R&D, Export Orientation and Growth of Newly Listed Firms: European Evidence

Topics:
Growth,
Mergers,
Venture Capital
Tags:
Business Operations,
Duke University,
Financial Services,
IPO,
R&D,
Research & Development
Source:
Duke University

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Overview: This paper uses simultaneous equation modeling to examine the inter-relationships between R&D, exporting and growth of newly listed firms in the UK, Germany, Italy and France. Using panel data for 1110 IPOs during the period 1985-2004, it shows that R&D and export intensities are positively associated with growth in sales. In line with the strategic choice hypothesis, firm-level factors such as intangible assets and leverage, provide significant effects on the choice between the two growth strategies. Consistent with the institutional perspective, this choice also depends on the country of origin of the newly listed firm.

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Format: PDF | Size: 136KB | Date: Apr 2006 | Pages: 30

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