Handbook of Research on Corporate Governance and Entrepreneurship
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Handbook of Research on Corporate Governance and Entrepreneurship

Edited by Jonas Gabrielsson

This Handbook provides a unique collection of research addressing issues of corporate governance in entrepreneurial contexts, including start-ups, owner-managed firms, fast-growing firms, and IPOs, as well as how corporate governance and board leadership is associated with entrepreneurship and innovation in both small and large established companies. The chapters span a wide range of topics, methodologies, and levels of analysis, all designed to contribute to a comprehensive understanding of when and how corporate governance matters in different entrepreneurial contexts.
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Chapter 12: Founder status and defensive mechanisms at IPO: evidence from French firms

Asma Fattoum-Guedri and Frédéric Delmar


This chapter investigates the use of defensive mechanisms disconnecting cash flow rights from voting rights at initial public offering (IPO) by controlling shareholders. It specifically examines whether founder-chief executive officers (CEOs) are more inclined than non-founder-CEOs to implement defensive mechanisms at IPO. Building on intrinsic and extrinsic attributes distinguishing founder-CEOs from other types of CEOs, this study suggests that founder-CEOs, who are generally controlling shareholders of the company at IPO, are likely to be more anxious about a post-IPO change of control relative to non-founder-CEOs. This in turn makes them more inclined to use defensive mechanisms at IPO. Empirical support for these arguments is provided using a unique hand-collected dataset of all 467 IPOs completed in the French capital markets from 1992 to 2010.

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