Vivien Lefebvre, enseignant-chercheur à l’EM Strasbourg, a publié récemment un article dans le Journal of Business Venturing Insights [ABS cat.2].
L’article est intitulé “The growth process of IPO firms”.
Abstract
This study explores initial public offering (IPO) firms’ growth processes. Building on the idea that going public relaxes financial constraints and thus facilitates growth, this study uses an international sample of European IPO firms matched with comparable non-IPO firms to investigate whether and in which dimensions IPO firms grow faster than non-IPO firms do. Consistent with the Penrosean theory of growth, the results show that IPO firms grow first by acquiring fixed assets immediately after the listing and then by acquiring an additional workforce, corresponding to the resource acquisition stage of growth. The performance-enhancing stage of growth, during which IPO firms grow in sales, occurs later and culminates three years after an IPO. In addition, IPO firms are more likely to experience high-growth episodes in sales, but not in employment, than non-IPO firms. Overall, this study highlights the role of financing decisions in growth processes.