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The Sales of Small firms : a multidimensional analysis

Author

Listed:
  • Christian At

    (GATE - Groupe d'analyse et de théorie économique - UL2 - Université Lumière - Lyon 2 - ENS LSH - Ecole Normale Supérieure-Lettres et Sciences Humaines - CNRS - Centre National de la Recherche Scientifique)

  • Pierre-Henri Morand

Abstract

This paper endogeneizes the security voting structure in an auction mechanism used to sell a small firm. The design of security voting structure allows the seller to choose between two objectives which are not mutually consistent. If the seller wants to maximize his revenue, he should retain some shares to benefit from the future dividends generated by the acquirer. At the opposite, if he wants to sell his firm to the most efficient candidate, he should sell all the shares.

Suggested Citation

  • Christian At & Pierre-Henri Morand, 2001. "The Sales of Small firms : a multidimensional analysis," Post-Print halshs-00179998, HAL.
    • Handle: RePEc:hal:journl:halshs-00179998
    Note: View the original document on HAL open archive server: https://shs.hal.science/halshs-00179998v1
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    Cited by:

    1. is not listed on IDEAS
    2. Heather Fulford & Alex Rizzo, 2009. "A Conceptual Model For The Strategic Orientation Of Small Firms," Journal of Enterprising Culture (JEC), World Scientific Publishing Co. Pte. Ltd., vol. 17(01), pages 25-54.
    3. Grundström, Christina & Öberg, Christina & Öhrwall Rönnbäck, Anna, 2012. "Family-owned manufacturing SMEs and innovativeness: A comparison between within-family successions and external takeovers," Journal of Family Business Strategy, Elsevier, vol. 3(3), pages 162-173.

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    Keywords

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    JEL classification:

    • D44 - Microeconomics - - Market Structure, Pricing, and Design - - - Auctions

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