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The Effects Of Going Public On Firm Performance And Commercialization Strategy
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Book Synopsis The Effects of Going Public on Firm Performance and Commercialization Strategy by : Borja Larrain
Download or read book The Effects of Going Public on Firm Performance and Commercialization Strategy written by Borja Larrain and published by . This book was released on 2021 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: We study the effects of going public using a unique panel of firms in 16 European countries for which we observe financial data before and after firms' initial-public-offering (IPO) attempts. We compare firms that complete their IPO with firms that withdraw their IPO. We instrument the going public decision using prior market returns. We find that firm profitability goes up after going public--contrary to previous results in the literature. We also find an post-IPO expansion in the number of subsidiaries and countries in which IPO firms operate. Our results are stronger for firms in financially dependent industries and in countries with higher investor protection consistent with going public relaxing financial constraints and with a stronger impact when agency conflicts are lower. Overall, our results are consistent with going public inducing a shift towards a strategy of commercialization to increase profitability.
Book Synopsis The Effects of Going Public on Firm Performance and Strategy by : Borja Larrain
Download or read book The Effects of Going Public on Firm Performance and Strategy written by Borja Larrain and published by . This book was released on 2021 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Commercialization Strategy and IPO Underpricing by : Serena Morricone
Download or read book Commercialization Strategy and IPO Underpricing written by Serena Morricone and published by . This book was released on 2019 with total page 29 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper studies the interplay between two defining features of technology-based firms: licensing as a commercialization strategy and the reliance on equity financing. Within the context of an IPO, we argue that the technology commercialization strategy of a firm going public affects information asymmetries and, therefore, IPO underpricing. In particular, we theorize that underpricing will be higher when a firm's technology commercialization strategy is more based on licenses. We also posit that the size of the patent portfolio will mitigate this effect. Our results from a sample of 130 IPOs in the U.S. semiconductor industry confirm these predictions.
Book Synopsis "Can Entrepreneurs Sell Their Firms and Still Own Them?": the Adoption of Dual-class Structures and Their Effects on IPO Performance by : Nitin Kumar Singh
Download or read book "Can Entrepreneurs Sell Their Firms and Still Own Them?": the Adoption of Dual-class Structures and Their Effects on IPO Performance written by Nitin Kumar Singh and published by . This book was released on 2022 with total page 159 pages. Available in PDF, EPUB and Kindle. Book excerpt: Dual-class Structures enable entrepreneurs to separate voting rights and cash-flow rights in arbitrary proportions to exercise control of the firm. Dual-class structures allow entrepreneurs to retain the benefits of being private and reap the benefits of going public. This dissertation identifies the governance, firm-specific, and strategic antecedents of firms that adopt dual-class structures and determines its effect on IPO performance. This study finds that firms that adopt fewer governance mechanisms, have a greater number of insiders, are younger, have a higher level of sales, pursue risky strategies (such as internationalization, acquisition, and innovation) are more likely to adopt dual-class structures. Further, I find that entrepreneurs adopt dual-class structures to gain entrenchment, but shareholders are more concerned about having unity of command in IPO firms than they are about avoiding entrenchment. They likely consider entrepreneurs to have more information about the future value of the opportunities. Thus, entrenchment strategies of entrepreneurs do not appear to have negative effects on IPO performance. We hand-collect data on a comprehensive set of IPO firms that went public between 2006 to 2018 and use a matched sampling research design to draw our conclusions.
Book Synopsis The Going Public Decision and the Product Market by : Thomas J. Chemmanur
Download or read book The Going Public Decision and the Product Market written by Thomas J. Chemmanur and published by . This book was released on 2010 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: At what point in a firm's life should it go public? How do a firm's ex ante product market characteristics relate to its going public decision? Further, what are the implications of a firm going public on its post-IPO operating and product market performance? In this paper, we answer the above questions by conducting the first large sample study of the going public decisions of U.S. firms in the literature. We use the Longitudinal Research Database (LRD) of the U.S. Census Bureau, which covers the entire universe of private and public U.S. manufacturing firms. Our findings can be summarized as follows. First, a private firm's product market characteristics (market share, competition, capital intensity, cash flow riskiness) significantly affect its likelihood of going public. Second, private firms facing less information asymmetry and those with projects that are cheaper for outsiders to evaluate are more likely to go public (consistent with Chemmanur and Fulghieri (1999)). Third, IPOs of firms occur at the peak of their productivity cycle (consistent with Clementi (2002)): the dynamics of total factor productivity (TFP) and sales growth exhibit an inverted U-shaped pattern. Finally, sales, capital expenditures, and other performance variables exhibit a consistently increasing pattern over the years before and after the IPO. The last two findings are consistent with the widely documented post-IPO operating underperformance of firms being due to the real investment effects of a firm going public, and inconsistent with underperformance being solely due to earnings management immediately prior to the IPO.
