IPO Research in Management and Entrepreneurship: Moving the Agenda Forward

Building on research from multiple fields, management and entrepreneurship scholars have shown increasing interest in the causes and consequences of initial public offerings (IPOs). The authors summarize this emerging literature and categorize research on IPOs into four broad themes: corporate governance, upper echelons, social influence, and innovation. They also review the various measures used by scholars to assess IPO performance. Based on this review, the authors develop an agenda for future research. This agenda provides both topics and research questions for future research and recommendations regarding IPO performance measurement.

[1]  J. Young,et al.  The aftermarket performance of small firm initial public offerings , 1988 .

[2]  Initial Public Offerings: Findings and Theories , 1995 .

[3]  Ivo Welch,et al.  An empirical investigation of IPO returns and subsequent equity offerings , 1993 .

[4]  Joel A. C. Baum,et al.  Don't go it alone: alliance network composition and startups' performance in Canadian biotechnology , 2000 .

[5]  H. Tikkanen,et al.  Incentive Asymmetries in the Mergers and Acquisitions Process , 2007 .

[6]  D. Shepherd,et al.  Human capital theory and venture capital firms: exploring “home runs” and “strike outs” , 2005 .

[7]  David J. Miller,et al.  Competitive attack, retaliation and performance: An expectancy-valence framework , 1994 .

[8]  David J. Miller,et al.  The Architecture of Simplicity , 1993 .

[9]  Joel A. C. Baum,et al.  Dancing with Strangers: Aspiration Performance and the Search for Underwriting Syndicate Partners , 2005 .

[10]  David L. Deeds,et al.  The impact of firmspecific capabilities on the amount of capital raised in an initial public offering: Evidence from the biotechnology industry , 1997 .

[11]  Tim Loughran,et al.  Why Has IPO Underpricing Changed Over Time? , 2002 .

[12]  James D. Westphal,et al.  Cooperative or Controlling? The Effects of CEO-Board Relations and the Content of Interlocks on the Formation of Joint Ventures , 1999 .

[13]  R. Bettis.  Performance differences in related and unrelated diversified firms , 1981 .

[14]  A comparison of Japanese and U.S. firms completing initial public offerings , 1994 .

[15]  Theresa M. Welbourne,et al.  Predicting the Performance of Initial Public Offerings: Should Human Resource Management be in the Equation? , 1996 .

[16]  Reena Aggarwal.  Allocation of Initial Public Offerings and Flipping Activity , 2001 .

[17]  Theresa M. Welbourne,et al.  The People/Performance Balance in IPO Firms: The Effect of the Chief Executive Officer's Financial Orientation , 2000 .

[18]  E. Fama.  Market Efficiency, Long-Term Returns, and Behavioral Finance , 1997 .

[19]  Michael L. McBain,et al.  Going public: The impact of insiders' holdings on the price of initial public offerings , 1989 .

[20]  D. Hambrick,et al.  Speed, Stealth, and Selective Attack: How Small Firms Differ From Large Firms in Competitive Behavior , 1995 .

[21]  B. A. Jain,et al.  Factors influencing the choice between founder versus non-founder CEOs for IPO firms , 2008 .

[22]  Todd A. Finkle,et al.  The Relationship between Boards of Directors and Initial Public Offerings in the Biotechnology Industry , 1998 .

[23]  R. Mudambi,et al.  Cash crisis in newly public Internet-based firms: an empirical analysis , 2005 .

[24]  Timothy G. Pollock,et al.  EFFECTS OF SOCIAL CAPITAL AND POWER ON SURVIVING TRANSFORMATIONAL CHANGE: THE CASE OF INITIAL PUBLIC OFFERINGS , 2004 .

[25]  Tim Rowley,et al.  Inertia and Evaluation Mechanisms in Interorganizational Partner Selection: Syndicate Formation among U.S. Investment Banks , 2002 .

[26]  Timothy B. Folta,et al.  Signaling Through Private Equity Placements and its Impact on the Valuation of Biotechnology Firms , 2003 .

[27]  Dan R. Dalton,et al.  Signaling Firm Value through Board Structure: An Investigation of Initial Public Offerings , 2001 .

