The Impact of Strategic Investment Choices on Post‐Issue Operating Performance and Survival of US IPO Firms
研究美国IPO公司在上市时的战略投资选择（如多元化程度、资本支出和研发投入）如何影响其上市后的经营业绩和生存概率，发现多元化与资本支出强度与业绩改善正相关，而研发投入和产品线多元化有助于延长公司存活时间。
Abstract: We examine the impact of strategic investment choices at the time of the IPO on: (i) the post‐issue operating performance and (ii) the likelihood of failure and time‐to‐failure of newly public US firms. Our post‐issue operating performance analysis uses various performance metrics, benchmarks, and expectation models. Overall, our evidence indicates that the extent of diversification and industry‐adjusted capital expenditures intensity are generally positively related to changes in operating performance. We do not, however, document a consistent relation between industry‐adjusted R&D expenditures and changes in operating performance. The results from our survival analysis suggest that pre‐issue managerial commitment to R&D spending and developing diversified product lines enhance the ability of IPO issuing firms to remain viable for longer periods of time. Our study highlights the impact of various managerial investment decisions on the subsequent performance of newly public firms.