The Determinants of Successful Micro-IPOs: An Analysis of Issues Made under the Small Corporate Offering Registration (SCOR) Procedure
分析了美国华盛顿州小企业发行注册（SCOR）文件样本，检验了营销机制、所有权与治理、企业生命周期和信号因素对微型IPO成功概率的影响。
In this article we extend the existing IPO literature to the case of micro-IPOs by analyzing a sample of Small Corporate Offering Registration (SCOR) documents from the U.S. state of Washington. Through theory, we identified variables that should impact the probability of success or failure in a SCOR offering and then empirically tested them. Empirical support was found for the relevance of (1) marketing mechanisms and expenses; (2) ownership and governance factors; (3) business life cycle stages; and (4) signaling factors consistent with our theoretical predictions.