[28]  Joshua B. Powers,et al.  University Start-Up Formation and Technology Licensing with Firms that Go Public: A Resource-Based View of Academic Entrepreneurship , 2005 .

[29]  Christina Fang,et al.  The Economics of Strategic Opportunity , 2003 .

[30]  D. Day,et al.  Difference Scores: Rationale, Formulation, and Interpretation , 1994 .

[31]  Lowell W. Busenitz,et al.  Dynamic capabilities and venture performance: The effects of venture capitalists , 2006 .

[32]  T. Pavel.  Concluding Statement. , 1998 .

[33]  Jennifer C. Sexton,et al.  Modeling Levels and Time in Entrepreneurship Research , 2010 .

[34]  David H. Hsu.  Venture Capitalists and Cooperative Start-Up Commercialization Strategy , 2004, Manag. Sci..

[35]  Teresa Nelson,et al.  The persistence of founder influence: management, ownership, and performance effects at initial public offering , 2003 .

[36]  K. Sauvant.  Overcoming Liability for Foreignness , 2011 .

[37]  Ashutosh Kumar Singh,et al.  Underwriter Reputation, Initial Returns, and the Long‐Run Performance of IPO Stocks , 1998 .

[38]  E. Levitas,et al.  Signaling the Strategic Value of Knowledge , 2004 .

[39]  Brian L. Connelly,et al.  Making the Most of What You've Got: Managerial Ability as a Source of Resource Value Creation , 2008 .

[40]  Ivo Welch,et al.  Earnings Management and the Long-Run Market Performance of Initial Public Offerings , 1998 .

[41]  Charles A. O'Reilly,et al.  Early Teams: The Impact of Team Demography on VC Financing and Going Public , 2007 .

[42]  G. Vozikis,et al.  Government Public Policy, Regulatory Intervention, and Their Impact on IPO Underpricing: The Case of Malaysian IPOs , 2006 .

[43]  Scott Shane,et al.  Special Issue on University Entrepreneurship and Technology Transfer: Organizational Endowments and the Performance of University Start-ups , 2002, Manag. Sci..

[44]  Reena Aggarwal.  Stabilization Activities by Underwriters after Initial Public Offerings , 2000 .

[45]  Bee Lian Ang,et al.  Determinants of Venture Performance in Singapore , 2004 .

[46]  James M. Bloodgood,et al.  The Internationalization of New High-Potential U.S. Ventures: Antecedents and Outcomes , 1996 .

[47]  Yuval Deutsch,et al.  You are Known by the Directors You Keep: Reputable Directors as a Signaling Mechanism for Young Firms , 2003, Manag. Sci..

[48]  Igor Filatotchev,et al.  Board composition, share ownership, and 'underpricing'of U.K. IPO firms , 2002 .

[49]  Markku V. J. Maula,et al.  Acquiring financial resources from foreign equity capital markets: An examination of factors influencing foreign initial public offerings , 2007 .

[50]  D. Shepherd,et al.  Speed to Initial Public Offering of VC-Backed Companies , 2001 .

[51]  Deepak K. Datta,et al.  Factors influencing wealth creation from mergers and acquisitions: A meta‐analysis , 1992 .

[52]  Reena Aggarwal,et al.  Evaluating the costs of raising capital through an initial public offering , 1991 .

[53]  Thomas J. Chemmanur.  The Pricing of Initial Public Offerings: A Dynamic Model with Information Production , 1993 .

[54]  A. Leone,et al.  Disclosure of Intended Use of Proceeds and Underpricing in Initial Public Offerings , 2006 .

[55]  Yasemin Y. Kor,et al.  Direct and interaction effects of top management team and board compositions on R&D investment strategy , 2006 .

[56]  M. Hitt,et al.  Partner Selection in Emerging and Developed Market Contexts: Resource-Based and Organizational Learning Perspectives , 2000 .

[57]  J. Reuer,et al.  Adverse Selection and M&A Design: The Roles of Alliances and Ipos , 2006 .

[58]  S. M. Tiniç,et al.  Anatomy of Initial Public Offerings of Common Stock , 1988 .

[59]  Marc J. Dollinger,et al.  Content Analysis in Entrepreneurship Research: The Case of Initial Public Offerings , 1989 .

[60]  Roger G. Ibbotson,et al.  INITIAL PUBLIC OFFERINGS , 1988 .

