Employee Welfare, Social Capital, and IPO Firm Survival
研究了员工福利和社会资本如何影响IPO公司继续在交易所上市的可能性，发现两者均有助于延长上市时间，且员工福利对社会资本的作用有正向补充效应。
We examine the impact of employee welfare and social capital on the prospect of firms remaining quoted on a stock exchange. We analyze a panel sample of US-listed firms from 2000 to 2016 and track the outcome to the end of 2021. We find that entrepreneurial firms remain listed longer when employee welfare is better, and firms are located in a better social capital region. We also find that employee welfare positively complements the impact of social capital on prolonging the likelihood of remaining quoted. Our results are robust to endogeneity, effects of financial crises and COVID-19, and various model specifications.