拆解内在联系:分析创始人特质对企业成长策略的影响

Ying Liu, Martyn Polkinghorne
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摘要

本研究探讨了首次公开发行(IPO)公司的创始人特征对企业成长策略选择的影响。这项研究基于对伦敦证交所(London Stock Exchange)由企业家主导的ipo数据的定量分析。该研究调查了创始人的工作经历、外部董事、教育程度、年龄、所有权以及创始人兼首席执行官的存在对选择并购(M& a)和研发(R&D)作为增长战略的影响。结果表明,具有吞吐量职能背景和广泛外部董事职位的创始人更有可能采用并购作为增长战略。此外,拥有较高教育水平和博士学位的创始人更倾向于研发投资。研究结果还表明,年龄较大的创始人更有可能投资研发,而更高的所有权水平往往会阻止研发支出。有趣的是,创始人兼首席执行官的存在与较低的研发投资可能性和较高的研发投资倾向相关,尽管这些相关性在统计上并不显著。这些结果揭示了创始人特征对IPO阶段战略决策的影响,并为理解转型公司业务增长战略的动态提供了启示。
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Unraveling Interconnections: Analyzing the Impact of a Founder’s Characteristics on Business Growth Strategy
This study examines the influence of founder characteristics on the selection of business growth strategies in companies undergoing an initial public offering (IPO). The research is based upon quantitative analysis of data from entrepreneur-led IPOs on the London Stock Exchange. The study investigates the impact of founder’s work experience, external directorships, education, age, ownership, and the presence of a founder–CEO, on the choice between mergers and acquisitions (M&A) and research and development (R&D) as growth strategies. The results show that founders with a throughput functional background and extensive external directorships are more likely to adopt M&A as a growth strategy. Moreover, founders with higher education levels and a PhD are more inclined towards R&D investment. The findings also suggest that older founders are more likely to invest in R&D, whilst higher levels of ownership tends to deter R&D expenditure. Interestingly, the presence of a founder–CEO is associated with a lower likelihood of investing in R&D and a higher propensity for M&A, although these correlations are not statistically significant. These results shed light on the influence of founder characteristics on strategic decision-making during the IPO stage and provide implications for understanding the dynamics of business growth strategies in transitioning companies.
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