Электронная библиотека
Влияние человеческого фактора на выживание высокотехнологичных компаний на рынке альтернативных инвестиций (AIM)
Гринин М.В.
|
|
||
1 |
Введение | |
2 |
Обзор академической литературы по уровню делистинга компаний | |
3 |
Обзор академической литературы, посвященной характеристикам ceo и tmt | |
4 |
Выборка | |
5 |
Определение переменных и их измеренияЗависимая переменнаяДругие переменные исследования | |
7 |
МетодологияРезультаты и выводы | |
8 |
Таблица 1. Описательная статистика для выборки из 149 высокотехнологичных компаний, осуществивших IPO на AIMТаблица 2. Корреляционная матрица | |
9 |
Таблица 3. Результаты оценки двух моделей по трем и пяти годам выживания компании | |
11 |
Литература |
1. Теплова Т.В. Когда участие в IPO может быть выгодным для рыночных инвесторов // Финансовый менеджмент. — 2012. — №6. — С. 103–118.
2. Теплова Т.В. Корпоративные финансы. — М.: Юрайт, 2014.
3. Ang J., Brau J. (2003). «Concealing and confounding adverse signals: insider wealth-maximizing behavior in the IPO process». Journal of Financial Economics, Vol. 67, No. 1, pp. 149–172.
4. Audretsch D., Lehmann E. (2005). «The effects of experience, ownership, and knowledge on IPO survival: empirical evidence from Germany». Review of Accounting and Finance, Vol. 4, No. 4, pp. 13–33.
5. Bach S., Smith A. (2007). «Are powerful CEOs beneficial to post-IPO survival in high technology industries? An empirical investigation». The Journal of High Technology Management Research, Vol. 18, No. 1, pp. 31–42.
6. Bantel K., Jackson S. (1989). «Top management and innovations in banking: does the composition of the top team make a difference?» Strategic Management Journal, Vol. 10, No. 1, pp. 107–124.
7. Bradley D., Cooney J. Jr., Dolvin S. and Jordan B. (2006). «Penny stock IPOs». Financial Management, Vol. 35, No. 1, pp. 5–29.
8. Carpentier C., Suret J. (2009). «The survival and success of Canadian penny stock IPOs». Small Business Economics, Vol. 36, No. 1, pp. 101–121.
9. Certo S., Covin J., Daily C. and Dalton D. (2001). «Wealth and the effects of founder management among IPO-stage new ventures». Strategic Management Journal, Vol. 22, No. 6–7, pp. 641–658.
10. D’Aveni R. (1990). «Top managerial prestige and organizational bankruptcy». Organization Science, Vol. 1, No. 2, pp. 121–142.
11. Deeds D., Decarolis D., Coombs J. (1997). «The impact of firm specific capabilities on the amount of capital raised in an initial public offering: evidence from the biotechnology industry». Journal of Business Venturing, Vol. 12, No. 1, pp. 31–46.
12. Demers E., Joos P. (2007). «IPO failure risk». Journal of Accounting Research, Vol. 45, No. 2, pp. 333–371.
13. Espenlaub S. (1999). «Discussion of the life cycle of initial public offering firms». Journal of Business Finance & Accounting, Vol. 26, No. 9–10, pp. 1309–1317.
14. Espenlaub S., Khurshed A., Mohamed A. (2012). «IPO survival in a reputational market». Journal of Business Finance & Accounting, Vol. 39, No. 3–4, pp. 427–463.
15. Fischer H., Pollock T. (2004). «Effects of social capital and power on surviving transformational change: the case of initial public offerings». Academy of Management Journal, Vol. 47, No. 4, pp. 463–481.
16. Ghosh A., Moon D., Tandon K. (2007). «CEO ownership and discretionary investments». Journal of Business Finance & Accounting, Vol. 34, No. 5–6, pp. 819–839.
