Top management team characteristics and firm growth. Issue 1 (2nd March 2015)

• Record Type: Journal Article
• Authors: Colombelli, Alessandra
• Is Part Of: International journal of entrepreneurial behaviour & research. Volume 21:Issue 1(2015)
• Page Start: 107
• Page End: 127
• Publication Date: 2015-03-02
• Subjects: Entrepreneurship -- Periodicals; Small business -- Periodicals; 338.04
• DOI: 10.1108/IJEBR-10-2013-0181
• Languages: English
• ISSNs: 1355-2554

Abstract

<abstract> <title> <x content-type="archive" xml:space="preserve">Abstract</x> </title> <sec> <title content-type="abstract-heading">Purpose</title> <p> – The purpose of this paper is to identify the factors affecting the growth of companies listed on the Alternative Investment Market (AIM), the London Stock Exchange market for young and growing companies. </p> </sec> <sec> <title content-type="abstract-heading">Design/methodology/approach</title> <p> – The author investigates post-initial public offering (IPO) growth for a panel of 665 companies listed on the AIM between 1995 and 2006. The empirical model uses the generalized method of moment-System (GMM-SYS) estimator. </p> </sec> <sec> <title content-type="abstract-heading">Findings</title> <p> – The findings confirm that small companies listed on the AIM grow more quickly after the IPO. It seems that both human capital and firm characteristics are important determinants of their rapid growth. </p> </sec> <sec> <title content-type="abstract-heading">Practical implications</title> <p> – The results of this study have some implications for policy. Policy makers should take account of the relevance of an efficient financial system. It is important also to consider the process of transformation of the cultural and behavioural attitudes of various countries towards entrepreneurship. </p> </sec> <sec> <title content-type="abstract-heading">Originality/value</title> <p> – This paper analyses the determinants of firm growth in a particular entrepreneurial setting, that is, IPO on the AIM, the sub-market of the London Stock Exchange.</p> </sec> </abstract>