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The Influence Of People On The Performance Of Ipo Firms
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Book Synopsis The Influence of People on the Performance of IPO Firms by : S. Trevis Certo
Download or read book The Influence of People on the Performance of IPO Firms written by S. Trevis Certo and published by . This book was released on 2009 with total page 6 pages. Available in PDF, EPUB and Kindle. Book excerpt: Until the mid-1990s, the study of initial public offerings (IPOs) fell mainly under the purview of the finance literature. Within the last 10 years, however, management and entrepreneurship scholars have delved more into this subject area, as well. This article summarizes research examining IPO firms that has appeared in management and entrepreneurship journals, highlighting in particular the influence of individuals (namely executives and boards of directors) on IPO firm outcomes.
Book Synopsis Impact of Managerial Ownership on Operational Performance of IPO Firms by : Adel Boubaker
Download or read book Impact of Managerial Ownership on Operational Performance of IPO Firms written by Adel Boubaker and published by . This book was released on 2014 with total page 17 pages. Available in PDF, EPUB and Kindle. Book excerpt: The study investigates the change in performance of French public firms post to their Initial Public Offerings (IPOs) and its relationship with the changes in the managerial ownership around the time firms do their IPOs. Tests are conducted on a sample of 65 French companies placed on the stock market over the period 2000-2006. The majority of our results show there is a significant negative relation between post-IPO change in performance and equity retention by the managerial ownership. Indeed, several results are opposed to the predictions resulting from the assumption of agency but contribute to retain the assumption of the timing.
Book Synopsis The Oxford Handbook of Entrepreneurial Finance by : Douglas Cumming
Download or read book The Oxford Handbook of Entrepreneurial Finance written by Douglas Cumming and published by OUP USA. This book was released on 2012-03-22 with total page 937 pages. Available in PDF, EPUB and Kindle. Book excerpt: Provides a comprehensive picture of issues dealing with different sources of entrepreneurial finance and different issues with financing entrepreneurs. The Handbook comprises contributions from 48 authors based in 12 different countries.
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 Handbook of Corporate Finance by : Bjørn Espen Eckbo
Download or read book Handbook of Corporate Finance written by Bjørn Espen Eckbo and published by Elsevier. This book was released on 2007-05-21 with total page 559 pages. Available in PDF, EPUB and Kindle. Book excerpt: Judging by the sheer number of papers reviewed in this Handbook, the empirical analysis of firms’ financing and investment decisions—empirical corporate finance—has become a dominant field in financial economics. The growing interest in everything “corporate is fueled by a healthy combination of fundamental theoretical developments and recent widespread access to large transactional data bases. A less scientific—but nevertheless important—source of inspiration is a growing awareness of the important social implications of corporate behavior and governance. This Handbook takes stock of the main empirical findings to date across an unprecedented spectrum of corporate finance issues, ranging from econometric methodology, to raising capital and capital structure choice, and to managerial incentives and corporate investment behavior. The surveys are written by leading empirical researchers that remain active in their respective areas of interest. With few exceptions, the writing style makes the chapters accessible to industry practitioners. For doctoral students and seasoned academics, the surveys offer dense roadmaps into the empirical research landscape and provide suggestions for future work. *The Handbooks in Finance series offers a broad group of outstanding volumes in various areas of finance *Each individual volume in the series should present an accurate self-contained survey of a sub-field of finance *The series is international in scope with contributions from field leaders the world over
Book Synopsis The Impact of Internationalization on Post-IPO Performance of Firms by : Fazli Wahid
Download or read book The Impact of Internationalization on Post-IPO Performance of Firms written by Fazli Wahid and published by . This book was released on 2015 with total page 186 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study examines the relationship between the degree of internationalization at the time of IPO (initial public offering) and post-IPO market performance of US and Canadian firms. This proposition derives its support from the synthesis of major theories of international business with signaling and information asymmetry theory. Theories of international business are developed from the perspectives of the behaviour and decision-making of managers of the firms, whereas signaling and information asymmetry theory are about communicating to external investors; and thereby incorporates the assessments of these investors. After the IPO, investors become substantial equity holders in the firms. Therefore, the integration of the two streams of theories will help us understand how investors evaluate the degree of internationalization at the time of IPO. The basic premise of this integration is that theories of internationalization have identified a number of benefits of international expansion of firms. In this research, I assume that these benefits of international expansion provide positive signals to potential investors. As signaling is related to information asymmetry, these positive signals reduce the information asymmetry of investors, inducing them to value firms with the most internationalization. Further, drawing support from international new venture theory and the resource-based view (RBV) of the firm, this study explores the premise that international new ventures (INVs) go public earlier than other traditional firms. Rapid growth through international expansion requires substantial financial resources. One way to raise capital for this rapid international expansion is to go public earlier. As the speed of internationalization and early IPO might send strong positive signals to external investors, INVs would go public earlier. Data on post-IPO returns, volatility of returns, underpricing, and other characteristics of the firm, including the scale and scope of international sales, was extracted from a number of secondary sources including different databases and company prospectuses. The sample is restricted to IPO firms in the manufacturing and service sectors, headquartered