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Does Going Public Affect Innovation?

The Journal of finance (New York), 2015-08, Vol.70 (4), p.1365-1403 [Peer Reviewed Journal]

2015 American Finance Association ;2015 the American Finance Association ;Copyright Blackwell Publishers Inc. Aug 2015 ;ISSN: 0022-1082 ;EISSN: 1540-6261 ;DOI: 10.1111/jofi.12275 ;CODEN: JLFIAN

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  • Title:
    Does Going Public Affect Innovation?
  • Author: BERNSTEIN, SHAI
  • Subjects: Comparative analysis ; Economic analysis ; Firm theory ; Going public ; Human capital ; Initial public offering ; Initial public offerings ; Innovation ; Innovations ; Investors ; Productivity ; Studies
  • Is Part Of: The Journal of finance (New York), 2015-08, Vol.70 (4), p.1365-1403
  • Description: This paper investigates the effects of going public on innovation by comparing the innovation activity of firms that go public with firms that withdraw their initial public offering (IPO) filing and remain private. NASDAQ fluctuations during the bookbuilding phase are used as an instrument for IPO completion. Using patent-based metrics, I find that the quality of internal innovation declines following the IPO, and firms experience both an exodus of skilled inventors and a decline in the productivity of the remaining inventors. However, public firms attract new human capital and acquire external innovation. The analysis reveals that going public changes firms' strategies in pursuing innovation.
  • Publisher: Cambridge: Blackwell Publishing Ltd
  • Language: English
  • Identifier: ISSN: 0022-1082
    EISSN: 1540-6261
    DOI: 10.1111/jofi.12275
    CODEN: JLFIAN
  • Source: Alma/SFX Local Collection
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