The Effects of Experience, Ownership, and Knowledge on IPO Survival: Evidence from the Neuer Markt
The Effects of Experience, Ownership, and Knowledge on IPO Survival: Evidence from the Neuer Markt
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2004
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Audretsch, David
Lehmann, Erik
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Diskussionspapiere der DFG-Forschergruppe Heterogene Arbeit; 04/10
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Abstract
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.
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330 Economics
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Unternehmerschaft,Firm Survival,Corporate Governance,New Economy,Entrepreneurship
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AUDRETSCH, David, Erik LEHMANN, 2004. The Effects of Experience, Ownership, and Knowledge on IPO Survival: Evidence from the Neuer MarktBibTex
@techreport{Audretsch2004Effec-12099, year={2004}, series={Diskussionspapiere der DFG-Forschergruppe Heterogene Arbeit}, title={The Effects of Experience, Ownership, and Knowledge on IPO Survival: Evidence from the Neuer Markt}, number={04/10}, author={Audretsch, David and Lehmann, Erik} }
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