Abstract
ABSTRACT This study examines what types of abilities of the top management team influence the market value at initial public offering (IPO) and especially focuses on how family involvement influences the effect of top management on the market value at IPO. As a result, first, the more top managers with the output function background or the relevant industry experience the top management team has, the higher the market value at IPO is. Second, the more family members participate on the board of directors, the stronger the impact of the top management team’s output function background or relevant industry experience on the market value at IPO.
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