://hdl.handle.net/10454/18225
dc.descriptionYesen_US
dc.description.abstractThis study examines the governance attributes of post-IPO (initial public offering) retained ownership of private equity in business group constituent firms in contrast to their unaffiliated counterparts, in 202 newly listed firms in 22 emerging African economies. We adopt an actor centered institutional-theoretic perspective in rationalizing institutional voids and the advantages of maintained governance by both business angels (BA) and venture capital (VC) private equity. Our findings reveal private equity retain higher post-IPO ownership in business group constituents compared to unaffiliated firms and that this is inversely moderated in the context of improving institutional quality – where this is particularly strong in case of foreign VC as opposed to domestic VC or BA. Our result adds to the literature on multifocal corporate governance mechanisms and the institutional determinants of private equity investment.en_US
dc.language.isoenen_US
dc.relation.isreferencedbyhttps://doi.org/10.1016/j.jwb.2016.02.002en_US
dc.rights© 2018 Elsevier. Reproduced in accordance with the publisher's self-archiving policy. This manuscript version is made available under the CC-BY-NC-ND 4.0 license (https://creativecommons.org/licenses/by-nc-nd/4.0/)en_US
dc.subjectAfricaen_US
dc.subjectBusiness angelen_US
dc.subjectBusiness groupen_US
dc.subjectInstitutional voidsen_US
dc.subjectIPOen_US
dc.subjectOwnership structureen_US
dc.subjectProperty rights protectionen_US
dc.subjectVenture capitalen_US
dc.titleThe institutional determinants of private equity involvement in business groups - The case of Africaen_US
dc.status.refereedYesen_US
dc.date.Accepted2016-02-11
dc.date.application2016-02-26
dc.typeArticleen_US
dc.type.versionAccepted manuscripten_US
dc.date.updated2020-12-03T01:42:40Z
refterms.dateFOA2020-12-15T08:23:19Z


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