Public or perish? From founding to initial public offering

Yuji Honjo ()
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Yuji Honjo: Chuo University

Review of Managerial Science, 2021, vol. 15, issue 6, No 5, 1573-1610

Abstract: Abstract We examine the factors affecting the time to initial public offering (IPO), using a sample of more than 10,000 start-up firms in Japan. We provide evidence that start-up firms engaging in innovative and uncertain businesses are more likely to go public earlier than other firms. The results also reveal that start-up firms that rely on equity financing at founding are more likely to go public earlier than others. Moreover, we find that start-up firms in highly valued industries are more likely to go public earlier than in other industries and that the likelihood of an IPO among start-up firms depends on market conditions.

Keywords: Initial public offering; Start-up; Survival analysis (search for similar items in EconPapers)
JEL-codes: G30 L26 M13 O32 (search for similar items in EconPapers)
Date: 2021
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Citations: View citations in EconPapers (7)

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DOI: 10.1007/s11846-020-00390-4

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