HCBE Theses and Dissertations
Campus Access Only
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Date of Award
2012
Document Type
Dissertation - NSU Access Only
Degree Name
Doctor of Business Administration (DBA)
Department
H. Wayne Huizenga School of Business and Entrepreneurship
Advisor
Twila Mae Logan Scott
Committee Member
Rebecca Abraham
Committee Member
Carole Ann Creque
Abstract
The focus of this study is twofold: first to determine the impact of agency costs on firm performance, measured using operating expenses to sales ratio and total asset turnover ratio, for Greenfield firms (private to public) and Heritage firms (spin-offs of already public companies) types of initial public offerings after one and five years; second to compare the performance, as measured market to book value per share, of Greenfield and Heritage firms after one and five years. Thus addressing the question of whether initial differences between Greenfield and Heritage firms at the time of the IPO are evident after one and five years. The results showed that Heritage firms have a significantly lower expenses/sales ratio one year after the IPO. The study confirmed that after five years Greenfield firms would have similar expense/sales ratio and show similar performance to Heritage firms.
NSUWorks Citation
Peter James Del Piano. 2012. Greenfield and Heritage IPOs: A Comparison After One and Five Years. Doctoral dissertation. Nova Southeastern University. Retrieved from NSUWorks, H. Wayne Huizenga School of Business and Entrepreneurship. (27)
https://nsuworks.nova.edu/hsbe_etd/27.