The Effects of Experience, Ownership, and Knowledge on IPO Survival: Evidence from the Neuer Markt
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| Type of Publication: | Working Paper/Technical Report |
| URI (citable link): | http://nbn-resolving.de/urn:nbn:de:bsz:352-opus-12561 |
| Author: | Audretsch, David; Lehmann, Erik |
| Year of publication: | 2004 |
| Series: | Diskussionspapiere der DFG-Forschergruppe Heterogene Arbeit ; 04/10 |
| Summary: |
We study the implications of ownership and its induced incentives on firm performance 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.
|
| JEL Classification: | M13; C14; L11; G32 |
| Subject (DDC): | 330 Economics |
| Controlled Keywords (GND): | Firmenfortführung, Unternehmenspolitik, New Economy |
| Keywords: | Unternehmerschaft, Firm Survival, Corporate Governance, New Economy, Entrepreneurship |
| Link to License: | In Copyright |
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AUDRETSCH, David, Erik LEHMANN, 2004. The Effects of Experience, Ownership, and Knowledge on IPO Survival: Evidence from the Neuer Markt
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