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Les déterminants des retraits de la cote: le cas francais

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  • Stéphane Onnée

    (Université de Paris 12)

Abstract

Do firms that have voluntary gone private have different characteristics from firms which have not gone private ? Using financial ratios and data concerning ownership structure, managerial discretion and composition of the board of directors, statistical analysis have been performed to explain the motivations behind GPTs. GPTs are influenced by a greater concentration of ownership, a lower share turnover and a poor entrenchment of the ex-public firm's manager. Market conditions, conflicts with minority stockholders and capital structure are not predictors of GPTs. Moreover, the results of tests don't indicate that ex-public firms are low-performing compared to firms which remain publicly owned.

Suggested Citation

  • Stéphane Onnée, 1998. "Les déterminants des retraits de la cote: le cas francais," Revue Finance Contrôle Stratégie, revues.org, vol. 1(4), pages 83-114, December.
    • Handle: RePEc:dij:revfcs:v:1:y:1998:i:q4:p:83-114
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    References listed on IDEAS

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