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The Going Public Decision and the Product Market公共决策与产品市场
3rd RICAFE Conference The Going Public Decision and the Product Market Thomas J. Chemmanur Shan He and Debarshi K. Nandy Table 3: Determinants of the Going Public Decision Table 3: Determinants of the Going Public Decision Table 3: Determinants of the Going Public Decision Table 4: Dynamic Characteristics of TFP, Sales, and Capital Expenditure around the IPO Table 4: Dynamic Characteristics of TFP, Sales, and Capital Expenditure around the IPO Table 1: Industry Distribution of the Going Public Sample Table 2: Summary Statistics Table 5: Dynamic Characteristics of Firm Employment, Labor and Other Costs around the IPO Table 5: Dynamic Characteristics of Firm Employment, Labor and Other Costs around the IPO Table 6: Dynamic Characteristics of Firm Sales Growth and Market Share around the IPO Table 6: Dynamic Characteristics of Firm Sales Growth and Market Share around the IPO EMPIRICAL TESTS AND RESULTS Firm specific product market variables: SIZE: the natural logarithm of assets (capital stock). (+) Sales Growth (SGTH): the average growth in sales in the past three years. (+) Market Share (MSHR): the firm’s market share in terms of sales at the 3 digit SIC level. (+) Total factor productivity (TFP): measure of overall efficiency. (+) Capital Intensity(CAPINT): capital stock over total employment.(+) AGE: the natural logarithm of age. (+) Capital Expenditure Ratio (CAPR): capital expenditure over assets (capital stock). (+) Relationship between Product Market Characteristics and the Going Public Decision EMPIRICAL TESTS AND RESULTS Industry specific characteristics: Industry Risk (INDRSK): the industry median of the five years coefficient of variation of firm sales at the 3 digit SIC level. (+) Industry Herfindahl index (HI): (+) Liquidity (TOV): the mean of the share turnover across the equity of already listed public firms in the same 3 digit SIC industry. (+) HTEK: high tech dummy. (-) Relationship between Product Market Characteristics and
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