[61]  Timothy G. Pollock,et al.  Media Legitimation Effects in the Market for Initial Public Offerings , 2003 .

[62]  A. Sherman.  The Pricing of Best Efforts New Issues , 1992 .

[63]  E. Fama.  EFFICIENT CAPITAL MARKETS: A REVIEW OF THEORY AND EMPIRICAL WORK* , 1970 .

[64]  N. Prabhala,et al.  Institutional Allocation in Initial Public Offerings: Empirical Evidence , 2002 .

[65]  Vilmos F. Misangyi,et al.  A new perspective on a fundamental debate: a multilevel approach to industry, corporate, and business unit effects , 2006 .

[66]  M. M. Hart,et al.  From initial idea to unique advantage: the entrepreneurial challenge of constructing a resource base , 2001, IEEE Engineering Management Review.

[67]  James C. Brau,et al.  The Determinants of Successful Micro‐IPOs: An Analysis of Issues Made under the Small Corporate Offering Registration (SCOR) Procedure , 2001 .

[68]  Edward J. Zajac,et al.  Managerial Incentives, Monitoring, and Risk Bearing: A Study of Executive Compensation, Ownership, and Board Structure in Initial Public Offerings , 1994 .

[69]  R. Kronmal.  Spurious Correlation and the Fallacy of the Ratio Standard Revisited , 1993 .

[70]  H. Rao,et al.  Fool's Gold: Social Proof in the Initiation and Abandonment of Coverage by Wall Street Analysts , 2001 .

[71]  M. C. Jensen,et al.  THEORY OF THE FIRM: MANAGERIAL BEHAVIOR, AGENCY COSTS AND OWNERSHIP STRUCTURE , 1976 .

[72]  S. Benninga,et al.  The Timing of Initial Public Offerings , 2003 .

[73]  S. Finkelstein,et al.  The Influence of Organizational Acquisition Experience on Acquisition Performance: A Behavioral Learning Perspective , 1999 .

[74]  M. Zimmerman,et al.  The Influence of Top Management Team Heterogeneity on the Capital Raised through an Initial Public Offering , 2008 .

[75]  Brian L. Connelly,et al.  International Diversification: Antecedents, Outcomes, and Moderators , 2006 .

[76]  B. Leleux,et al.  European IPO Markets: The Post-Issue Performance Imperative , 1997 .

[77]  L. Preston,et al.  The Stakeholder Theory of the Corporation: Concepts, Evidence, and Implications , 1995 .

[78]  Francesca Cornelli,et al.  Bookbuilding: How Informative is the Order Book , 2001 .

[79]  Jeffrey R. Edwards,et al.  Regression Analysis as an Alternative to Difference Scores , 1994 .

[80]  Dan R. Dalton,et al.  IPO Underpricing: A Meta–Analysis and Research Synthesis , 2003 .

[81]  Catherine M. Dalton,et al.  Initial Public Offering Investor Valuations: An Examination of Top Management Team Prestige and Environmental Uncertainty , 2006 .

[82]  Robert E. Hoskisson,et al.  International Diversification: Effects on Innovation and Firm Performance in Product-Diversified Firms , 1997 .

[83]  Toby E. Stuart,et al.  Interorganizational Endorsements and the Performance of Entrepreneurial Ventures , 1999 .

[84]  Michael A. Hitt,et al.  Creating Value in the Face of Declining Performance: Firm Strategies and Organizational Recovery , 2007 .

[85]  Michelle Lowry,et al.  Litigation Risk and IPO Underpricing , 2001 .

[86]  Gerald R. Faulhaber,et al.  Signalling by underpricing in the IPO market , 1989 .

[87]  Allen C. Amason,et al.  Newness and novelty: Relating top management team composition to new venture performance , 2006 .

[88]  L. Gómez-Mejia,et al.  Disentangling compensation and employment risks using the behavioral agency model , 2007 .

[89]  B. A. Jain,et al.  The Path-to-Profitability of Internet IPO Firms , 2008 .

[90]  Timothy G. Pollock,et al.  Puttin' on the Ritz: Pre-Ipo Enlistment of Prestigious Affiliates as Deadline-Induced Remediation , 2008 .

