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Stockmarket Listing and Cleantech Business Development: Evidence from AiM

Centre for Technology Management (CTM) Working Paper, No. 2009/02

39 Pages Posted: 6 Sep 2011  

Milena Müller

University of Oxford - Said Business School

Elizabeth W. Garnsey

University of Cambridge - Judge Business School

Date Written: January 1, 2009

Abstract

Investors have been showing interest in prospects for new environmental technologies launched by innovative enterprises. We analyse the experience of young environmental technology firms going public on London’s alternative stock market, AiM. While firms that launched in the boom attracted needed funds, shareholder expectations and the controls used to promote shareholder value were not well aligned with the realities of business development of these emerging technology firms. These face challenging market and technology risks and require funding for business development that is more flexible and longer term than that provided by AiM investors. We suggest that a wider portfolio of investment alternatives is needed.

Keywords: Environmental technologies, IPO, AiM, value creation, business development

JEL Classification: G24, M13

Suggested Citation

Müller, Milena and Garnsey, Elizabeth W., Stockmarket Listing and Cleantech Business Development: Evidence from AiM (January 1, 2009). Centre for Technology Management (CTM) Working Paper, No. 2009/02. Available at SSRN: https://ssrn.com/abstract=1923073 or http://dx.doi.org/10.2139/ssrn.1923073

Milena Müller

University of Oxford - Said Business School ( email )

Park End Street
Oxford, OX1 1HP
Great Britain

HOME PAGE: http://www.sbs.ox.ac.uk/centres/reputation/people/Pages/MilenaMueller.aspx

Elizabeth W. Garnsey (Contact Author)

University of Cambridge - Judge Business School ( email )

Trumpington Street
Cambridge, CB2 1AG
United Kingdom
+44 (0) 1223 338183 (Phone)

HOME PAGE: http://www.jims.cam.ac.uk/people/faculty/garnseye.html

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