El impacto del CEO fundador y la edad del CEO en el rendimiento de las nuevas empresas: un análisis de regresión cuantílica de las OPI estadounidenses
The impact of CEO founder and CEO age on new ventures performance: A quantile regression analysis for U.S. IPOs
Resumen
Comparamos la relación entre el CEO fundador y la edad del CEO con los resultados de las nuevas empresas en EE. UU., aplicando una regresión cuantil. Nuestra evidencia empírica revela que las empresas lideradas por un CEO fundador tienen un fuerte impacto positivo en los rendimientos del primer día, especialmente en el nivel medio de infravaloración; mientras que la infravaloración se reduce a medida que aumenta la edad del CEO, especialmente por encima del percentil 40, algo que la regresión lineal clásica dejaría sin confirmar. Este hallazgo indica que, en comparación con la estimación del efecto medio de la variable de respuesta, la estimación del efecto de los distintos cuantiles de una variable de respuesta puede ser más perspicaz. Además, los consejeros delegados fundadores exacerban la incertidumbre sobre la calidad de los emisores con la expansión de las empresas; y en las grandes empresas, los consejeros delegados maduros obtienen mejores resultados que los jóvenes a la hora de reducir la rentabilidad del primer día de cotización. El consejero delegado maduro tiene un fuerte impacto negativo en la rentabilidad inicial solo en las empresas de baja intensidad de I+D, y el consejero delegado fundador tiene una asociación positiva significativa con la infravaloración en las empresas de intensidad de I+D.
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