What are firms?
Subtitle: evolution from birth to public companies
By: Steven N. Kaplan, Berk A. Sensoy, Per Strömberg.
Contributors: Sensoy, Berk A.; Strömberg, Per.; National Bureau of Economic Research.
Series: NBER working paper paper series -- no. 11581.; Working paper series (National Bureau of Economic Research) -- working paper no. 11581.
Publisher: National Bureau of Economic Research
Published: 2005
Place of publication: Cambridge, Mass
Language: eng
Number of pages: 32
Subjects: Corporations -- Growth
Description: "We study how firm characteristics evolve from early business plan to initial public offering to public company for 49 venture capital financed companies.  The average time elapsed is almost 6 years.  We describe the financial performance, business idea, point(s) of differentiation, non-human capital assets, growth strategy, customers, competitors, alliances, top management, ownership structure, and the board of directors.  Our analysis focuses on the nature and stability of those firm attributes.  Firm business lines remain remarkably stable from business plan through public company.  Within those business lines, non-human capital aspects of the businesses appear more stable than human capital aspects.  In the cross-section, firms with more alienable assets have substantially more human capital turnover"--National Bureau of Economic Research web site.
Notes: "August 2005."

Includes bibliographical references (p. 31-32).

Also available in PDF from the NBER world wide web site (www.nber.org).