The authors wish to thank the anonymous reviewers and the JSBM associate editor, Dr. William E. Jackson III, for providing insightful feedback and guidance.
An Empirical Study of the Impact of CEO Characteristics on New Firms' Time to IPO*
Article first published online: 29 MAR 2011
© 2011 International Council for Small Business
Journal of Small Business Management
Volume 49, Issue 2, pages 163–184, April 2011
How to Cite
Yang, Q., Zimmerman, M. and Jiang, C. (2011), An Empirical Study of the Impact of CEO Characteristics on New Firms' Time to IPO. Journal of Small Business Management, 49: 163–184. doi: 10.1111/j.1540-627X.2011.00320.x
Qin Yang is associate professor in the Management Department, School of Business at Robert Morris University.
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 X. Jiang is assistant professor in the Management Department, College of Business at Bryant University.
- Issue published online: 29 MAR 2011
- Article first published online: 29 MAR 2011
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.