What Are Firms? Evolution from Birth to Public Companies / Steven N. Kaplan, Berk A. Sensoy, Per Strömberg.

Format:

Book

Author/Creator:

Kaplan, Steven N.

Contributor:

National Bureau of Economic Research.

Sensoy, Berk A.

Strömberg, Per.

Series:

Working Paper Series (National Bureau of Economic Research) no. w11581.

NBER working paper series no. w11581

Language:

English

Physical Description:

1 online resource: illustrations (black and white);

Place of Publication:

Cambridge, Mass. National Bureau of Economic Research 2005.

Summary:

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.

Notes:

Print version record

August 2005.