Family companies and post-IPO performance: Evidence in Malaysia

Siti Solehah, Ghazali (2013) Family companies and post-IPO performance: Evidence in Malaysia. Masters thesis, Universiti Utara Malaysia.

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Abstract

The purpose of this study is to examine the impact of corporate governance mechanisms (board characteristics), namely family member’s directors, board size, and CEO duality, on the pre and post-IPO performance. This study also differentiated the pre and post-IPO performance between family and non-family companies. For the purpose of this study, 77 companies listed on Bursa Malaysia have been selected for the year 2006 to 2009. The control variable in this study includes company size and age of the company. The descriptive statistics show that in the post-IPO period, the performance of family companies do not exhibit better performance compared to non-family companies. Multiple regressions analysis is utilized in this study in order to achieve the research objectives. The findings showed that percentages of family members as board members have positive relationship between pre and post-IPO performance. The findings also showed that board size, CEO duality and the age of the company have negative relationships between IPO performances. This result will gave an overview regarding the performance of family and non-family IPO companies in Malaysia

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