| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w29219 |
| 来源ID | Working Paper 29219 |
| The Effects of Going Public on Firm Performance and Commercialization Strategy: Evidence from International IPOs | |
| Borja Larrain; Gordon M. Phillips; Giorgo Sertsios; Francisco Urzúa | |
| 发表日期 | 2021-09-13 |
| 出版年 | 2021 |
| 语种 | 英语 |
| 摘要 | 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. |
| 主题 | Financial Economics ; Corporate Finance |
| URL | https://www.nber.org/papers/w29219 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/586893 |
| 推荐引用方式 GB/T 7714 | Borja Larrain,Gordon M. Phillips,Giorgo Sertsios,et al. The Effects of Going Public on Firm Performance and Commercialization Strategy: Evidence from International IPOs. 2021. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w29219.pdf（521KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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