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

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Author Info

  • David B. Audretsch

    ()

  • Erik E. Lehmann

    ()

Abstract

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 counterpart 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 also in their governance structure from traditional firms.

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Bibliographic Info

Paper provided by Max Planck Institute of Economics, Entrepreneurship, Growth and Public Policy Group in its series Papers on Entrepreneurship, Growth and Public Policy with number 2004-20.

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Length: 34 pages
Date of creation: May 2004
Date of revision:
Handle: RePEc:esi:egpdis:2004-20

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Related research

Keywords: Firm Survival; Corporate Governance; New Economy; Entrepreneurship;

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References

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  1. Edward P. Lazear, 2005. "Entrepreneurship," Journal of Labor Economics, University of Chicago Press, vol. 23(4), pages 649-680, October.
  2. George P. Baker & Robert E. Kennedy, 2002. "Survivorship and the Economic Grim Reaper," Journal of Law, Economics and Organization, Oxford University Press, vol. 18(2), pages 324-361, October.
  3. Steven N. Kaplan & Per Stromberg, 2002. "Characteristics, Contracts, and Actions: Evidence from Venture Capitalist Analyses," NBER Working Papers 8764, National Bureau of Economic Research, Inc.
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Cited by:
  1. Luis F. Medrano E., 2012. "Patent Citations, University Inventor Patents, and Survival in the German Laser Source Industry (1960-2005)," Jena Economic Research Papers 2012-009, Friedrich-Schiller-University Jena, Max-Planck-Institute of Economics.
  2. Cécile Carpentier & Jean-Marc Suret, 2011. "The survival and success of Canadian penny stock IPOs," Small Business Economics, Springer, vol. 36(1), pages 101-121, January.
  3. Hielke Buddelmeyer & Paul H. Jensen & Elizabeth Webster, 2006. "Innovation and the Determinants of Firm Survival," Melbourne Institute Working Paper Series wp2006n15, Melbourne Institute of Applied Economic and Social Research, The University of Melbourne.
  4. Lucio Cassia & Alessandra Colombelli, 2006. "Entrepreneurship As Regional Development Catalyst," ERSA conference papers ersa06p627, European Regional Science Association.
  5. Ioannis Asimakopoulos & Dionysis Lalountas & Costas Siriopoulos, 2008. "The determinants for the survival of firms in the Athens Exchange," Economic Bulletin, Bank of Greece, Economic Research Department, issue 31, pages 07-30, November.

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