{"id":"https://openalex.org/W2482197020","doi":"https://doi.org/10.1177/104225879602000205","title":"Agency Costs, Market Discipline and Market Timing: Evidence from Post-IPO Operating Performance","display_name":"Agency Costs, Market Discipline and Market Timing: Evidence from Post-IPO Operating Performance","publication_year":1996,"publication_date":"1996-01-01","ids":{"openalex":"https://openalex.org/W2482197020","doi":"https://doi.org/10.1177/104225879602000205","mag":"2482197020"},"language":"en","primary_location":{"id":"doi:10.1177/104225879602000205","doi":"https://doi.org/10.1177/104225879602000205","is_oa":false,"landing_page_url":"https://doi.org/10.1177/104225879602000205","pdf_url":null,"source":{"id":"https://openalex.org/S187626162","display_name":"Entrepreneurship Theory and Practice","issn_l":"1042-2587","issn":["1042-2587","1540-6520","1540-8520"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a-star","anvur-class-a","anvur-scientific","cwts-core","erih-plus","fnege-1-star","ft50","jufo-3","norway-2","poland-200","russia-white-list-1","vabb-shw"],"host_organization":"https://openalex.org/P4310320017","host_organization_name":"SAGE Publishing","host_organization_lineage":["https://openalex.org/P4310320017"],"host_organization_lineage_names":["SAGE Publishing"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Entrepreneurship Theory and Practice","raw_type":"journal-article"},"volume":null,"type":"article","indexed_in":["crossref"],"open_access":{"is_oa":false,"oa_status":"closed","oa_url":null,"any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5045889167","display_name":"Daniel L. McConaughy","orcid":null,"observed_orcids":[]},"institutions":[],"countries":[],"is_corresponding":false,"raw_author_name":"Daniel L McConaughy","raw_affiliation_strings":["Finance at Rosary College"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Finance at Rosary College","institution_ids":[]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5046012815","display_name":"Manjeet S. Dhatt","orcid":null,"observed_orcids":[]},"institutions":[{"id":"https://openalex.org/I129510320","display_name":"University of Wisconsin\u2013Green Bay","ror":"https://ror.org/05hbexn54","country_code":"US","type":"education","lineage":["https://openalex.org/I129510320"]}],"countries":["US"],"is_corresponding":false,"raw_author_name":"Manjeet S. Dhatt","raw_affiliation_strings":["Finance at the University of Wisconsin-Green Bay"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Finance at the University of Wisconsin-Green Bay","institution_ids":["https://openalex.org/I129510320"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5101725026","display_name":"Yong Hyuck Kim","orcid":"https://orcid.org/0000-0001-9013-9177","observed_orcids":["https://orcid.org/0000-0001-9013-9177","https://orcid.org/0009-0007-0311-8329"]},"institutions":[{"id":"https://openalex.org/I63135867","display_name":"University of Cincinnati","ror":"https://ror.org/01e3m7079","country_code":"US","type":"education","lineage":["https://openalex.org/I63135867"]}],"countries":["US"],"is_corresponding":false,"raw_author_name":"Yong H. Kim","raw_affiliation_strings":["Finance at the University of Cincinnati"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Finance at the University of Cincinnati","institution_ids":["https://openalex.org/I63135867"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":2,"corresponding_author_ids":[],"corresponding_institution_ids":[],"apc_list":{"value":3900,"currency":"USD","value_usd":3900},"apc_paid":null,"fwci":0.0,"has_fulltext":false,"cited_by_count":23,"citation_normalized_percentile":{"value":0.54984424,"is_in_top_1_percent":false,"is_in_top_10_percent":false},"cited_by_percentile_year":{"min":88,"max":97},"biblio":{"volume":"20","issue":"2","first_page":"43","last_page":"58"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10019","display_name":"Corporate Finance and Governance","score":0.9775000214576721,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10019","display_name":"Corporate Finance and Governance","score":0.9775000214576721,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T11903","display_name":"Private Equity and Venture Capital","score":0.011300000362098217,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10047","display_name":"Financial Markets and Investment Strategies","score":0.003100000089034438,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/initial-public-offerings","display_name":"initial public