Date of Graduation

5-1982

Document Type

Dissertation

Degree Name

Doctor of Philosophy in Business Administration (PhD)

Degree Level

Graduate

Department

Accounting

Advisor/Mentor

Lloyd Seaton, Jr.

Committee Member

James A. Millar

Second Committee Member

Timothy P. Cronan

Keywords

public corporations, private corporations, stock market data

Abstract

Disenchantment with public ownership during the decade of the 1970's contributed to the emergence of a trend for publicly owned corporations to change to private ownership by deregistering under the Securities Exchange Act of 1934. The primary purpose of the study was to investigate whether firms which changed to private ownership possessed attributes during the time leading to the change that differentiated them from selected firms which remained publicly held. The attributes included in the study contained financial data from published corporate financial statements, stock distribution information, and stock market data. The study included firms which changed o private ownership prior to September 1979, when increased reporting requirements were instituted by the Securities and Exchange Commission. Thirty-nine firms were identified as having changed to private ownership from January 1972 to September 1979. Each firm that changed to private ownership was matched through a paired-sampling technique with the publicly owned firm closest in total asset size within the same industry classification to produce the total sample used in the study.

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