The effect of trademark breadth on IPO valuation and post-IPO performance: an empirical investigation of 1510 European IPOs

被引：20

作者：

Fisch, Christian ^{[1
]}

Meoli, Michele ^{[2
]}

Vismara, Silvio ^{[3
]}

Block, Jorn H. ^{[4
,5
]}

机构：

[1] Univ Luxembourg, Interdisciplinary Ctr Secur Reliabil & Trust SnT, 29 Ave John F Kennedy, L-1855 Luxembourg, Luxembourg

[2] Univ Bergamo, Dept Management Informat & Prod Engn, Via Pasubio 7b, I-24044 Dalmine, Italy

[3] Univ Bergamo, Dept Management, Via Caniana 2, I-24127 Bergamo, BG, Italy

[4] Trier Univ, Fac Management, D-54296 Trier, Germany

[5] Erasmus Univ, Erasmus Sch Econ, POB 1738, NL-3000 DR Rotterdam, Netherlands

来源：

JOURNAL OF BUSINESS VENTURING | 2022年 / 37卷 / 05期

关键词：

Trademarks; Trademark breadth; Real options theory; IPO; Buy -and -hold returns; Signaling theory; RESEARCH-AND-DEVELOPMENT; INITIAL PUBLIC OFFERINGS; REAL OPTIONS; MARKET VALUATION; SIGNALING THEORY; INNOVATION; PATENTS; FIRMS; PRODUCT; IMPACT;

D O I：

10.1016/j.jbusvent.2022.106237

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

Trademarks differ in breadth and can cover a wide range of categories of goods and services. We draw on real options theory and argue that greater trademark breadth constitutes a valuable real option that is associated with higher firm valuation and performance. We analyze a sample of 1510 firms that went public in Europe between 2002 and 2015 and find a positive effect of trademark breadth on initial public offering (IPO) valuation and post-IPO performance. We implement a contingency analysis to contrast real options and signaling theory and find stronger support for the real options perspective.

引用

页数：20

共 98 条

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