Purpose– This study investigates the relationship between board gender diversity (BGD) and the time to Initial Public Offering (IPO), which stands as an entrepreneurially risky choice, particularly challenging in family firms. We also investigate the moderating role of family ownership dispersion (FOD). Design/methodology/approach– We draw on an integrated theoretical framework bringing together the upper echelons theory and the socio-emotional wealth (SEW) perspective and on hand-collected data on a sample of Italian family IPOs that occurred in the period 2000–2020. We employ ordinary least squares (OLS) regression and alternative model estimations to test our hypotheses. Findings– BGD positively affects the time to IPO, thus, it increases the time required to go public. FOD negatively moderatesthis relationship. Ourfindings remainrobustwithdifferent measuresfor BGD,FOD,and family business definition as well as with different econometric models. Originality/value– The article develops literature on family firms and IPO and it enriches the academic debate about gender and IPOs in family firms. It adds to studies addressing the determinants of the time to IPO by incorporating gender diversity and the FOD into the discussion. Finally, it contributes to research on women and outcomes in family firms.

Timing the transition: gender diversity’s role in family IPOs / Carbone, E.; Mussolino, D.; Viganò, R.. - In: MANAGEMENT DECISION. - ISSN 0025-1747. - 62:13(2024), pp. 156-187. [10.1108/MD-01-2023-0085]

Timing the transition: gender diversity’s role in family IPOs

Carbone E.
;
Mussolino D.;
2024

Abstract

Purpose– This study investigates the relationship between board gender diversity (BGD) and the time to Initial Public Offering (IPO), which stands as an entrepreneurially risky choice, particularly challenging in family firms. We also investigate the moderating role of family ownership dispersion (FOD). Design/methodology/approach– We draw on an integrated theoretical framework bringing together the upper echelons theory and the socio-emotional wealth (SEW) perspective and on hand-collected data on a sample of Italian family IPOs that occurred in the period 2000–2020. We employ ordinary least squares (OLS) regression and alternative model estimations to test our hypotheses. Findings– BGD positively affects the time to IPO, thus, it increases the time required to go public. FOD negatively moderatesthis relationship. Ourfindings remainrobustwithdifferent measuresfor BGD,FOD,and family business definition as well as with different econometric models. Originality/value– The article develops literature on family firms and IPO and it enriches the academic debate about gender and IPOs in family firms. It adds to studies addressing the determinants of the time to IPO by incorporating gender diversity and the FOD into the discussion. Finally, it contributes to research on women and outcomes in family firms.
2024
Timing the transition: gender diversity’s role in family IPOs / Carbone, E.; Mussolino, D.; Viganò, R.. - In: MANAGEMENT DECISION. - ISSN 0025-1747. - 62:13(2024), pp. 156-187. [10.1108/MD-01-2023-0085]
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Utilizza questo identificativo per citare o creare un link a questo documento: https://hdl.handle.net/11588/974944
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