[91]  M. Porter.  The Competitive Advantage Of Nations , 1990 .

[92]  Martin L. Martens,et al.  DO THE STORIES THEY TELL GET THEM THE MONEY THEY NEED? THE ROLE OF ENTREPRENEURIAL NARRATIVES IN RESOURCE ACQUISITION , 2007 .

[93]  G. Davis.  Agents without Principles? The Spread of the Poison Pill through the Intercorporate Network , 1991 .

[94]  Robert Heinkel,et al.  Signaling and the Valuation of Unseasoned New Issues , 1982 .

[95]  Ken G. Smith,et al.  COMPETITIVE DYNAMICS RESEARCH: CRITIQUE AND FUTURE DIRECTIONS , 2002 .

[96]  George S. Vozikis,et al.  “Harvesting” through Initial Public Offerings (IPOs): The Implications of Underpricing for the Small Firm , 1996 .

[97]  Pier A. Abetti,et al.  The entrepreneurial control imperative: A case history of Steria (1969-2000) , 2003 .

[98]  Harbir Singh,et al.  Complementarity, status similarity and social capital as drivers of alliance formation , 2000 .

[99]  Vincent di Norcia.  Managing Across Borders: The Transnational Solution , 1991 .

[100]  J. March,et al.  A Behavioral Theory of the Firm , 1964 .

[101]  Pamela R. Haunschild.  How Much Is That Company Worth?: Interorganizational Relationships, Uncertainty and Acquisition Premiums , 1994 .

[102]  Ranjay Gulati,et al.  Getting Off to a Good Start: The Effects of Upper Echelon Affiliations on Underwriter Prestige , 2003, Organ. Sci..

[103]  P. Beamish,et al.  INTERNATIONAL DIVERSIFICATION AND FIRM PERFORMANCE: THE S-CURVE HYPOTHESIS , 2004 .

[104]  Roger G. Ibbotson,et al.  Price performance of common stock new issues , 1975 .

[105]  Mason A. Carpenter,et al.  Taking Stock of What We Know About Mergers and Acquisitions: A Review and Research Agenda , 2008 .

[106]  Jean-Etienne de Bettignies.  Financing the Entrepreneurial Venture , 2008, Manag. Sci..

[107]  Luigi Zingales.  Insider Ownership and the Decision to Go Public , 1995 .

[108]  Bharat A. Jain,et al.  Does the Presence of Venture Capitalists Improve the Survival Profile of IPO Firms , 2000 .

[109]  John B. Miner,et al.  Type of Entrepreneur, Type of Firm, and Managerial Motivation: Implications for Organizational Life Cycle Theory , 1983 .

[110]  P. Spindt,et al.  How investment bankers determine the offer price and allocation of new issues , 1989 .

[111]  Walter J. Ferrier.  Navigating the Competitive Landscape: The Drivers and Consequences of Competitive Aggressiveness , 2001 .

[112]  Steven Manaster,et al.  Initial Public Offerings and Underwriter Reputation , 1990 .

[113]  Andrew Ward,et al.  Embeddedness, Social Identity and Mobility: Why Firms Leave the NASDAQ and Join the New York Stock Exchange , 2000 .

[114]  S. Fawcett,et al.  Initial Public Offerings: An Analysis of Theory and Practice , 2004 .

[115]  Raphael Amit,et al.  WHY DO VENTURE CAPITAL FIRMS EXIST? THEORY AND CANADIAN EVIDENCE , 1998 .

[116]  David J. Denis,et al.  Do Initial Public Offering Firms Purchase Analyst Coverage with Underpricing , 2004 .

[117]  Laura B. Cardinal,et al.  Curvilinearity in the diversification–performance linkage: an examination of over three decades of research , 2000 .

[118]  Tim Loughran,et al.  The New Issues Puzzle , 1995 .

[119]  Pierre J. Richard,et al.  Measuring Organizational Performance: Towards Methodological Best Practice , 2009 .

[120]  M. Shubik,et al.  A Behavioral Theory of the Firm. , 1964 .

[121]  Monica C. Higgins,et al.  Which ties matter when? the contingent effects of interorganizational partnerships on IPO success , 2003 .

[122]  Lerong He.  Do founders matter? A study of executive compensation, governance structure and firm performance , 2008 .

