The effects of stricter regulation on the going public decision of small and knowledge‐intensive firms
利用欧洲各国分阶段实施类似萨班斯法案的监管规定，研究了更严格证券监管对小型高科技知识密集型企业IPO决策的影响，发现监管加强后这些企业上市可能性降低。
Abstract This paper studies the impact of increased securities regulation on the IPOs of small and high‐tech, knowledge‐intensive firms. We take advantage of the adoption of European SOX‐like provisions, staggered at different dates across European countries, to test its influence on the going public decision. Starting from the population of European private firms during 1995–2012, we find that the likelihood of going public has decreased among small and high‐tech, knowledge‐intensive firms. Consistently, we document a 6% and 8.5% decrease in the industry‐adjusted Tobin's Q of small and knowledge‐intensive firms that go public after the regulatory change.