The Effects of Experience, Ownership, and Knowledge on IPO Survival: Empirical Evidence from Germany

被引:28
作者
Audretsch, David B. [1 ,2 ,3 ]
Lehmann, Erik E. [4 ]
机构
[1] Max Planck Inst, Jena, Germany
[2] Indiana Univ, Indiana, PA 47405 USA
[3] CEPR, London, England
[4] Univ Konstanz, Max Planck Inst Jena, Constance, Germany
关键词
Firm Survival; Corporate Governance; New Economy; Entrepreneurship;
D O I
10.1108/eb043435
中图分类号
F8 [财政、金融];
学科分类号
0202 ;
摘要
We study the implications of ownership and its induced incentives on firm survival on the stock market for young and high-tech firms. Using a unique data set of all 341 firms listed on the Neuer Markt, the German equivalent of the NASDAQ, our results differ from studies on more traditional firms. Ownership by CEOs has no influence on firm survival when introducing measurements of human capital and intellectual property rights. This confirms assumptions that firms in the knowledge based industries differ in their governance structure from traditional firms.
引用
收藏
页码:13 / 33
页数:21
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