Abstract
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 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.
| Original language | English |
|---|---|
| Pages (from-to) | 2174-2204 |
| Number of pages | 31 |
| Journal | Entrepreneurship Theory and Practice |
| Volume | 47 |
| Issue number | 6 |
| Early online date | 6 Nov 2022 |
| DOIs | |
| Publication status | Published - 6 Nov 2023 |
| Event | British Academy of Management 2021 Conference - Online Event, United Kingdom Duration: 31 Aug 2021 → 3 Sept 2021 https://virtual.oxfordabstracts.com/#/event/1821/program?session=27106&s=0 |
Bibliographical note
We would like to thank Sophie Manigart, anonymous referees, Anastassia Vilderson, and the participants at the BAM 2020 and 2021 Conference, Huddersfield Business School Staff seminar series 2021, Newcastle Business School Finance seminar series 2021, and European Financial Management Meeting Conference 2022 for valuable comments and feedback. All errors are ours.Keywords
- IPO survival
- employee welfare
- social capital
- firm exit
Access to Document
- Amini_etal_ETP_Employee_Welfare_Social_AAM
© The Author(s) 2022. reuse is restricted to non-commercial and no derivative uses. The final published version of this article is available at https://doi.org/10.1177/10422587221120821 Amini, S., Johan, S., Pour, E. K., & Mohamed, A. (2022). Employee Welfare, Social Capital, and IPO Firm Survival. Entrepreneurship Theory and Practice, 0(0). https://doi.org/10.1177/10422587221120821