Human Capital, Management Quality, and the Exit Decisions of Entrepreneurial Firms
研究了员工激励问题与企业退出决策的相互作用，发现人力资本重要的行业更可能上市并使用股票薪酬，管理质量高的企业更倾向于上市而非被收购。
We model the employee incentive problem jointly with a firm’s exit decision. Our model predicts that firms in industries where human capital is important are more likely to go public and use high-powered, stock-based compensation. We also show that the higher the management quality, the more likely a firm is to go public than to be acquired. Regarding life cycle, a firm with high capital intensity and/or high management quality will choose to go public at a younger age.