Abstract
We investigate the implications for serial entrepreneurs in terms of IPO valuation. Using the sample of 2017 firms that went public in U.S. between 1998 and 2017, our findings show that the positive impact of board members’ entrepreneurial track record on the valuation of IPO is more salient in young and mid-age firms. Moreover, small and medium-sized businesses benefit more from entrepreneurial expertise than large corporations. Finally, the relation between an established track record and IPO valuation is more significant for firms with venture capital backing.
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