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 E.
Publisher:	Jena : Max Planck Institute for Research into Economic Systems
Subject:	Unternehmensgründung \| Unternehmensentwicklung \| Neuer Markt \| Eigentümerstruktur \| Corporate Governance \| Humankapital \| Wissen \| Wertpapieremission \| Schätzung \| Deutschland \| Firm Survival \| New Economy \| Entrepreneurship

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Series:	Papers on Entrepreneurship, Growth and Public Policy ; 2004
Type of publication:	Book / Working Paper
Type of publication (narrower categories):	Working Paper
Language:	English
Other identifiers:	390721980 [GVK] hdl:10419/19965 [Handle]
Classification:	C14 - Semiparametric and Nonparametric Methods ; M13 - Entrepreneurship ; L11 - Production, Pricing, and Market Structure Size; Size Distribution of Firms ; G32 - Financing Policy; Capital and Ownership Structure
Source:	EconStor

Persistent link: https://www.econbiz.de/10010261488