[123]  William J. Wilhelm,et al.  Evidence on the strategic allocation of initial public offerings , 1995 .

[124]  Patrick G. Maggitti,et al.  Market Watch: Information and Availability Cascades Among the Media and Investors in the U.S. IPO Market , 2008 .

[125]  A. Tversky,et al.  Prospect theory: analysis of decision under risk , 1979 .

[126]  James D. Westphal,et al.  Second-Order Imitation: Uncovering Latent Effects of Board Network Ties , 2001 .

[127]  A. Tversky,et al.  Prospect theory: an analysis of decision under risk — Source link , 2007 .

[128]  James C. Brau,et al.  The Choice of IPO versus Takeover: Empirical Evidence* , 2003 .

[129]  Bruce A. Walters,et al.  The Impact of Board Composition and Top Management Team Ownership Structure on Post-IPO Performance in Young Entrepreneurial Firms , 2007 .

[130]  Dan R. Dalton,et al.  Investment bankers and IPO pricing: does prospectus information matter? , 2005 .

[131]  Joseph E. Stiglitz,et al.  Information and Economic Analysis: A Perspective , 1985 .

[132]  Albert A. Cannella,et al.  Giving Money to Get Money: How CEO Stock Options and CEO Equity Enhance IPO Valuations , 2003 .

[133]  A. Tversky,et al.  Prospect Theory : An Analysis of Decision under Risk Author ( s ) : , 2007 .

[134]  Ruth V. Aguilera,et al.  An Organizational Approach to Comparative Corporate Governance: Costs, Contingencies, and Complementarities , 2007, Organ. Sci..

[135]  Sharon F. Matusik,et al.  Innovation, Appropriability, And The Underpricing Of Initial Public Offerings , 2007 .

[136]  Marc T. Junkunc.  Managing radical innovation: The importance of specialized knowledge in the biotech revolution , 2007 .

[137]  F. Eugene.  FAMA, . Market efficiency, long-term returns, and behavioral finance, Journal of Financial Economics . , 1998 .

[138]  Linda A. Cyr,et al.  Human Resources in Initial Public Offering Firms: Do Venture Capitalists Make a Difference? , 2000 .

[139]  F. Modigliani,et al.  CORPORATE INCOME TAXES AND THE COST OF CAPITAL: A CORRECTION , 1963 .

[140]  Gregory G. Dess,et al.  Dimensions of Organizational Task Environments. , 1984 .

[141]  Marina Balboa,et al.  Factors that Determine the Reputation of Private Equity Managers in Developing Markets , 2007 .

[142]  Albert V. Bruno,et al.  The CEO, venture capitalists, and the board , 1993 .

[143]  David Goldreich,et al.  Investor Sentiment and Pre-Ipo Markets , 2005 .

[144]  Davide Ravasi,et al.  Going Public and the Enrichment of a Supportive Network , 2003 .

[145]  Daniel L. Mcconaughy,et al.  Agency Costs, Market Discipline and Market Timing: Evidence from Post-IPO Operating Performance , 1996 .

[146]  Cynthia E. Devers,et al.  The Effects of Endowment and Loss Aversion in Managerial Stock Option Valuation , 2007 .

[147]  Igor Filatotchev,et al.  The Effects of Information Disclosure and Board Independence on IPO Discount** , 2008 .

[148]  Dan R. Dalton,et al.  Initial Public Offerings as a Web of Conflicts of Interest: An Empirical Assessment , 2003, Business Ethics Quarterly.

[149]  Linda A. Cyr,et al.  The Human Resource Executive Effect in Initial Public Offering Firms , 1999 .

[150]  William S. Schulze,et al.  A social capital model of high growth ventures , 2003 .

[151]  M. Diane Burton,et al.  Founding the Future: Path Dependence in the Evolution of Top Management Teams from Founding to IPO , 2008, Organ. Sci..

[152]  Kenneth C. Robinson.  An examination of the influence of industry structure on eight alternative measures of new venture performance for high potential independent new ventures , 1999 .

[153]  J. Florin.  Is venture capital worth it? Effects on firm performance and founder returns , 2005 .

[154]  Roni Michaely,et al.  The Pricing of Initial Public Offerings: Tests of Adverse-Selection and Signaling Theories , 1994 .

