The Effects of Going Public on Firm Profitability and Strategy
利用16个欧洲国家企业在IPO前后的财务数据，通过比较完成和撤回的IPO尝试，发现上市对盈利能力有正向因果效应，并带来销售、子公司和运营国家的扩张。
Abstract We study the effects of going public using a unique panel of firms in 16 European countries for which we observe financial data before and after initial public offering (IPO) attempts. We compare completed and withdrawn IPO attempts. We instrument the decision to complete the IPO using prior market returns. After instrumenting, we isolate a positive causal effect of going public on profitability. We also find a post-IPO expansion in sales per employee, subsidiaries, and countries in which firms operate. Overall, our results are consistent with going public relaxing financial constraints and inducing a shift in strategy towards increased commercialization.