To read the full version of this content please select one of the options below:

The Effects of Experience, Ownership, and Knowledge on IPO Survival: Empirical Evidence from Germany

David B. Audretsch (Max Planck Institut, Jena; Indiana University, and CEPR (London))
Erik E. Lehmann (Max Planck Institute Jena and University of Konstanz)

Review of Accounting and Finance

ISSN: 1475-7702

Article publication date: 1 April 2005

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 equivalent 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 in their governance structure from traditional firms.

Keywords

Citation

Audretsch, D.B. and Lehmann, E.E. (2005), "The Effects of Experience, Ownership, and Knowledge on IPO Survival: Empirical Evidence from Germany", Review of Accounting and Finance, Vol. 4 No. 4, pp. 13-33. https://doi.org/10.1108/eb043435

Publisher

:

Emerald Group Publishing Limited

Copyright © 2005, Emerald Group Publishing Limited