The effect of trademark breadth on IPO valuation and post-IPO performance: an empirical investigation of 1510 European IPOs

Christian Fisch; Michele Meoli; Silvio Vismara; Jörn H. Block

doi:10.1016/j.jbusvent.2022.106237

The effect of trademark breadth on IPO valuation and post-IPO performance: an empirical investigation of 1510 European IPOs

Christian Fisch^*, Michele Meoli, Silvio Vismara, Jörn H. Block

^*Corresponding author for this work

Applied Economics

Research output: Contribution to journal › Article › Academic › peer-review

21 Citations (Scopus)

288 Downloads (Pure)

Abstract

Trademarks differ in breadth and can cover a wide range of categories of goods and services. We draw on real options theory and argue that greater trademark breadth constitutes a valuable real option that is associated with higher firm valuation and performance. We analyze a sample of 1510 firms that went public in Europe between 2002 and 2015 and find a positive effect of trademark breadth on initial public offering (IPO) valuation and post-IPO performance. We implement a contingency analysis to contrast real options and signaling theory and find stronger support for the real options perspective.

Original language	English
Article number	106237
Journal	Journal of Business Venturing
Volume	37
Issue number	5
DOIs	https://doi.org/10.1016/j.jbusvent.2022.106237
Publication status	Published - Sept 2022

Bibliographical note

Funding Information:
We thank participants of the 2021 Annual Meeting of the ENTFIN association, the 16th Taiwan Symposium on Innovation Economics and Entrepreneurship, the BEF launch event (Milano). as well as research seminars at the University of Glasgow and the University of Luxembourg for helpful comments on earlier versions of the manuscript.

Publisher Copyright:
© 2022 Elsevier Inc.

Access to Document

10.1016/j.jbusvent.2022.106237

1-s2.0-S0883902622000490-mainFinal published version, 670 KBLicence: Article 25fa Dutch Copyright Act

Cite this

@article{1a26bd2882b74d60acfb9020b1c3bcc5,

title = "The effect of trademark breadth on IPO valuation and post-IPO performance: an empirical investigation of 1510 European IPOs",

abstract = "Trademarks differ in breadth and can cover a wide range of categories of goods and services. We draw on real options theory and argue that greater trademark breadth constitutes a valuable real option that is associated with higher firm valuation and performance. We analyze a sample of 1510 firms that went public in Europe between 2002 and 2015 and find a positive effect of trademark breadth on initial public offering (IPO) valuation and post-IPO performance. We implement a contingency analysis to contrast real options and signaling theory and find stronger support for the real options perspective.",

author = "Christian Fisch and Michele Meoli and Silvio Vismara and Block, \{J{\"o}rn H.\}",

note = "Funding Information: We thank participants of the 2021 Annual Meeting of the ENTFIN association, the 16th Taiwan Symposium on Innovation Economics and Entrepreneurship, the BEF launch event (Milano). as well as research seminars at the University of Glasgow and the University of Luxembourg for helpful comments on earlier versions of the manuscript. Publisher Copyright: {\textcopyright} 2022 Elsevier Inc.",

year = "2022",

month = sep,

doi = "10.1016/j.jbusvent.2022.106237",

language = "English",

volume = "37",

journal = "Journal of Business Venturing",

issn = "0883-9026",

publisher = "Elsevier Inc.",

number = "5",

}

TY - JOUR

T1 - The effect of trademark breadth on IPO valuation and post-IPO performance

T2 - an empirical investigation of 1510 European IPOs

AU - Fisch, Christian

AU - Meoli, Michele

AU - Vismara, Silvio

AU - Block, Jörn H.

N1 - Funding Information: We thank participants of the 2021 Annual Meeting of the ENTFIN association, the 16th Taiwan Symposium on Innovation Economics and Entrepreneurship, the BEF launch event (Milano). as well as research seminars at the University of Glasgow and the University of Luxembourg for helpful comments on earlier versions of the manuscript. Publisher Copyright: © 2022 Elsevier Inc.

PY - 2022/9

Y1 - 2022/9

N2 - Trademarks differ in breadth and can cover a wide range of categories of goods and services. We draw on real options theory and argue that greater trademark breadth constitutes a valuable real option that is associated with higher firm valuation and performance. We analyze a sample of 1510 firms that went public in Europe between 2002 and 2015 and find a positive effect of trademark breadth on initial public offering (IPO) valuation and post-IPO performance. We implement a contingency analysis to contrast real options and signaling theory and find stronger support for the real options perspective.

AB - Trademarks differ in breadth and can cover a wide range of categories of goods and services. We draw on real options theory and argue that greater trademark breadth constitutes a valuable real option that is associated with higher firm valuation and performance. We analyze a sample of 1510 firms that went public in Europe between 2002 and 2015 and find a positive effect of trademark breadth on initial public offering (IPO) valuation and post-IPO performance. We implement a contingency analysis to contrast real options and signaling theory and find stronger support for the real options perspective.

UR - http://www.scopus.com/inward/record.url?scp=85133446772&partnerID=8YFLogxK

U2 - 10.1016/j.jbusvent.2022.106237

DO - 10.1016/j.jbusvent.2022.106237

M3 - Article

AN - SCOPUS:85133446772

SN - 0883-9026

VL - 37

JO - Journal of Business Venturing

JF - Journal of Business Venturing

IS - 5

M1 - 106237

ER -

The effect of trademark breadth on IPO valuation and post-IPO performance: an empirical investigation of 1510 European IPOs

Abstract

Bibliographical note

Access to Document

Other files and links

Fingerprint

Cite this