کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
1019512 | 940665 | 2010 | 18 صفحه PDF | دانلود رایگان |
![عکس صفحه اول مقاله: How much prestige is enough? Assessing the value of multiple types of high-status affiliates for young firms How much prestige is enough? Assessing the value of multiple types of high-status affiliates for young firms](/preview/png/1019512.png)
Young, unproven firms can signal their worthiness, or potential, through affiliations with various types of prestigious parties. Drawing from signaling theory, we present a formal consideration of the implications of multiple numbers and types of prestigious affiliates for IPO valuations. We argue that different types of prestigious affiliates – prestigious executives, directors, venture capital firms, and underwriters – convey different signals of IPO worth, depending on the extent to which they provide certification or substantive benefits. Based on a sample of 257 software IPOs, we find considerable support for our expectations. The benefits of prestigious executives and directors accumulate in a linear, more is better fashion; in contrast, the payoffs from VC and underwriter prestige accumulate in a curvilinear fashion. We discuss the theoretical implications of these findings and propose an agenda for future research.
Journal: Journal of Business Venturing - Volume 25, Issue 1, January 2010, Pages 6–23