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 equivalent 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 in their governance structure from traditional firms.

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Year of publication:	2005
Authors:	Audretsch, David B. ; Lehmann, Erik E.
Published in:	Review of Accounting and Finance. - Emerald Group Publishing Limited, ISSN 1758-7700, ZDB-ID 2170463-6. - Vol. 4.2005, 4, p. 13-33
Publisher:	Emerald Group Publishing Limited
Subject:	Firm Survival \| Corporate Governance \| New Economy \| Entrepreneurship

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Type of publication:	Article
Type of publication (narrower categories):	review-article
Language:	English
Other identifiers:	10.1108/eb043435 [DOI]
Source:	Other ZBW resources

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