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The Impact of Initial Public Offerings on the External Growth Strategies of Entrepreneurial Firms

  • Tobias Schmidt

    (University of Regensburg, Germany)

  • Michael J. Dowling

    (University of Regensburg, Germany)

  • Christian Lechner

    (Esc Toulouse, France)

Registered author(s):

    The goal of this paper is to examine the impact of Initial Public Offerings (IPO) on the investment strategies of young entrepreneurial firms. Hypotheses are developed from the finance, strategy and top management team literature. These are then tested using multivariate methods in order to study post-IPO investment behavior of a global sample of young Internet firms.

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    File URL: http://jefsite.org/RePEc/pep/journl/jef-2006-11-2-f-schmidt.pdf
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    Article provided by Pepperdine University, Graziadio School of Business and Management in its journal Journal of Entrepreneurial Finance and Business Ventures.

    Volume (Year): 11 (2006)
    Issue (Month): 2 (Summer)
    Pages: 95-110

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    Handle: RePEc:pep:journl:v:11:y:2006:i:2:p:95-110
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    1. Tim Opler & Lee Pinkowitz & Rene Stulz & Rohan Williamson, 1997. "The Determinants and Implications of Corporate Cash Holdings," NBER Working Papers 6234, National Bureau of Economic Research, Inc.
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    6. Bharat A. Jain & Omesh Kini, 1999. "The Life Cycle of Initial Public Offering Firms," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 26(9-10), pages 1281-1307.
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    8. Douglas A. Hensler & Ronald C. Rutherford & Thomas M. Springer, 1997. "The Survival Of Initial Public Offerings In The Aftermarket," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 20(1), pages 93-110, 03.
    9. Mikkelson, Wayne H. & Partch, M. Megan & Shah, Kshitij, 1997. "Ownership and operating performance of companies that go public," Journal of Financial Economics, Elsevier, vol. 44(3), pages 281-307, June.
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    11. Jain, Bharat A & Kini, Omesh, 1994. " The Post-Issue Operating Performance of IPO Firms," Journal of Finance, American Finance Association, vol. 49(5), pages 1699-1726, December.
    12. Sayan Chatterjee & Jagdip Singh, 1999. "Are Tradeoffs Inherent in Diversification Moves? A Simultaneous Model for Type of Diversification and Mode of Expansion Decisions," Management Science, INFORMS, vol. 45(1), pages 25-41, January.
    13. Jeffrey W. Allen & Gordon M. Phillips, 2000. "Corporate Equity Ownership, Strategic Alliances, and Product Market Relationships," Journal of Finance, American Finance Association, vol. 55(6), pages 2791-2815, December.
    14. Jarillo, J. Carlos, 1989. "Entrepreneurship and growth: the strategic use of external resources," Journal of Business Venturing, Elsevier, vol. 4(2), pages 133-147, March.
    15. Furubotn, Eirik G & Pejovich, Svetozar, 1972. "Property Rights and Economic Theory: A Survey of Recent Literature," Journal of Economic Literature, American Economic Association, vol. 10(4), pages 1137-62, December.
    16. Healy, Paul M. & Palepu, Krishna G. & Ruback, Richard S., 1992. "Does corporate performance improve after mergers?," Journal of Financial Economics, Elsevier, vol. 31(2), pages 135-175, April.
    17. Jensen, Michael C. & Meckling, William H., 1976. "Theory of the firm: Managerial behavior, agency costs and ownership structure," Journal of Financial Economics, Elsevier, vol. 3(4), pages 305-360, October.
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    19. Hellmann, Thomas, 2002. "A theory of strategic venture investing," Journal of Financial Economics, Elsevier, vol. 64(2), pages 285-314, May.
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