[155]  Toby E. Stuart,et al.  Liquidity Events and the Geographic Distribution of Entrepreneurial Activity , 2003 .

[156]  G. Bruton,et al.  Strategy and IPO Market Selection: Implications for the Entrepreneurial Firm , 1997 .

[157]  Randolph P. Beatty,et al.  INVESTMENT BANKING, REPUTATION, AND THE UNDERPRICING OF INITIAL PUBLIC OFFERINGS* , 1986 .

[158]  James C. Brau,et al.  Do Venture Capitalists Add Value to Small Manufacturing Firms? An Empirical Analysis of Venture and Nonventure Capital‐Backed Initial Public Offerings , 2004 .

[159]  Sheridan Titman,et al.  Information quality and the valuation of new issues , 1986 .

[160]  James M. Johnson,et al.  Market Analysis and the Business Plan: Venture Capitalists' Perceptions , 1985 .

[161]  Timothy G. Pollock,et al.  Constructing Deal Networks: Brokers as Network “Architects” in the U.S. IPO Market and Other Examples , 2004 .

[162]  David L. Deeds,et al.  DYNAMIC CAPABILITIES AND NEW PRODUCT DEVELOPMENT IN HIGH TECHNOLOGY VENTURES: AN EMPIRICAL ANALYSIS OF NEW BIOTECHNOLOGY FIRMS , 2000 .

[163]  Haim Mendelson,et al.  Liquidity and Asset Prices: Financial Management Implications , 1988 .

[164]  Mason A. Carpenter,et al.  TESTING A MODEL OF REASONED RISK-TAKING: GOVERNANCE, THE EXPERIENCE OF PRINCIPALS AND AGENTS, AND GLOBAL STRATEGY IN HIGH-TECHNOLOGY IPO FIRMS , 2003 .

[165]  Mathew L. A. Hayward,et al.  Explaining the Premiums Paid for Large Acquisitions: Evidence of CEO Hubris , 1997 .

[166]  E. Nowak,et al.  The Effect of IPOs on German Family–Owned Firms: Governance Changes, Ownership Structure, and Performance , 2003 .

[167]  S. Trevis Certo,et al.  Influencing Initial Public Offering Investors with Prestige: Signaling with Board Structures , 2003 .

[168]  Lowell W. Busenitz,et al.  Managerial Agents Watching other Agents: Multiple Agency Conflicts Regarding Underpricing in IPO Firms , 2008 .

[169]  M. Hitt,et al.  Diversification to Achieve Scale and Scope: The Strategic Implications of Resource Management for Value Creation , 2006 .

[170]  R. Gilson,et al.  Venture Capital and the Structure of Capital Markets: Banks Versus Stock Markets , 1997 .

[171]  Steven Boivie,et al.  Sorting things out: valuation of new firms in uncertain markets , 2004 .

[172]  M. Pagano,et al.  Why Do Companies Go Public? An Empirical Analysis , 1995 .

[173]  David J. Miller,et al.  An asymmetry‐based view of advantage: towards an attainable sustainability , 2003 .

[174]  Z. Griliches.  Market Value, R&D, and Patents , 1981 .

[175]  M. Porter.  The Contributions of Industrial Organization To Strategic Management , 1981 .

[176]  Monica C. Higgins,et al.  Stacking the Deck: The Effects of Top Management Backgrounds on Investor Decisions , 2006 .

[177]  Francesca Cornelli,et al.  Bookbuilding and Strategic Allocation , 1999 .

[178]  B. Cohen,et al.  Information asymmetry and investor valuation of IPOs: top management team legitimacy as a capital market signal , 2005 .

[179]  E. Fama,et al.  The Capital Asset Pricing Model: Theory and Evidence , 2003 .

[180]  Tim Loughran,et al.  Why Don't Issuers Get Upset About Leaving Money on the Table in Ipos? , 2000 .

[181]  H. Hopkins.  The Response Strategies of Dominant US Firms to Japanese Challengers , 2003 .

[182]  Michael C. Dalbor,et al.  The Initial Public Offerings of Restaurant Firms: The Case of Industry‐Specific Micromarket Capitalization Offerings , 2005 .

[183]  Ivo Welch,et al.  Seasoned Offerings, Imitation Costs, and the Underpricing of Initial Public Offerings , 1989 .