offerings","score":0.972000002861023},{"id":"https://openalex.org/keywords/agency-costs","display_name":"agency costs","score":0.9480000138282776},{"id":"https://openalex.org/keywords/market-discipline","display_name":"market discipline","score":0.9829999804496765},{"id":"https://openalex.org/keywords/market-timing","display_name":"market timing","score":0.9290000200271606},{"id":"https://openalex.org/keywords/operational-efficiency","display_name":"operational efficiency","score":0.7540000081062317},{"id":"https://openalex.org/keywords/profitability","display_name":"profitability","score":0.8090000152587891},{"id":"https://openalex.org/keywords/market-to-book-ratio","display_name":"market-to-book ratio","score":0.9190000295639038},{"id":"https://openalex.org/keywords/stock-performance","display_name":"stock performance","score":0.414000004529953}],"concepts":[{"id":"https://openalex.org/C12559387","wikidata":"https://www.wikidata.org/wiki/Q185142","display_name":"Initial public offering","level":2,"score":0.9806948900222778},{"id":"https://openalex.org/C129361004","wikidata":"https://www.wikidata.org/wiki/Q2470236","display_name":"Profitability index","level":2,"score":0.6969490051269531},{"id":"https://openalex.org/C199728807","wikidata":"https://www.wikidata.org/wiki/Q2578557","display_name":"Equity (law)","level":2,"score":0.6730412244796753},{"id":"https://openalex.org/C36673458","wikidata":"https://www.wikidata.org/wiki/Q392896","display_name":"Agency cost","level":4,"score":0.6654353737831116},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.6537741422653198},{"id":"https://openalex.org/C29122968","wikidata":"https://www.wikidata.org/wiki/Q1414816","display_name":"Incentive","level":2,"score":0.5668513774871826},{"id":"https://openalex.org/C108170787","wikidata":"https://www.wikidata.org/wiki/Q3951828","display_name":"Agency (philosophy)","level":2,"score":0.5492820143699646},{"id":"https://openalex.org/C556758197","wikidata":"https://www.wikidata.org/wiki/Q580018","display_name":"Monetary economics","level":1,"score":0.526100754737854},{"id":"https://openalex.org/C198531522","wikidata":"https://www.wikidata.org/wiki/Q485146","display_name":"Sample (material)","level":2,"score":0.5036091208457947},{"id":"https://openalex.org/C118315980","wikidata":"https://www.wikidata.org/wiki/Q375350","display_name":"Market timing","level":3,"score":0.44277697801589966},{"id":"https://openalex.org/C204036174","wikidata":"https://www.wikidata.org/wiki/Q909380","display_name":"Stock (firearms)","level":2,"score":0.41725295782089233},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.4108269214630127},{"id":"https://openalex.org/C121955636","wikidata":"https://www.wikidata.org/wiki/Q4116214","display_name":"Accounting","level":1,"score":0.3627692461013794},{"id":"https://openalex.org/C73283319","wikidata":"https://www.wikidata.org/wiki/Q1416617","display_name":"Financial system","level":1,"score":0.34168142080307007},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.30426591634750366},{"id":"https://openalex.org/C39389867","wikidata":"https://www.wikidata.org/wiki/Q380767","display_name":"Corporate governance","level":2,"score":0.134077250957489},{"id":"https://openalex.org/C34447519","wikidata":"https://www.wikidata.org/wiki/Q179522","display_name":"Market economy","level":1,"score":0.10492140054702759},{"id":"https://openalex.org/C120757647","wikidata":"https://www.wikidata.org/wiki/Q381136","display_name":"Shareholder","level":3,"score":0.06831252574920654},{"id":"https://openalex.org/C127413603","wikidata":"https://www.wikidata.org/wiki/Q11023","display_name":"Engineering","level":0,"score":0.0},{"id":"https://openalex.org/C111472728","wikidata":"https://www.wikidata.org/wiki/Q9471","display_name":"Epistemology","level":1,"score":0.0},{"id":"https://openalex.org/C138885662","wikidata":"https://www.wikidata.org/wiki/Q5891","display_name":"Philosophy","level":0,"score":0.0},{"id":"https://openalex.org/C78519656","wikidata":"https://www.wikidata.org/wiki/Q101333","display_name":"Mechanical engineering","level":1,"score":0.0},{"id":"https://openalex.org/C43617362","wikidata":"https://www.wikidata.org/wiki/Q170050","display_name":"Chromatography","level":1,"score":0.0},{"id":"https://openalex.org/C17744445","wikidata":"https://www.wikidata.org/wiki/Q36442","display_name":"Political