in the US and Canada, that issued initial public offerings from 2001 to 2011. Post-IPO performance was measured in three ways: compound holding period returns, relative volatility of returns, and underpricing. The three measures of post-IPO performance are used to capture different aspects of performance, including the value assessed by external investors and insiders, and risk diversification. Internationalization-performance relationships have been extensively evaluated using linear models. However, recent studies have found non-linear forms of the relationship. This study provides a theoretical rationale and evaluates the relationship between internationalization and post-IPO performance using both linear and non-linear models. Internationalization is a complex phenomenon and may not be appropriately evaluated using simple linear models. Therefore, this study assumes a U-shaped relationship between the degree of internationalization and compound holding period returns and an inverted U-shaped relationship between the degree of internationalization and relative volatility of returns and underpricing. Using least square regression, the results confirm the existence of non-linear relationships between internationalization and compound holding period returns and relative volatility of returns. I find support for the idea that higher geographic scope provides a positive signal to potential investors. My findings indicate that higher geographic scope at the time of an IPO not only results in higher post-IPO returns, but also reduces the relative volatility of returns and underpricing. In the case of underpricing, higher intensity also leads to lower underpricing. The present study identifies an optimal point beyond which internationalization has a positive impact on performance. The implication is that management could signal future performance through both higher geographic scope and higher intensity of internationalization. In a similar way, investors can make more informed decisions using these signals. In contrast, at lower levels, internationalization is not related to compound holding period returns and underpricing, but it is positively associated with relative volatility. This implies that investors perceive lower levels of internationalization as more risky compared to higher levels. The findings have implications for both investors and management. Investors can utilize the findings of higher geographic scope resulting in a desirable outcome of higher returns and lower risk to make decisions that are more informed. The results also provide a strong strategic message to management considering going public of the potential benefits of higher internationalization. Contributions to the literature include: synthesizing theories of internationalization with signaling and information asymmetry theories, testing the non-linearity of the internationalization-performance relationship in the IPO context, evaluating the risk diversification aspect of multinationality in the context of IPO, and addition to the limited research on the link between internationalization and post-IPO performance. As simple linear and curvilinear approaches may not reveal the complexity of internationalization-performance relationship, this study introduces a dummy category approach in order to examine the relationship from different angles such as the impact of high and low internationalization, separating the effects of domestic firms, and identification of a threshold.
Book Synopsis The Influence of Technology Strategy on Initial Public Offering Performance (IPO), Post-ipo Enterprise Performance, and Long Term Survival in High Technology Firms by : Anthony D. Wilbon
Download or read book The Influence of Technology Strategy on Initial Public Offering Performance (IPO), Post-ipo Enterprise Performance, and Long Term Survival in High Technology Firms written by Anthony D. Wilbon and published by . This book was released on 1999 with total page 636 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Underpricing and Performance of Australian IPOs by : Long Zhang
Download or read book Underpricing and Performance of Australian IPOs written by Long Zhang and published by . This book was released on 2016 with total page 150 pages. Available in PDF, EPUB and Kindle. Book excerpt: Since 2010, on average over 70 initial public offerings (IPOs) are listed on the Australian Securities Exchange each year. These IPO firms have a wide range of performance in the short term and long term. The impact of founders on a firm's performance is a much debated topic and extant studies provide mixed evidence. Findings from other markets may not apply in Australian markets as different institutional and market settings may moderate and enhance the founder effect. This study assessed the effects of founders on IPO firms' performance in the short term and long term in Australia. By examining three founder variables of founder ownership, founder CEO and founder experience, we are able to identify founder effects on firm performance. With a dataset of 253 IPO firms from 2003 to 2013, we analysed the mean differences in IPO firms' performance among groups with different founder features. Our results indicate there are significant mean differences in underpricing between different levels of founder ownership. We conducted regression analysis for our whole sample and subsamples. Our results suggest a hump-shape curvilinear relationship between founder ownership and IPO underpricing in the short term. our findings show that IPO firms led by founder CEOs have poor performance in the long term. The analysis shows founder CEO firms are younger, smaller and have higher retained founder ownership compared to professional CEO firms.
Book Synopsis The Influence of Founder Status on Firm Performance by : Dan Zhang
Download or read book The Influence of Founder Status on Firm Performance written by Dan Zhang and published by . This book was released on 2016 with total page 41 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study compares performance for founder-managed firms and professional-managed firms by analyzing 138 Canadian IPO firms which went public from 2004 to 2013. In this paper, we measure firm performance in two ways: Tobin’s Q and ROA are used to measure a firm’s financial performance, while firm survival status is used as a supplementary performance measure. We find that founder-managed firms underperform and underlive its counterparts when firm performance is measured by Tobin’s Q and survival status. But founder status is proved to be unrelated with ROA. The negative influence of founder status can be explained by Relevant Transaction Hypothesis which states that founder-managers may act for the controlling family and are more concerned with its associated private income stream than with maximizing the value of the firm.
