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Evolution from Early Business Plans to Public Companies. We study how firm
characteristics evolve from early business plan to initial ...
... to handle discontinuous innovation in early adoption phase of ... technologies and lack
of industry evolution brings the capital intensive business to lose its ...
... of the employees, often in their early twenties ... Business Divisions Mobile Services:
Bharti Airtel offers GSM ... S. 3. Financial Market Evolution and Globalization 4 ...
... unemployment insurance, employment protection, early retirement, working hours ... financial,
technical and business services also ... Analysis of the Evolution of Job ...
... the forces that accounted for the evolution of the ... was in it's infancy in the early
1920's, generally ... functions because a CPA who needs business enough to ...
Submitted by devang1112002 on June 27, 2008
Category: Business
Words: 2507 | Pages: 11
Views: 76
Popularity Rank: 104,371
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We study how firm characteristics evolve from early business plan to initial public offering (IPO) to
public company for 50 venture capital (VC) financed companies. We describe the financial performance,
line of business, point(s) of differentiation, non-human capital assets, growth strategy, top management,
ownership structure, and the board of directors. The most striking finding is that firm business lines or
ideas remain remarkably stable from business plan through public company. Within those business lines,
non-human capital aspects of the businesses are more stable than human capital aspects. In the crosssection,
firms with more alienable assets experience more human capital turnover suggesting that specific
human capital becomes less critical as firms establish non-human assets. We obtain qualitatively similar
results to those in our primary sample for all non-financial start-up IPOs in 2004 – both VC- and non-VC
backed. This suggests that our main results are not specific to the presence of a VC or to the time period.
We discuss how our results relate to theories of the firm and to VC investment decisions.
* University of Chicago Graduate School of Business and NBER, ** University of Southern California, and ***
SIFR. This research has been supported by the Kauffman Foundation, by the Lynde and Harry Bradley Foundation
and the Olin Foundation through grants to the Center for the Study of the Economy and the State, and by the Center
for Research in Security Prices. We thank the venture capital partnerships for providing data. We thank Andres
Almazan, Ulf Axelson, George Baker, Ola Bengtsson, Effi Benmelech, Patrick Bolton, Bruno Cassiman, Zsuzsanna
Fluck, Oliver Hart, Thomas Hellman, Bengt Holmström, Josh Lerner, Jeremy Stein, Krishnamurthy Subramanian,
Lucy White, Luigi Zingales, and seminar participants at BI, the CEPR Summer...
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