Abstract

http://ssrn.com/abstract=831846
 
 

References (35)



 
 

Citations (12)



 


 



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)

Per Strömberg


Swedish House of Finance

Berk A. Sensoy


Ohio State University - Fisher College of Business

September 2005

CEPR Discussion Paper No. 5224

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 six 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: 59

Keywords: Entrepreneurship, theory of the firm, venture capital

JEL Classification: D21, D23, G24

working papers series


Date posted: October 24, 2005  

Suggested Citation

Kaplan, Steven N. and Strömberg, Per and Sensoy, Berk A., What are Firms? Evolution from Birth to Public Companies (September 2005). CEPR Discussion Paper No. 5224. Available at SSRN: http://ssrn.com/abstract=831846

Contact Information

Steven Neil Kaplan
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
Per Stromberg (Contact Author)
Swedish House of Finance ( email )
Drottninggatan 98
111 60 Stockholm
Sweden

Berk A. Sensoy
Ohio State University - Fisher College of Business ( email )
2100 Neil Avenue
Columbus, OH 43210-1144
United States

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