Employee welfare, social capital, and IPO firm survival

Shima Amini, Sofia Johan* (Corresponding Author), Eilnaz Kashefi Pour, Abdulkadir Mohamed

*Corresponding author for this work

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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 languageEnglish
Number of pages31
JournalEntrepreneurship Theory and Practice
Early online date6 Nov 2022
Publication statusE-pub ahead of print - 6 Nov 2022
EventBritish Academy of Management 2021 Conference - Online Event, United Kingdom
Duration: 31 Aug 20213 Sept 2021

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.


  • IPO survival
  • employee welfare
  • social capital
  • firm exit


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