Going Public and the Internal Organization of the Firm
研究了首次公开募股如何影响企业内部组织，发现上市企业会变得更层级化、标准化，增加管理层级和经理人数，缩小管理幅度，扩大行政职能，这些变化主要发生在上市准备阶段，且人力资本风险越大的企业变化越大。
ABSTRACT This paper examines how initial public offerings (IPOs) affect firms' internal organization. We find that IPO firms become more hierarchical and standardized organizations, characterized by additional layers, more managers, smaller control spans, and larger administrative functions. These changes occur mostly in preparation for the IPO and can be only partially explained by growth. IPO firms with greater human capital risk experience larger hierarchical changes. Hierarchical changes help firms standardize employee roles and formalize internal processes. Our results suggest that firms reorganize to reduce their dependence on key individuals' human capital when transitioning to public markets.