Book Synopsis Commercialisation and Innovation Strategy in Small Firms by : Tim Mazzarol
Download or read book Commercialisation and Innovation Strategy in Small Firms written by Tim Mazzarol and published by Springer Nature. This book was released on 2022-06-30 with total page 506 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book focuses on the process of commercialisation and innovation management in small firms. Although commercialisation and new product development (NPD) has been covered quite extensively, relatively little attention has been given to how small-to-medium enterprises (SMEs) engage with these issues. The book explores this topic in depth, taking a close look at the reasons why decisions are made and mapping this behaviour against established theories and “best practice” models of NPD and commercialisation. The book uses case studies to analyse the relationship between entrepreneurial decision- making and commercialisation, and investigates how and why NPD and commercialisation decisions are made, which offers valuable insights from both a theoretical and applied perspective.
Book Synopsis The Effect of Capital Structure and Consolidated Control on Firm Performance by : Ekkehart Boehmer
Download or read book The Effect of Capital Structure and Consolidated Control on Firm Performance written by Ekkehart Boehmer and published by . This book was released on 2004 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: We analyze short-term and long-term performance of firms that go public with more than one class of common stock. To assess performance differences that are due to the firm's ownership structure, we create a control sample of single-class IPOs that is matched to the dual-class firms by exchange, offer date, industry, and size. For a comprehensive sample of 98 dual-class IPOs, we document that dual-class firms outperform their matched single-class counterparts in terms of stock-market returns as well as accounting measures of firm performance. Moreover, we find no statistically significant abnormal long-run performance over a three year horizon for dual-class firms. This contrasts with Ritter's (1991) result that IPOs significantly underperform in the three years after going public. We conclude that going public with a dual-class equity structure has net benefits for investors in those firms that choose this specific organizational structure, as evidenced by better operating performance and larger equity returns relative to other IPOs.
Book Synopsis Family Firms Going Public by : Hung-Bin Ding
Download or read book Family Firms Going Public written by Hung-Bin Ding and published by . This book was released on 2014 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Recently, the interests in the performance of family firms in the capital market are on the rise. However studies on long-term performance give us little information about the performance of family firms in the initial public offering (IPO) markets. Building on agency theory, we investigated the effect of three IPO signals in family firm IPOs. Practices such as the appointment of outside non-family directors and waiting longer before going public significantly reduce underpricing. In addition, family owners' intent to retain large percentage of share in the long run is an indication of original shareholders' level of confidence in their own companies. Such confidence helps reduce after market investors' uncertainty and thus underpricing. On the other hand, family ownership at the IPO positively moderates the impact of non-family directors on underpricing.
Book Synopsis An Investigation of the Impact of the Pace of Change in Post-IPO Corporate Governance on Firm Performance by : Son Anh Le
Download or read book An Investigation of the Impact of the Pace of Change in Post-IPO Corporate Governance on Firm Performance written by Son Anh Le and published by . This book was released on 2006 with total page 216 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Why Does an IPO Impact Rival Firms? by : Matthew I. Spiegel
Download or read book Why Does an IPO Impact Rival Firms? written by Matthew I. Spiegel and published by . This book was released on 2019 with total page 63 pages. Available in PDF, EPUB and Kindle. Book excerpt: IPO firms' rivals tend to experience performance declines following an IPO in the industry. Why? We estimate a dynamic structural oligopoly model to distinguish among alternative theories that can explain an industry's evolution post-IPO. We find that most changes in rivals' performance are due to industry trends that also drive IPOs. However, there are also some “competitive” IPOs where the IPO enhances the IPO firm's performance, at the expense of competitors. These findings help reconcile prior evidence of average performance reductions of both IPO firms and their rivals with well-known cases in which firms have benefited from going public.
