The Effects of Experience, Ownership, and Knowledge on IPO Survival: Empirical Evidence from Germany

David Audretsch () and Erik Lehmann ()

Papers on Entrepreneurship, Growth and Public Policy from Max Planck Institute of Economics, Entrepreneurship, Growth and Public Policy Group

Abstract: We study the implications of ownership and its induced incentives on firm survival on the stock market for young and high-tech firms. 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 knowledge based industries differ also in their governance structure from traditional firms.

Keywords: Firm Survival; Corporate Governance; New Economy; Entrepreneurship (search for similar items in EconPapers)
JEL-codes: C14 G32 L11 M13 (search for similar items in EconPapers)
Pages: 34 pages
Date: 2004-05
New Economics Papers: this item is included in nep-cfn, nep-eec, nep-ent and nep-ino
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (7)

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