science","level":0,"score":0.0},{"id":"https://openalex.org/C185592680","wikidata":"https://www.wikidata.org/wiki/Q2329","display_name":"Chemistry","level":0,"score":0.0},{"id":"https://openalex.org/C199539241","wikidata":"https://www.wikidata.org/wiki/Q7748","display_name":"Law","level":1,"score":0.0}],"mesh":[],"locations_count":2,"locations":[{"id":"doi:10.1177/104225879602000205","doi":"https://doi.org/10.1177/104225879602000205","is_oa":false,"landing_page_url":"https://doi.org/10.1177/104225879602000205","pdf_url":null,"source":{"id":"https://openalex.org/S187626162","display_name":"Entrepreneurship Theory and Practice","issn_l":"1042-2587","issn":["1042-2587","1540-6520","1540-8520"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a-star","anvur-class-a","anvur-scientific","cwts-core","erih-plus","fnege-1-star","ft50","jufo-3","norway-2","poland-200","russia-white-list-1","vabb-shw"],"host_organization":"https://openalex.org/P4310320017","host_organization_name":"SAGE Publishing","host_organization_lineage":["https://openalex.org/P4310320017"],"host_organization_lineage_names":["SAGE Publishing"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Entrepreneurship Theory and Practice","raw_type":"journal-article"},{"id":"pmh:oai:RePEc:sae:entthe:v:20:y:1996:i:2:p:43-58","doi":null,"is_oa":false,"landing_page_url":"https://journals.sagepub.com/doi/10.1177/104225879602000205","pdf_url":null,"source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"article"}],"best_oa_location":null,"sustainable_development_goals":[],"sustainable_development_goals_aurora":[{"score":0.4699999988079071,"id":"https://metadata.un.org/sdg/1","display_name":"No poverty"}],"study_designs":[],"awards":[],"funders":[],"has_content":{"pdf":false,"grobid_xml":false},"content_urls":null,"referenced_works_count":26,"referenced_works":["https://openalex.org/W566586761","https://openalex.org/W1480713262","https://openalex.org/W1494703832","https://openalex.org/W1530514562","https://openalex.org/W1538548636","https://openalex.org/W1547540007","https://openalex.org/W1606272114","https://openalex.org/W1979927021","https://openalex.org/W1983504282","https://openalex.org/W2011487370","https://openalex.org/W2011897245","https://openalex.org/W2015497883","https://openalex.org/W2043159738","https://openalex.org/W2084879245","https://openalex.org/W2085162670","https://openalex.org/W2097112125","https://openalex.org/W2106134131","https://openalex.org/W2148198877","https://openalex.org/W2150841109","https://openalex.org/W2152000158","https://openalex.org/W2160184254","https://openalex.org/W2752617332","https://openalex.org/W3121131820","https://openalex.org/W3121259908","https://openalex.org/W3124574636","https://openalex.org/W4249248037"],"related_works":["https://openalex.org/W1555031386","https://openalex.org/W169862199","https://openalex.org/W2434998708","https://openalex.org/W2150841109","https://openalex.org/W2608494363","https://openalex.org/W1486319742","https://openalex.org/W4247556284","https://openalex.org/W2055927284","https://openalex.org/W1994467892","https://openalex.org/W2290495512"],"abstract_inverted_index":{"We":[0],"compare":[1],"ninety-nine":[2],"1985":[3],"IPO":[4,14,43],"firms":[5,15],"with":[6,77],"a":[7,49],"matched":[8],"sample":[9],"of":[10],"\u201cseasoned\u201d":[11],"firms.":[12,44],"The":[13],"were":[16],"more":[17],"efficient":[18],"and":[19,83],"profitable,":[20],"yet":[21],"exhibited":[22],"declining":[23],"market-to-book-equity":[24],"ratios":[25],"over":[26],"the":[27,42,60,73,98],"1985-1992":[28],"period.":[29],"However,":[30],"we":[31,47],"observe":[32,48],"no":[33],"significant":[34,50],"trend":[35],"toward":[36],"lower":[37],"efficiency":[38,54],"or":[39],"profitability":[40],"among":[41],"In":[45],"fact,":[46],"improvement":[51],"in":[52],"operating":[53],"five":[55],"to":[56,79,90],"six":[57],"years":[58],"after":[59],"IPO.":[61],"Post-IPO":[62],"evidence":[63],"suggests":[64],"that":[65],"(1)":[66],"agency":[67],"costs":[68],"do":[69],"not":[70],"Increase;":[71],"(2)":[72],"markets":[74],"discipline":[75],"entrepreneurs":[76],"incentives":[78],"maintain":[80],"pre-IPO":[81],"performance;":[82],"(3)":[84],"poor":[85],"stock":[86],"performance":[87,96],"is":[88],"due":[89],"investors":[91],"who":[92],"overpay,":[93],"extrapolating":[94],"current":[95],"into":[97],"future.":[99]},"counts_by_year":[{"year":2025,"cited_by_count":1},{"year":2023,"cited_by_count":4},{"year":2021,"cited_by_count":1},{"year":2020,"cited_by_count":2},{"year":2019,"cited_by_count":1},{"year":2018,"cited_by_count":1},{"year":2017,"cited_by_count":1},{"year":2015,"cited_by_count":2},{"year":2013,"cited_by_count":2}],"updated_date":"2026-10-14T16:39:01.820549","created_date":"2016-08-23T00:00:00"}