Author :United States. Congress. House. Committee on Small Business. Subcommittee on Government Programs and Oversight Publisher : ISBN 13 : Total Pages :216 pages Book Rating :4.0/5 ( download)
Book Synopsis Going Public--the End of the Rainbow for a Small Business? by : United States. Congress. House. Committee on Small Business. Subcommittee on Government Programs and Oversight
Download or read book Going Public--the End of the Rainbow for a Small Business? written by United States. Congress. House. Committee on Small Business. Subcommittee on Government Programs and Oversight and published by . This book was released on 1999 with total page 216 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Digitalization and Innovation in Health by : Marzenna Anna Weresa
Download or read book Digitalization and Innovation in Health written by Marzenna Anna Weresa and published by Taylor & Francis. This book was released on 2024-06-19 with total page 179 pages. Available in PDF, EPUB and Kindle. Book excerpt: Providing a comparison between context in Europe and the US, this volume investigates the digital transformation of health systems, comparing strategies for digital development while identifying both key innovations and future challenges. The book covers a wide spectrum of topics, from explaining the nature of individual innovations to an analysis of demand-side and supply-side barriers, including funding issues and technological access. It also explores where digitalization is already playing an important role, for example, in clinical trials and disease modeling. Concluding with guidance for policy recommendations, this important book will interest students, scholars, and practitioners across health and social care, medicine, and beyond.
Book Synopsis Handbook of Research on IPOs by : Mario Levis
Download or read book Handbook of Research on IPOs written by Mario Levis and published by Edward Elgar Pub. This book was released on 2013 with total page 578 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Handbook of Research on IPOs provides a comprehensive review of the emerging trends and directions in the global initial public offerings (IPO) markets. The empirical evidence included in the book covers Europe, the US and the Far East, and presents a truly global perspective of IPO markets around the world and at the different stages of the entire IPO process.The Handbook is divided into six comprehensive parts:* why, when and where firms go public* preparation for the IPO* transaction structure and governance at the IPO* trading in the aftermarket* the aftermarket performance of IPOs* special types of IPOs. The chapters offer some important new insights into issues that will be of interest not only to the academic community but also to professionals involved in the preparation, structure and execution of such transactions, market regulators, and private and institutional investors.
Book Synopsis Going Public and the Internal Organization of the Firm by : Daniel Bias
Download or read book Going Public and the Internal Organization of the Firm written by Daniel Bias and published by . This book was released on 2022 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: We examine how firms adapt their organization when they go public. To conform with the requirements of public capital markets, we expect IPO firms to become more organized, making the firm more accountable and its human capital more easily replaceable. We find that IPO firms transform into a more hierarchical organization with smaller departments. Hiring is strongest in jobs requiring knowledge in finance, accounting, and management. New hires are better educated, but less experienced than incumbents, which reflects the stafing needs of a more hierarchical organization. Employee turnover is sizeable and directly related to changes in hierarchical layers. Wage inequality increases in public firms as they become more hierarchical. Overall, going public is associated with a comprehensive transformation of the firm's organization which becomes geared towards operating eficiently and in accordance with capital market standards.
