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L’ underpricing des entreprises financées par le capital-investissement. Une analyse empirique dans le contexte français

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  • Honorine Awounou-N’dri
  • Emmanuelle Dubocage

Abstract

This article analyses the effect of the commonly used corporate governance practices in venture capital financing. More precisely, it studies how staged investment and syndication may impact the IPO performance (underpricing) of venture backed firms when going public. This empirical research relies on a unique dataset of 267 venture backed firms that went public on Euronext-Paris and Alternext between 1997 and 2013. The results show a lower underpricing for syndicated private equity-backed firms. In other words, the syndication of venture capital firms does impact the underpricing level at the IPO, as its size increases. This corporate governance mechanism minimizes the related-information asymmetry and agency costs of the IPO process. However, staged investment appears to have no significant effect.

Suggested Citation

  • Honorine Awounou-N’dri & Emmanuelle Dubocage, 2019. "L’ underpricing des entreprises financées par le capital-investissement. Une analyse empirique dans le contexte français," Revue française de gestion, Lavoisier, vol. 0(1), pages 77-103.
    • Handle: RePEc:cai:rfglav:rfg_278_0077
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