EconPapers    
Economics at your fingertips  
 

Does the New Economy Need New Governance? Ownership, Knowledge and Performance

David Audretsch () and Erik Lehmann ()

No 3626, CEPR Discussion Papers from C.E.P.R. Discussion Papers

Abstract: We study the implications of ownership and its induced incentives on firm performance in the ‘New Economy’. Instead of traditional performance we use firm survival on the stock market as the performance indicator. Using a unique data set of all 341 firms listed on the Neuer Markt, the German counterpart 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 ‘New Economy’ differ also in their governance structure from traditional firms.

Keywords: corporate governance; entrepreneurship; firm survival; new economy (search for similar items in EconPapers)
JEL-codes: C14 G32 L11 M13 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-cfn and nep-ent
Date: 2002-11
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (6) Track citations by RSS feed

Downloads: (external link)
http://www.cepr.org/active/publications/discussion_papers/dp.php?dpno=3626 (application/pdf)
CEPR Discussion Papers are free to download for our researchers, subscribers and members. If you fall into one of these categories but have trouble downloading our papers, please contact us at subscribers@cepr.org

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:cpr:ceprdp:3626

Ordering information: This working paper can be ordered from
http://www.cepr.org/ ... ers/dp.php?dpno=3626

Access Statistics for this paper

More papers in CEPR Discussion Papers from C.E.P.R. Discussion Papers Centre for Economic Policy Research, 33 Great Sutton Street, London EC1V 0DX.
Bibliographic data for series maintained by ().

 
Page updated 2019-09-18
Handle: RePEc:cpr:ceprdp:3626