Finance - Research Publications

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Author: Gygax, Andre × End date: 2013 × Type: Journal Article ×

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    Succession financing in family firms
    Koropp, C ; Grichnik, D ; Gygax, AF (SPRINGER, 2013-08)
    Business succession is one of the primary management challenges for family firms. However, many family firms fail at this task because of financial issues. Although a vast number of studies have investigated the succession process, research thus far has failed to determine how and why family firms select particular forms of financing for succession-related expenditures. Accordingly, this study conceptually and empirically investigates succession financing. We introduce a conceptual framework that investigates the reasons behind an owner-manager’s intent to use debt for succession financing. Specifically, our model accounts for general and succession-related personal factors. However, we also include a set of firm-specific financing behavioral controls in our research. The empirical results are derived from a sample of 187 German family firms, and the results highlight financial knowledge, attitudes, succession experience, and succession planning as significant determinants of the owner-managers’ debt usage intentions. The implications and avenues for future research are discussed.
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    Index composition changes and the cost of incumbency
    Gygax, AF ; Otchere, I (ELSEVIER, 2010-10)
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    Pricing errors and estimates of risk premia in factor models
    Sawyer, KR ; Gygax, AF ; Hazledine, M (SPRINGER HEIDELBERG, 2010-07)
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    Audit quality, auditor compensation and initial public offering underpricing
    Chang, X ; Gygax, AF ; Oon, E ; Zhang, HF (WILEY, 2008-09)
    Abstract We jointly study the impact of audit quality on auditor compensation and initial public offering (IPO) underpricing using a sample of Australian firms going public over the period 1996–2003. We find that quality (Big Four) audit firms earn significantly higher fees than non‐Big Four auditors, and audit quality is positively associated with IPO underpricing. The positive relation between audit quality and underpricing is more pronounced for small issues, IPOs underwritten by non‐prestigious underwriters, and those that are not backed by venture capitalists. Taken together, our results suggest that quality auditors serve as a signalling device that enhances post‐issue market value of equity.