The effects of pre-IPO corporate activity on newly-public firms' growth |
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| Authors: | Roberto Ragozzino Kourosh Shafi Dane P Blevins |
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| Institution: | 1. Haslam College of Business, University of Tennessee, 408 Stokely Management Center, Knoxville, TN 37996-0545, USA;2. Warrington College of Business, Entrepreneurship and Innovation Center, 133 Bryan Hall, P.O. Box 117168, Gainesville, FL 32611-7168, USA;3. University of North Carolina at Greensboro, P.O. Box 26170, Greensboro, NC 27402, USA |
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| Abstract: | We investigate firms' pre-IPO corporate activity. We find that firms involved in extraordinary – i.e., beyond momentum – amounts of acquisitions, JVs, and alliances in the year leading up to their IPOs (1) are more likely to engage in post-IPO corporate activity; and (2) enter into their first post-IPO transaction twice as fast as other firms. Our results indicate that signaling via extraordinary corporate activity can have a significant effect on entrepreneurial firms’ growth. The implications are discussed. |
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| Keywords: | New ventures Entrepreneurial firms IPOs Strategic alliances Signaling |
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