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Title:The effects of experience, ownership, and knowledge on IPO survival : empirical evidence from Germany PDF Logo
Authors:Audretsch, David B.
Lehmann, Erik E.
Issue Date:2004
Series/Report no.:Papers on entrepreneurship, growth and public policy 2004
Abstract: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 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.
Subjects:Firm Survival
Corporate Governance
New Economy
Document Type:Working Paper
Appears in Collections:Discussion Papers on Entrepreneurship, Growth and Public Policy, Max-Planck-Institut für Ökonomik

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