Book Synopsis RAMIFICATIONS OF SARBANES-OXLEY CORPORATE GOVERNANCE LEGISLATION ON INITIAL PUBLIC OFFERINGS OF RESEARCH-INTENSIVE FIRMS by : Janine Noelle Black
Download or read book RAMIFICATIONS OF SARBANES-OXLEY CORPORATE GOVERNANCE LEGISLATION ON INITIAL PUBLIC OFFERINGS OF RESEARCH-INTENSIVE FIRMS written by Janine Noelle Black and published by . This book was released on 2013 with total page 126 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Sarbanes-Oxley (SOX) Act of July 2002 was created to address the financial malfeasance revealed during the investigations of several large firms by the Securities and Exchange Commission (SEC). The Act required public companies traded on U.S. exchanges to provide increased transparency in financial statements. Key portions of the legislation required firms to create internal financial controls and placed personal accountability with top executives. SOX mandated and standardized a greater degree of self-regulation. In the years following SOX, firms experienced significantly higher compliance costs, but they also benefited from the reduction of statement errors and fraud, increased accuracy in reporting, and greater investor confidence. After the Sarbanes-Oxley (SOX) Act of 2002, anecdotal evidence suggested that SOX impeded small, research intensive firms. We looked at research intensive firms going public before and after SOX to determine if there was a change in volume and quality of research intensive firms post-SOX. We found that firms that went public after SOX were fewer and had lower patenting activity. In the case of small and medium size firms, the cost of SOX compliance is likely to divert funds from research investments. We speculate that highly research intensive firms are more likely post-SOX to divert their IPO to non-U.S. exchanges, delay going public, or dismiss the idea of going public, as proposed in a "3Ds" model. The 2002 SOX US Congressional Act levied millions of dollars in new compliance costs on each foreign or domestic firm that went public on U.S. exchanges. Funding for regulatory expenditures must come from somewhere. We proposed that one likely candidate was research budgets, as research efforts have a more distant, less immediately visible, long term effect on firm performance. We suggested that large firms more easily absorbed the additional costs of SOX with a reduced effect on research and development budgets, while small firms were less able to maintain research budgets after SOX. In the aftermath of SOX, research spending did go down, most visibly in Biotech and Electronics. As the total number of IPO firms decreased dramatically after SOX, these two research intensive industries, plus Computer Software, were the only industries with a large enough sample size to evaluate. We saw that research intensive firms diminished dramatically, along with many non-research intensive firms, from IPO events after SOX. Where we had sufficient sample size, in computer software, biotechnology, electronics, and "other", we noted that research-intensive firms generally resisted the temptation to raid research budgets, finding funding for compliance elsewhere within the company or from the additional cash flow at time of IPO. Where firms did appear to greatly reduce research budgets was in the non-research intensive industries, where research budgets might be more of a discretionary expense. Firm size was not a factor in whether research intensive firms could better absorb the costs of SOX, although smaller firms tended to spend proportionally more on research in an effort to grow faster. After the enactment of SOX, we observed an indication that the markets valued research intensity even more than prior to SOX, perhaps understanding the vulnerability of research budgets being diverted to compliance costs. Overall, the data suggested that the effect of SOX was underestimated in this study, as the firms that were deterred from going public on U.S. exchanges were not in the sample evaluated. We only analyzed those firms prepared to accept the higher costs of SOX. The data set consisted of survivors, selected firms still willing to pay for SOX compliance as well as for research programs.
Book Synopsis Markets for Technology by : Ashish Arora
Download or read book Markets for Technology written by Ashish Arora and published by MIT Press. This book was released on 2004-01-30 with total page 351 pages. Available in PDF, EPUB and Kindle. Book excerpt: The past two decades have seen a gradual but noticeable change in the economic organization of innovative activity. Most firms used to integrate research and development with activities such as production, marketing, and distribution. Today firms are forming joint ventures, research and development alliances, licensing deals, and a variety of other outsourcing arrangements with universities, technology-based start-ups, and other established firms. In many industries, a division of innovative labor is emerging, with a substantial increase in the licensing of existing and prospective technologies. In short, technology and knowledge are becoming definable and tradable commodities. Although researchers have made significant advances in understanding the determinants and consequences of innovation, until recently they have paid little attention to how innovation functions as an economic process. This book examines the nature and workings of markets for intermediate technological inputs. It looks first at how industry structure, the nature of knowledge, and intellectual property rights facilitate the development of technology markets. It then examines the impacts of these markets on firm boundaries, the division of labor within the economy, industry structure, and economic growth. Finally, it examines the implications of this framework for public policy and corporate strategy. Combining theoretical perspectives from economics and management with empirical analysis, the book also draws on historical evidence and case studies to flesh out its research results.
Book Synopsis Finance and Strategy by : Belen Villalonga
Download or read book Finance and Strategy written by Belen Villalonga and published by Emerald Group Publishing. This book was released on 2014-09-23 with total page 392 pages. Available in PDF, EPUB and Kindle. Book excerpt: The boundaries between CEO and CFO are blurred in the fields of strategy and finance. This volume fills this gap by discussing the main subdivisions of strategy research - corporate strategy and business strategy - and the main subdivisions of finance research - corporate finance and capital markets.
