上市公司盈利能力分析外文文献

The path-to-profitability of Internet IPO firms ☆Bharat A.Jain a,1,Narayanan Jayaraman b,2,Omesh Kini c,⁎

a

College of Business and Economics,Towson University,Towson,MD 21044,United States b College of Management,Georgia Institute of Technology,Atlanta,GA 30332,United States

c Robinson College of Business,Georgia State University,Atlanta,GA 30303,Unite

d States

Received 1October 2006;received in revised form 1December 2006;accepted 1February 2007

Abstract

Extant empirical evidence indicates that the proportion of firms going public prior to achieving profitability has been increasing over time.This phenomenon is largely driven by an increase in the proportion of technology firms going public.Since there is considerable uncertainty regarding the long-term economic viability of these firms at the time of going public,identifying factors that influence their ability to attain key post-IPO milestones such as achieving profitability represents an important area of research.We employ a theoretical framework built around agency and signaling considerations to identify factors that influence the probability and timing of post-IPO profitability of Internet IPO firms.We estimate Cox Proportional Hazards models to test whether factors identified by our theoretical framework significantly impact the probability of post-IPO profitability as a function of time.We find that the probability of post-IPO profitability increases with pre-IPO investor demand and change in ownership at the IPO of the top officers and directors.On the other hand,the probability of post-IPO profitability decreases with the venture capital participation,proportion of outsiders on the board,and pre-market valuation uncertainty.©2007Published by Elsevier Inc.

Keywords:Initial public offerings;Internet firms;Path-to-profitability;Hazard models;

Survival

Journal of Business Venturing xx (2007)xxx –xxx

MODEL 1A

JBV-05413;No of Pages 30☆

We would like to thank Kalpana Narayanan,Raghavendra Rau,Sankaran Venkataraman (Editor),Phil Phan (Associate Editor),two anonymous referees,and participants at the 2002Financial Management Association Meetings in San Antonio for helpful comments.We thank Paul Gilson and Sandy Lai for excellent research assistance.The usual disclaimer applies.⁎Corresponding author.Tel.:+14046512656;fax:+14046522630.

E-mail addresses:bjain@ (B.A.Jain),narayanan.jayaraman@ (N.Jayaraman),okini@ (O.Kini).

1Tel.:+14107043542;fax:+14107043454.

2Tel.:+14048944389;fax:+14048946030.

0883-9026/$-see front matter ©2007Published by Elsevier Inc.

doi:10.1016/j.jbusvent.2007.02.004

Please cite this article as:Jain,B.A.et al.The path-to-profitability of Internet IPO firms.Journal of Business