The Experts below are selected from a list of 15273 Experts worldwide ranked by ideXlab platform
Jarunee Wonglimpiyarat - One of the best experts on this subject based on the ideXlab platform.
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the influence of capital market laws and Initial Public Offering ipo process on venture capital
European Journal of Operational Research, 2009Co-Authors: Jarunee WonglimpiyaratAbstract:This paper is concerned with the influence of capital market laws and Initial Public Offering (IPO) process on venture capital. It discusses the impact of US federal state laws and Securities and Exchange Commission (SEC) regulations to the venture capital markets, arguing if the rules and regulatories are burdensome to entrepreneurs and new-growth businesses. The impact of Sarbanes-Oxley Act and the future Investment Act on venture capital funds and entrepreneurial companies going Public are also discussed. The paper proposes the model of venture capital financing describing the process from fund raising to investment exits, the linkages of the venture capital market to the financial/capital markets and the related capital market laws. The policy implications on SEC regulations essential to the development of venture capital industry are suggested.
Almas Heshmati - One of the best experts on this subject based on the ideXlab platform.
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Analysis of Korean IT startups’ Initial Public Offering and their post-IPO performance
Journal of Productivity Analysis, 2010Co-Authors: Yunhee Kim, Almas HeshmatiAbstract:Since the financial crisis in Korea, by focusing on core technology, IT startups have played an important role in the recovery of Korea’s economy through innovating technologies and creating new jobs. Even though there are many startups, it is not very common to reach the point of the Initial Public Offering (IPO) and the post-IPO performance of the firms is mostly declining. Since it is rather difficult to apply conventional performance measures to very young firms, IPO has been used as a tool for performance evaluation. This study adopts the IPO as an early-stage measure for the performance of high technology startups. It is important to find out whether an earlier IPO of firms leads to a better performance and capability of firms. We investigate the relationship between the time to IPO of firms and their post-IPO performance for 3 years after their IPO by adopting samples of 79 information technology hardware firms founded after 1996 and listed between 2000 and 2004 in the KOSDAQ. Four determinant factors, including entrepreneurs’ experience, venture capital investment, startups’ technology sourcing, and technology portfolios which determine the firm’s time lag to getting to the IPO, are identified. The findings contain several results. First, the patent has positive effects on the firms’ performance after an IPO and on the firms’ growth before the IPO. Second, a faster technology acquisition via technology alliance has a positive influence on the firms’ IPO regardless of internal technologies. Third, concentrating on core technology, instead of diversifying can mature the startup firms faster. These indicate that a startup’s efficient Initial strategy is critical for its performance and it enhances the credit and confidence of the market.
Anthony D Wilbon - One of the best experts on this subject based on the ideXlab platform.
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predicting survival of high technology Initial Public Offering firms
The Journal of High Technology Management Research, 2002Co-Authors: Anthony D WilbonAbstract:Abstract Effectively understanding how technology management influences the performance of organizations requires a more longitudinal time horizon than traditionally used in management research. Further, the study of smaller, technology-intensive firms that are in the growth phase of the development life cycle is lacking in the literature. This exploratory study addresses these deficiencies by analyzing how the breadth and depth of technology management influences high-technology Initial Public Offering (IPO) survival after five years. Content analysis is used to gather data on the technology management dimensions from the IPO prospectus of 95 high-technology firms that went Public in the US in 1992. Using logistic regression analysis, the results show that high-technology firms who survive at least five years after an IPO have more intellectual property rights, more experienced senior executives, and spend less on R&D as a proportion of sales at the time of the IPO than their cohorts. These results suggest that enhancing structural inertia early by strengthening core technology resources contribute to survival after an event such as an IPO. Thus, effective management of technology processes may contribute to long-term survival of small- to medium-sized high-technology enterprises.
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an empirical investigation of technology strategy in computer software Initial Public Offering firms
Journal of Engineering and Technology Management, 1999Co-Authors: Anthony D WilbonAbstract:Abstract Strategic management of technological resources plays a significant role in the success of firms in computer-related industries. To expand the literature on technology management in growing organizations, this paper presents a study of the relationships among select technology strategy dimensions and perceived performance of Initial Public Offering (IPOs) computer software firms. Using content analysis, technology strategy data were collected from the prospectus of 31 computer software firms who committed IPOs in 1996. Empirical analysis shows support for propositions that a firm's technology posture and executive level technology experience influence investor reactions to IPOs.
Shelly W Howton - One of the best experts on this subject based on the ideXlab platform.
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effect of governance characteristics on the state of the firm after an Initial Public Offering
The Financial Review, 2006Co-Authors: Shelly W HowtonAbstract:I examine firm characteristics available to investors at a firm's Initial Public Offering date to determine whether they predict the firm's survival, acquisition, or failure. Firms survive more often than they are acquired when they are venture-backed, the chief executive officer is the original founder, and an outside blockholder is present. The presence of an outside director does not increase the probability of survival. Firms that are more likely to survive than fail include large firms and those with longer board tenure.
Yunhee Kim - One of the best experts on this subject based on the ideXlab platform.
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Analysis of Korean IT startups’ Initial Public Offering and their post-IPO performance
Journal of Productivity Analysis, 2010Co-Authors: Yunhee Kim, Almas HeshmatiAbstract:Since the financial crisis in Korea, by focusing on core technology, IT startups have played an important role in the recovery of Korea’s economy through innovating technologies and creating new jobs. Even though there are many startups, it is not very common to reach the point of the Initial Public Offering (IPO) and the post-IPO performance of the firms is mostly declining. Since it is rather difficult to apply conventional performance measures to very young firms, IPO has been used as a tool for performance evaluation. This study adopts the IPO as an early-stage measure for the performance of high technology startups. It is important to find out whether an earlier IPO of firms leads to a better performance and capability of firms. We investigate the relationship between the time to IPO of firms and their post-IPO performance for 3 years after their IPO by adopting samples of 79 information technology hardware firms founded after 1996 and listed between 2000 and 2004 in the KOSDAQ. Four determinant factors, including entrepreneurs’ experience, venture capital investment, startups’ technology sourcing, and technology portfolios which determine the firm’s time lag to getting to the IPO, are identified. The findings contain several results. First, the patent has positive effects on the firms’ performance after an IPO and on the firms’ growth before the IPO. Second, a faster technology acquisition via technology alliance has a positive influence on the firms’ IPO regardless of internal technologies. Third, concentrating on core technology, instead of diversifying can mature the startup firms faster. These indicate that a startup’s efficient Initial strategy is critical for its performance and it enhances the credit and confidence of the market.
