新上市公司对在职绩效影响的实证研究

IF 1.1 Q4 BUSINESS American Journal of Business Pub Date : 2023-10-05 DOI:10.33423/ajm.v23i3.6442
Tapan Seth, Prasad Vemala
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引用次数: 0

摘要

新上市公司的市场进入增加了任何行业的竞争,然而,对竞争对手的影响可能取决于几个因素。我们的研究通过提供公司特定特征在决定绩效中的重要性的经验证据,对ipo和在职绩效的文献做出了贡献。利用232家公司的样本,我们发现IPO公司招股说明书的战略内容会影响现有公司在IPO期间的短期定价。具体而言,我们的研究结果表明,在招股说明书中表现出高度剥削倾向的IPO公司对现有公司的绩效有负面影响。现有公司对IPO公司的重点业务部门的高度参与往往会对其业绩产生负面影响。最后,现有企业的技术多样性减弱了新ipo的负面影响。
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The Influence of New IPO Firms on Incumbent Performance: An Empirical Investigation
Market entry of new IPO firms adds to the competition of any industry, however, the impact on competitors may differ depending on several factors. Our study contributes to the literature on IPOs and incumbent performance by providing empirical evidence of the importance of firm specific characteristics in determining performance. Using a sample of 232 firms, we found that the strategic content of an IPO firm's prospectus affects the short-term pricing of incumbents during an IPO. Specifically, our findings suggest that IPO firms that signal high levels of exploitative tendencies in their prospectus have a negative impact on incumbents’ performance. Incumbent firms’ high degree of involvement in the focal business segment of the IPO firm tends to negatively impact their performance. Finally, technologically diversity of incumbents attenuates the negative impact of new IPOs.
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