企业文化与首次公开募股

IF 2.1 3区经济学 Q2 BUSINESS, FINANCE

European Financial Management Pub Date : 2023-05-06 DOI:10.1111/eufm.12423

Douglas J. Cumming, Antonio Meles, Gabriele Sampagnaro, Vincenzo Verdoliva

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引用次数: 0

摘要

本研究记录了首次公开募股（IPO）时的企业文化，以及 IPO 时的企业文化与公司财务绩效之间的关系。数据以 1996 年至 2011 年间上市的 1157 家美国公司为样本，并以截至 2016 年的业绩信息为基础，有力地证明了地区文化、行业特征和上市前融资在解释公司文化导向方面发挥着关键作用。此外，数据还表明，与其他 IPO 公司相比，具有高度竞争和创造导向文化的 IPO 公司具有更高的盈利能力和更低的财务困境风险。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

Corporate culture and IPOs

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Corporate culture and IPOs

This study documents corporate culture at the time of initial public offering (IPO) and the relationship between corporate culture at the time of IPO and firm financial performance. Based on a sample of 1157 US firms that went public between 1996 and 2011 and performance information through 2016, the data provide strong evidence that regional culture, industry characteristics, and pre-IPO financing play key roles in explaining a firm's cultural orientation. Moreover, the data indicate that IPO firms with a highly competition- and creation-oriented culture experience higher profitability and less risk of financial distress than other IPO firms.

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来源期刊

European Financial Management BUSINESS, FINANCE-

CiteScore

4.30

自引率

18.20%

发文量

期刊介绍： European Financial Management publishes the best research from around the world, providing a forum for both academics and practitioners concerned with the financial management of modern corporation and financial institutions. The journal publishes signficant new finance research on timely issues and highlights key trends in Europe in a clear and accessible way, with articles covering international research and practice that have direct or indirect bearing on Europe.