[184]  Volodymyr Babich,et al.  Pre-IPO Operational and Financial Decisions , 2004, Manag. Sci..

[185]  M. Dowling,et al.  Using R&D cooperative arrangements to leverage managerial experience: A study of technology-intensive new ventures , 1994 .

[186]  Ken G. Smith,et al.  A Multidimensional Model of Venture Growth , 2001 .

[187]  M. Hitt,et al.  International expansion by new venture firms: International diversity, mode of market entry, technological learning, and performance. , 2000 .

[188]  Michael A. Hitt,et al.  Antecedents and Performance Outcomes of Diversification: A Review and Critique of Theoretical Perspectives , 1990 .

[189]  Max Chen.  Competitor analysis and interfirm riva-lry: toward a theoretical integration , 1996 .

[190]  R. Bell,et al.  Country of Origin and Foreign IPO Legitimacy: Understanding the Role of Geographic Scope and Insider Ownership , 2007 .

[191]  M. Dowling,et al.  Business and technology strategies and new venture performance: a study of the telecommunications equipment industry , 1994 .

[192]  Kevin F. Rock.  Why new issues are underpriced , 1986 .

[193]  Shaker A. Zahra,et al.  Governance of the Entrepreneurial Threshold Firm: A Knowledge-based Perspective , 2004 .

[194]  Margaret A. Peteraf,et al.  Managerial discretion and internal alignment under regulatory constraints and change , 2007 .

[195]  Joseph T. Mahoney,et al.  HOW DYNAMICS , MANAGEMENT , AND GOVERNANCE OF RESOURCE DEPLOYMENTS INFLUENCE FIRM-LEVEL PERFORMANCE , 2005 .

[196]  G. Miles,et al.  Explaining the international intensity and global diversity of early-stage technology-based firms , 1999 .

[197]  Barbara W. Keats,et al.  A Causal Model of Linkages Among Environmental Dimensions, Macro Organizational Characteristics, and Performance , 1988 .

[198]  Stephen P. Ferris,et al.  AN ANALYSIS OF THE UNDERWRITER SELECTION PROCESS FOR INITIAL PUBLIC OFFERINGS , 1994 .

[199]  Dan R. Dalton,et al.  Wealth and the effects of founder management among IPO‐stage new ventures , 2001 .

[200]  Houlihan Valuation Advisors.  The pricing of successful venture capital-backed high-tech and life-sciences companies , 1998 .

[201]  Wenpin Tsai,et al.  Niche and Performance: The Moderating Role of Network Embeddedness , 2005 .

[202]  Deepak K. Datta,et al.  Determinants of Price Premiums: A Study of Initial Public Offerings in the Medical Diagnostics and Devices Industry , 1997 .

[203]  Laurie L. Levesque,et al.  The Status of Women in Corporate Governance in High–Growth, High–Potential Firms , 2007 .

[204]  Sea Jin Chang,et al.  Venture capital financing, strategic alliances, and the initial public offerings of Internet startups , 2004 .

[205]  J. Ritter.  The Long-Run Performance of Initial Public Offerings , 1991 .

[206]  Jay R. Ritter,et al.  The costs of going public , 1987 .

[207]  Ken G. Smith,et al.  Action characteristics as predictors of competitive responses , 1992 .

[208]  J. Henderson,et al.  Service-for-equity arrangements: Untangling motives and conflicts , 2006 .

[209]  Edgar Norton,et al.  Specialization versus diversification as a venture capital investment strategy , 1993 .

[210]  David G. Sirmon,et al.  Managing Firm Resources in Dynamic Environments to Create Value: Looking Inside the Black Box , 2007 .

[211]  Justin W. Webb,et al.  A Cross-Disciplinary Exploration of Entrepreneurship Research , 2007 .

[212]  John R. M. Hand.  Determinants of the Round-to-Round Returns to Pre-Ipo Venture Capital Investments in U.S. Biotechnology Companies , 2004 .

[213]  John J. McGowan,et al.  On the Misuse of Accounting Rates of Return to Infer Monopoly Profits , 1983 .

[214]  Baruch Lev,et al.  Information Asymmetry, R&D, and Insider Gains , 2000 .