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

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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Year of publication:	2004
Authors:	Audretsch, David B. ; Lehmann, Erik
Institutions:	Max-Planck-Institut für Ökonomik <Jena>
Subject:	Management \| Entrepreneurship \| Erfahrung \| experiences

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Extent:	463872 bytes 34 p. application/pdf
Series:	Max-Planck-Institut für Ökonomik - Abteilung Entrepreneurship, Growth and Public Policy Discussion Papers on Entrepreneurship, Growth and Public Policy ; 2004
Type of publication:	Book / Working Paper
Language:	English
Classification:	C14 - Semiparametric and Nonparametric Methods ; G32 - Financing Policy; Capital and Ownership Structure ; L11 - Production, Pricing, and Market Structure Size; Size Distribution of Firms ; M13 - Entrepreneurship ; Management and organisation. Other aspects ; Individual Working Papers, Preprints ; GERMANY
Source:	USB Cologne (business full texts)

Persistent link: https://www.econbiz.de/10005865241