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Different strokes: IPO risk factors, investor valuation, and firm survival

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  • Mousa, Fariss-terry
  • Bierly, Paul E.
  • Wales, William J

Abstract

As a firm prepares for initial public offering, the Securities and Exchange Commission mandates that top managers must record risks to their firms’ survival or performance in the prospectus. More specifically we propose that external risk factors (market risks, legal risks, and government regulations risks) have a more negative effect on investor optimism and initial public offering valuation, while internal risk factors (management risks, operational risks, technical risks) have a more negative effect on post-initial public offering long-term firm survival. This study illustrates a major gap between risk factors that investors initially focus on and the true determinants of long-term success.

Suggested Citation

  • Mousa, Fariss-terry & Bierly, Paul E. & Wales, William J, 2014. "Different strokes: IPO risk factors, investor valuation, and firm survival," Journal of Management & Organization, Cambridge University Press, vol. 20(3), pages 348-364, May.
    • Handle: RePEc:cup:jomorg:v:20:y:2014:i:03:p:348-364_00
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    Cited by:

    1. Iftikhar Ahmad & Izlin Ismail & Shahrin Saaid Shaharuddin, 2021. "Predictive Role of Ex Ante Strategic Firm Characteristics for Sustainable Initial Public Offering (IPO) Survival," Sustainability, MDPI, vol. 13(14), pages 1-26, July.
    2. Waqas Mehmood & Rasidah Mohd-Rashid & Yasir Abdullah & Ataul Karim Patwary & Attia Aman-Ullah, 2023. "Inclusive mapping of initial public offerings: a bibliometric and literature review study," Quality & Quantity: International Journal of Methodology, Springer, vol. 57(1), pages 655-700, February.

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