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

  • David B. Audretsch


  • Erik E. Lehmann


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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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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  1. 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.
  2. Kaplan, Steven N. & Strömberg, Per, 2003. "Characteristics, Contracts and Actions: Evidence from Venture Capitalist Analyses," SIFR Research Report Series 14, Institute for Financial Research.
  3. Edward P. Lazear, 2002. "Entrepreneurship," NBER Working Papers 9109, National Bureau of Economic Research, Inc.
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