Book Synopsis After Market Performance of Venture-backed and Non Venture-backed IPOs by : Suzanne Adulrazzak Charbaji
Download or read book After Market Performance of Venture-backed and Non Venture-backed IPOs written by Suzanne Adulrazzak Charbaji and published by . This book was released on 2011 with total page 92 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the effect of Venture Capital (VC) reputation on the three year aftermarket performance of its invested IPO firms. A sample of 3,220 U.S. Initial Public Offerings (IPOs) firms for the 1990-2005 period is used to test the hypotheses. To measure the VC reputation effect, I use two proxies which are: number of companies taken public by the VC and the age of the VC. The findings of the paper show that VC-backed firms perform better than non VC-backed firms in the first, second and third year of issuance. Also, reputable VC-backed firms perform better than average VC-backed ones in the second and third year of issuance. The findings confirm the VC effect and the VC reputation effect on the long run after market performance of IPO firms.
Book Synopsis The Impact of Internationalization on the Ipo Performance of Service Firms by : Ozgur Ozdemir
Download or read book The Impact of Internationalization on the Ipo Performance of Service Firms written by Ozgur Ozdemir and published by . This book was released on 2012 with total page 134 pages. Available in PDF, EPUB and Kindle. Book excerpt:
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 "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 Managerial Prestige and Post-IPO Firm Performance by : Christopher Ray Reutzel
Download or read book Managerial Prestige and Post-IPO Firm Performance written by Christopher Ray Reutzel and published by . This book was released on 2010 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: The role of top managers in shaping the performance of the firms that employ them represents a central issue to strategic management research. Indeed, a substantial amount of research has examined potential linkages between the characteristics of top managers and firm performance. However the empirical results of research in this area have been ambiguous. This study attempts to theoretically and empirically extend research on the influence of top managers on firm performance by examining the relationship between managerial prestige and firm performance in the post-IPO context. Although upper echelons researchers have attempted to link top managers with firm performance in the past recent reviews of the upper echelons research note that little attention has been paid to top management characteristics other than those of top management team (TMT) heterogeneity, TMT size and TMT tenure. Additionally, recent reviews also suggest the need to consider potential intervening mechanisms between TMT characteristics and firm performance. This study addresses these two limitations of prior upper echelons research by examining the direct and indirect influences of managerial prestige on post-IPO firm performance. In this study I develop a model which incorporates the resource based view and resource dependence theory with insights from upper echelons research and research on the IPO context. Results for the model developed in this study suggest the following. First, executive undergraduate prestige is positively related to post-IPO firm growth. The other aspects of managerial prestige examined in this study were not found to influence post-IPO firm performance. Second, the influence of the key external resource holders identified in this study, namely prestigious alliance partners and institutional investors with stable equity portfolios, were found to enhance firm survival rates, but were negatively associated with firm growth. Third, executive undergraduate prestige was found to garner the support of prestigious alliance partners. The remaining aspects of managerial prestige were not found to influence the support of prestigious alliance partners or dedicated institutional investors. Finally, no support was found for prestigious alliance partners and dedicated institutional investors as mediators of the relationship between managerial prestige and post-IPO firm performance.
Book Synopsis Venture Capital Investment and the Post-IPO Performance of Entrepreneurial Firms by : Di Guo
Download or read book Venture Capital Investment and the Post-IPO Performance of Entrepreneurial Firms written by Di Guo and published by . This book was released on 2016 with total page 29 pages. Available in PDF, EPUB and Kindle. Book excerpt: We examine the effects of venture capital (VC) investment on the performance (measured by return on assets, return on equity, and Tobin's Q) and growth (measured by growth of total sales and total number of employees) of entrepreneurial firms in the People's Republic of China (PRC) after an initial public offering (IPO). Firm-level panel data analysis shows that VC investment contributes to the long-term performance and growth of entrepreneurial firms after an IPO. Meanwhile, we observe a significant and positive relationship between corporate governance of firms and VC investment. However, we do not find that experience or specialization of VC firms influences the effects of venture investment on post-IPO performance or growth of entrepreneurial firms in the PRC.
Book Synopsis Effects of Corporate Governance on Performance by : Bee Wah Ong
Download or read book Effects of Corporate Governance on Performance written by Bee Wah Ong and published by . This book was released on 2005 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis IPO Performance and the Size Effect by : Xinkai Zhai
Download or read book IPO Performance and the Size Effect written by Xinkai Zhai and published by . This book was released on 2019 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This study investigates the interaction between firm size and IPO underpricing in the US and Canadian markets between the years 2007-2016. We find a size effect on IPO underpricing in both Canada and the US, which is larger for Canadian firms. Canadian small firms show more underpricing than US small firms (19.32% vs. 13.87%). Large Canadian firms also exhibit more underpricing than their US counterparts over the sample period (12.83% vs. 10.09%). A size effect on performance is not apparent for holding periods beyond six months from the IPO in both countries, consistent with seasoning effects that reduce information asymmetries across firms over longer investment horizons. Keyword: IPO performance; size effects; short-term information asymmetries
