초록

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Abstract ▼ AI-Helper

The purpose of this study is to examine how the human capital characteristics of CEO influence the IPO performance of venture business. In IPO process which has a lot of uncertainty due to information asymmetry, outside investors try to look for observable signals to evaluate IPO firms. Existing s...

The purpose of this study is to examine how the human capital characteristics of CEO influence the IPO performance of venture business. In IPO process which has a lot of uncertainty due to information asymmetry, outside investors try to look for observable signals to evaluate IPO firms. Existing studies have searched the signals from the endorsement by respectable parties or in the governance structure of top management team. However, this study, based on upper echelon perspective thery, pay attention to the human capital characteristics of CEO as the signal. We categorized the human capitals characteristics into age, educational background and managerial background and tested five hypothesis empirically with the IPO firms from 2000 to 2005. Age, school prestige, and related industry experience are positively associated with IPO performance, but educational level and functional background shows no significance.

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