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Does Going Public Boost or Impede Firm Innovation?: Evidence from firms in Sweden
Uppsala University, Disciplinary Domain of Humanities and Social Sciences, Faculty of Social Sciences, Department of Business Studies.
2019 (English)Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
Abstract [en]

This paper investigates the effects of going public on firm innovation by comparing the innovation activities of firms that go public with firms that choose to not undergo an initial public offering (IPO) and remain privately held. Going public here is a transformation of a privately held firm into a public firm, i.e. the first time for the firm to publicly trade in stock markets. The combination of a propensity score matching (PSM) and a difference-in-difference (DiD) methods are adopted to measure the innovation trends in terms of patent applications. Using the patent-based metric, firm innovation increases following IPOs. Comparing to the innovation activities of privately held peers, going public can boost the patent growth rate of firms and delay the downward trend of patent growth in the two years following IPOs.

Place, publisher, year, edition, pages
2019. , p. 50
Keywords [en]
Going Public, IPO, Firm Innovation, Patents, Financing Innovation, Financial Constraints, Corporate Governance, Capital Structure, Equity Finance, Sweden
National Category
Business Administration
Identifiers
URN: urn:nbn:se:uu:diva-388154OAI: oai:DiVA.org:uu-388154DiVA, id: diva2:1331926
Educational program
Master's Programme in Accounting and Financial Management
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Examiners
Available from: 2019-10-03 Created: 2019-06-27 Last updated: 2019-10-03Bibliographically approved

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CiteExportLink to record
Permanent link

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Citation style
  • apa
  • ieee
  • modern-language-association-8th-edition
  • vancouver
  • Other style
More styles
Language
  • de-DE
  • en-GB
  • en-US
  • fi-FI
  • nn-NO
  • nn-NB
  • sv-SE
  • Other locale
More languages
Output format
  • html
  • text
  • asciidoc
  • rtf