Abstract
An initial public offering (IPO) is one of the most critical events in the life of a firm. As the IPO market continues to attract attention from both entrepreneurs and investors, research examining the relationship between the firm's characteristics and its IPO performance is growing. In this paper, we use the upper echelon perspective to empirically examine the relationship between the firm's chief executive officer (CEO) and the firm's time to IPO, a relationship that has so far received little attention. Using data obtained from 237 IPOs in the U.S. software industry, we found that the CEO's prior executive experience, network, and age are significantly related to the new firm's time to IPO. This study extends the understanding of the important role of the CEO in the IPO and provides investors greater insight into those variables that influence the speed with which firms go public.
1. The authors wish to thank the anonymous reviewers and the JSBM associate editor, Dr. William E. Jackson III, for providing insightful feedback and guidance.
1. The authors wish to thank the anonymous reviewers and the JSBM associate editor, Dr. William E. Jackson III, for providing insightful feedback and guidance.
Notes
1. The authors wish to thank the anonymous reviewers and the JSBM associate editor, Dr. William E. Jackson III, for providing insightful feedback and guidance.
Additional information
Notes on contributors
Qin Yang
Qin Yang is associate professor in the Management Department, School of Business at Robert Morris University.
Monica Zimmerman
Monica A. Zimmerman is associate professor in the Management Department at West Chester University's College of Business and Public Affairs and director of the Dr. Edwin Cottrell Entrepreneurial Leadership Center.
Crystal Jiang
Crystal X. Jiang is assistant professor in the Management Department, College of Business at Bryant University.