17. Godwin W., Restle F. (1974). «The road to agreement: subgroup pressures in small group consensus processes». Journal of Personality and Social Psychology, Vol. 30, No. 4, p.500.
18. Gregory A., Guermat C., Al-Shawawreh F. (2010). «UK IPOs: long run returns, behavioural timing and pseudo timing». Journal of Business Finance & Accounting, Vol. 37, No. 5–6, pp. 612–647.
19. Hambrick D. (2007). «Upper echelons theory: an update». Academy of Management Review, Vol. 32, No. 2, pp. 334–343.
20. Hambrick D., d’Aveni R. (1992). «Top team deterioration as part of the downward spiral of large corporate bankruptcies». Management Science, Vol. 38, No. 10, pp. 1445–1466.
21. Hambrick D., Mason P. (1984). «Upper echelons: the organization as a reflection of its top managers». Academy of Management Review, Vol. 9, No. 2, pp. 193–206.
22. Hansen K. (1995). «To a new, or «wannabe» bank CEO». ABA Banking Journal, Vol. 87, No. 2, p.85.
23. Hensler D., Rutherford R., Springer T. (1997). «The survival of initial public offerings in the aftermarket». Journal of Financial Research, Vol. 20, No. 1, pp. 93–110.
24. Higgins M.C., Gulati R. (2003). «Getting off to a good start: the effects of upper echelon affiliations on underwriter prestige». Organization Science, Vol. 14, No. 3, pp. 244–263.
25. Jain B., Kini O. (1999). «The life cycle of initial public offering firms». Journal of Business Finance & Accounting, Vol. 26, No. 9–10, pp. 1281–1307.
26. Jensen M., Meckling W. (1976). Theory of the Firm. Center for Research in Government Policy & Business, Graduate School of Management, University of Rochester.
27. Kooli M., Meknassi S. (2007). «The survival profile of US IPO issuers: 1985–2005». The Journal of Wealth Management, Vol. 10, No. 2, pp. 105–119.
28. Lefebvre E., Lefebvre L. (1992). «Firm innovativeness and CEO characteristics in small manufacturing firms». Journal of Engineering and Technology Management, Vol. 9, No. 3, pp. 243–277.
29. Morck R., Shleifer A., Vishny R. (1988). «Management ownership and market valuation». Journal of Financial Economics, Vol. 20, pp. 293–315.
30. Myers S. (1977). «Determinants of corporate borrowing». Journal of Financial Economics, Vol. 5, No. 2, pp. 147–175.
31. Nelson T. (2003). «The persistence of founder influence: management, ownership, and performance effects at initial public offering». Strategic Management Journal, Vol. 24, No. 8, pp. 707–724.
32. Schultz P. (1993). «Unit initial public offerings». Journal of Financial Economics, Vol. 34, No. 2, pp. 199–229.
33. Seguin P., Smoller M. (1997). «Share price and mortality: аn empirical evaluation of newly listed Nasdaq stocks». Journal of Financial Economics, Vol. 45, No. 3, pp. 333–363.
34. Shleifer A., Vishny R. (1997). «A survey of corporate governance». The Journal of Finance, Vol. 52, No. 2, pp. 737–783.
35. Starr J., MacMillan I. (1990). «Resource cooptation via social contracting: resource acquisition strategies for new ventures». Strategic Management Journal, Vol. 11, pp. 79–92.
36. Steiner I. (1972). Group Process and Productivity. New York: Academic Press.
37. Yang Q., Zimmerman M., Jiang C. (2011). «An empirical study of the impact of CEO characteristics on new firms’ time to IPO». Journal of Small Business Management, Vol. 49, No. 2, pp. 163–184.
38. Zingales L. (1995). «Insider ownership and the decision to go public». The Review of Economic Studies, Vol. 62, No. 3, p. 425.
Гринин Михаил Викторовичмагистр
Магистр финансов, выпускник Манчестерской бизнес-школы, стажер ЮниКредит Банка. г. Москва