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Institutional ownership of dual-class companies

机译：机构所有权双层公司

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摘要

Purpose - This study aims to examine institutional ownership of companies that go public with dual-class share structures. Design/methodology/approach - Several recent studies have discussed the potential advantages and disadvantages of the dual-class structure, which allows founders and insiders to maintain control of the firms they created through superior voting rights. Institutional investors oppose the dual-class structure, arguing that inferior voting rights make it difficult to respond to poor governance or performance. Previous research has shown the early value-added to the dual-class firm declines through time. This study examines institutional ownership of dual-class companies through time and compares institutional investments in initial public offerings with perpetual superior-class structures versus those with provisions to sunset those shares to one-share, one-vote structures. Findings - Evidence suggests that institutional investors view perpetual dual-class structures as potentially riskier in terms of poor governance or performance and prefer dual-class companies with sunset provisions. Originality/value - This study suggests that founders and insiders should consider either the dual-class structure with a sunset provision or if they choose the perpetual dual-class, it should include some type of event-driven safeguards.
机译：目的 - 本研究旨在审查与双级股票结构公开的公司的机构所有权。设计/方法/方法 - 最近的几项研究讨论了双层结构的潜在优势和缺点，这使得创始人和内部人员能够维护通过卓越的投票权创建的公司的控制。机构投资者反对双层结构，争论劣等的投票权使得难以应对贫困治理或表现。以前的研究表明，通过时间下降到双级公司的早期增值。本研究审查了双层公司通过时间的制度所有权，并将在初始公开发行中的机构投资与永久的高级结构，与夕阳的规定，以一票一票的一票结构征收。调查结果 - 证据表明，机构投资者将永久的双层结构视为贫困的治理或表现和更喜欢具有日落条款的双层公司的潜在风险。原创性/值 - 本研究表明，创始人和内部人员应考虑与日落提供的双层结构，或者如果他们选择永久的双类，它应该包括某种类型的事件驱动的保障措施。

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