The Effects of Experience, Ownership, and Knowledge on IPO Survival: Evidence from the Neuer Markt
AbstractWe study the implications of ownership and its induced incentives on firm performance 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.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
Bibliographic InfoPaper provided by Research Group Heterogeneous Labor, University of Konstanz/ZEW Mannheim in its series Working Papers of the Research Group Heterogenous Labor with number 04-10.
Length: 35 pages
Date of creation: 28 Apr 2004
Date of revision:
Firm Survival ; Corporate Governance ; New Economy ; Entrepreneurship;
Find related papers by JEL classification:
- M13 - Business Administration and Business Economics; Marketing; Accounting - - Business Administration - - - New Firms; Startups
- C14 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General - - - Semiparametric and Nonparametric Methods: General
- L11 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Production, Pricing, and Market Structure; Size Distribution of Firms
- G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Burkart, Mike & Panunzi, Fausto & Shleifer, Andrei, 2002.
CEPR Discussion Papers
3234, C.E.P.R. Discussion Papers.
- Andrei Shleifer & Fausto Panunzi & Mike Burkart, 2002. "Family Firms," FMG Discussion Papers dp406, Financial Markets Group.
- Mike Burkart & Fausto Panunzi & Andrei Shleifer, 2002. "Family Firms," NBER Working Papers 8776, National Bureau of Economic Research, Inc.
- Mike Burkart & Fausto Panunzi & Andrei Shleifer, 2002. "Family Firms," Harvard Institute of Economic Research Working Papers 1944, Harvard - Institute of Economic Research.
- Andrei Shleifer & Fausto Panunzi & Mike Burkart, 2002. "Family firms," LSE Research Online Documents on Economics 24926, London School of Economics and Political Science, LSE Library.
- Edward P. Lazear, 2002.
NBER Working Papers
9109, National Bureau of Economic Research, Inc.
- Erik Lehmann & Juergen Weigand, 2000. "Does the Governed Corporation Perform Better? Governance Structures and Corporate Performance in Germany," CoFE Discussion Paper 00-05, Center of Finance and Econometrics, University of Konstanz.
- Bhattacharya, Utpal & Ravikumar, B, 2001. "Capital Markets and the Evolution of Family Businesses," The Journal of Business, University of Chicago Press, vol. 74(2), pages 187-219, April.
- Bates, Timothy, 1990. "Entrepreneur Human Capital Inputs and Small Business Longevity," The Review of Economics and Statistics, MIT Press, vol. 72(4), pages 551-59, November.
- Iain M. Cockburn & Stefan Wagner, 2007.
"Patents and the Survival of Internet-related IPOs,"
NBER Working Papers
13146, National Bureau of Economic Research, Inc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Gerald Eisenkopf).
If references are entirely missing, you can add them using this form.