What are Firms? Evolution from Birth to Public Companies

Steven Kaplan (), Berk A. Sensoy and Per Stromberg
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Berk A. Sensoy: University of Chicago

No 36, SIFR Research Report Series from Institute for Financial Research

Abstract: We study how firm characteristics evolve from early business plan to initial public offering to public company for 49 venture capital financed companies. The average time elapsed is almost 6 years. We describe the financial performance, business idea, point(s) of differentiation, non-human capital assets, growth strategy, customers, competitors, alliances, top management, ownership structure, and the board of directors. Our analysis focuses on the nature and stability of those flrIn attributes. Firm business lines remain remarkably stable from business plan through public company. Within those business lines, non-human capital aspects of the businesses appear more stable than human capital aspects. In the cross-section, firms with more alienable assets have substantially more human capital turnover.

Keywords: Theory of the firm; Entrepreneurship; Venture capital; Firm life cycle (search for similar items in EconPapers)
JEL-codes: G24 L20 M13 (search for similar items in EconPapers)
Pages: 55 pages
Date: 2005-10-15
New Economics Papers: this item is included in nep-ent, nep-fin and nep-tid
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

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Related works:
Working Paper: What are Firms? Evolution from Birth to Public Companies (2005)
Working Paper: What Are Firms? Evolution from Birth to Public Companies (2005)
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Persistent link: https://EconPapers.repec.org/RePEc:hhs:sifrwp:0036

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