Abstract

http://ssrn.com/abstract=795265
 
 

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What are Firms? Evolution from Birth to Public Companies


Steven N. Kaplan


University of Chicago - Booth School of Business; National Bureau of Economic Research (NBER)

Berk A. Sensoy


Ohio State University - Fisher College of Business

Per Strömberg


Swedish House of Finance

August 2005

NBER Working Paper No. w11581

Abstract:     
We study how firm characteristics evolve from early business plan to initial public offering to public company for 49 venture capital financed companies. The average time elapsed is almost 6 years. We describe the financial performance, business idea, point(s) of differentiation, non-human capital assets, growth strategy, customers, competitors, alliances, top management, ownership structure, and the board of directors. Our analysis focuses on the nature and stability of those firm attributes. Firm business lines remain remarkably stable from business plan through public company. Within those business lines, non-human capital aspects of the businesses appear more stable than human capital aspects. In the cross-section, firms with more alienable assets have substantially more human capital turnover.

Number of Pages in PDF File: 57

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Date posted: October 19, 2005  

Suggested Citation

Kaplan, Steven N. and Sensoy, Berk A. and Strömberg, Per, What are Firms? Evolution from Birth to Public Companies (August 2005). NBER Working Paper No. w11581. Available at SSRN: http://ssrn.com/abstract=795265

Contact Information

Steven Neil Kaplan (Contact Author)
University of Chicago - Booth School of Business ( email )
5807 S. Woodlawn Avenue
Chicago, IL 60637
United States
773-702-4513 (Phone)
773-702-0458 (Fax)
National Bureau of Economic Research (NBER)
1050 Massachusetts Avenue
Cambridge, MA 02138
United States
Berk A. Sensoy
Ohio State University - Fisher College of Business ( email )
2100 Neil Avenue
Columbus, OH 43210-1144
United States

Per Stromberg
Swedish House of Finance ( email )
Drottninggatan 98
111 60 Stockholm
Sweden

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