Riding off into the sunset: Dual-class structure in the age of unicorns going public

• Main Authors: LIANG, Hao, PARK, Junho, ZHANG, Wei
• Format: text
• Language: English
• Published: Institutional Knowledge at Singapore Management University 2022
• Subjects: dual-class shares; sunset provisions; entrenchment; anti-takeover provisions; Finance and Financial Management; Operations and Supply Chain Management
• Online Access: https://ink.library.smu.edu.sg/lkcsb_research/7148; https://ink.library.smu.edu.sg/context/lkcsb_research/article/8147/viewcontent/SSRN_id4242984.pdf
• Institution: Singapore Management University

The increasing adoption of dual-class shares (DCS)—an ownership structure that gives corporate insiders greater voting power than other shareholders—among newly listed companies has raisedsignificant governance concerns. We investigate the decision to adopt the DCS structure and itsvalue implication...