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The effect of trademark breadth on IPO valuation and post-IPO performance: an empirical investigation of 1510 European IPOs

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  • Fisch, Christian
  • Meoli, Michele
  • Vismara, Silvio
  • Block, Jörn H.

Abstract

Trademarks differ in breadth and can cover a wide range of categories of goods and services. We draw on real options theory and argue that greater trademark breadth constitutes a valuable real option that is associated with higher firm valuation and performance. We analyze a sample of 1510 firms that went public in Europe between 2002 and 2015 and find a positive effect of trademark breadth on initial public offering (IPO) valuation and post-IPO performance. We implement a contingency analysis to contrast real options and signaling theory and find stronger support for the real options perspective.

Suggested Citation

  • Fisch, Christian & Meoli, Michele & Vismara, Silvio & Block, Jörn H., 2022. "The effect of trademark breadth on IPO valuation and post-IPO performance: an empirical investigation of 1510 European IPOs," Journal of Business Venturing, Elsevier, vol. 37(5).
    • Handle: RePEc:eee:jbvent:v:37:y:2022:i:5:s0883902622000490
    DOI: 10.1016/j.jbusvent.2022.106237
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    More about this item

    Keywords

    Trademarks; Trademark breadth; Real options theory; IPO; Buy-and-hold returns; Signaling theory.;
    All these keywords.

    JEL classification:

    • O34 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Intellectual Property and Intellectual Capital
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • L25 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Firm Performance

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