The Determinants of Successful Micro‐IPOs: An Analysis of Issues Made under the Small Corporate Offering Registration (SCOR) Procedure

James C. Brau and Jerome S. Osteryoung

Journal of Small Business Management, 2001, vol. 39, issue 3, 209-227

Abstract: In this article we extend the existing IPO literature to the case of micro‐IPOs by analyzing a sample of Small Corporate Offering Registration (SCOR) documents from the U.S. state of Washington. Through theory, we identified variables that should impact the probability of success or failure in a SCOR offering and then empirically tested them. Empirical support was found for the relevance of (1) marketing mechanisms and expenses; (2) ownership and governance factors; (3) business life cycle stages; and (4) signaling factors consistent with our theoretical predictions.

Date: 2001
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DOI: 10.1111/0447-2778.00020

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