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Going public with public money

Author

Listed:
  • Albert N. Link

    (The University of North Carolina at Greensboro)

  • Martijn Hasselt

    (The University of North Carolina at Greensboro)

  • Silvio Vismara

    (University of Bergamo
    University of Ghent)

Abstract

We analyze what we consider to be an unanticipated consequence of the SBIR program, namely, that firms, publicly funded through the SBIR program, are going public based on their new technology developed with support from the SBIR program. There is a conspicuous void with regard to publicly funded firms that do go public. Through the estimation of a qualitative choice model, we identify firm and project characteristics that are associated with an increased likelihood of a firm making (or planning to make) an initial public offering (IPO).

Suggested Citation

  • Albert N. Link & Martijn Hasselt & Silvio Vismara, 2021. "Going public with public money," Small Business Economics, Springer, vol. 57(3), pages 1419-1426, October.
    • Handle: RePEc:kap:sbusec:v:57:y:2021:i:3:d:10.1007_s11187-020-00355-7
    DOI: 10.1007/s11187-020-00355-7
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    Cited by:

    1. Yuji Honjo & Koki Kurihara, 2023. "Graduation of initial public offering firms from junior stock markets: evidence from the Tokyo Stock Exchange," Small Business Economics, Springer, vol. 60(2), pages 813-841, February.
    2. Massimo G. Colombo & Benedetta Montanaro & Silvio Vismara, 2023. "What drives the valuation of entrepreneurial ventures? A map to navigate the literature and research directions," Small Business Economics, Springer, vol. 61(1), pages 59-84, June.
    3. Silvio Vismara, 2022. "Expanding corporate finance perspectives to equity crowdfunding," The Journal of Technology Transfer, Springer, vol. 47(6), pages 1629-1639, December.
    4. Mengyang Pan & Aravind Chandrasekaran & James Hill & Manus Rungtusanatham, 2022. "Multidisciplinary R&D project success in small firms: The role of multiproject status and project management experience," Production and Operations Management, Production and Operations Management Society, vol. 31(7), pages 2806-2821, July.
    5. Andriana G. Dimakopoulou & Nikos Chatzistamoulou & Kostas Kounetas & Kostas Tsekouras, 2023. "Environmental innovation and R&D collaborations: Firm decisions in the innovation efficiency context," The Journal of Technology Transfer, Springer, vol. 48(4), pages 1176-1205, August.

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    More about this item

    Keywords

    IPO; SBIR program; Technology; Program evaluation; Public sector;
    All these keywords.

    JEL classification:

    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • O31 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Innovation and Invention: Processes and Incentives
    • O38 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Government Policy

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