The effect of trademark breadth on IPO valuation and post-IPO performance: an empirical investigation of 1,510 European IPOs

Reference : The effect of trademark breadth on IPO valuation and post-IPO performance: an empiric...


	Document type :	Scientific journals : Article
	Discipline(s) :	Business & economic sciences : Strategy & innovation
	Focus Areas :	Entrepreneurship and Innovation / Audit
	To cite this reference:	http://hdl.handle.net/10993/51492

Title :	The effect of trademark breadth on IPO valuation and post-IPO performance: an empirical investigation of 1,510 European IPOs
Language :	English
Author, co-author :	Fisch, Christian [University of Luxembourg > Interdisciplinary Centre for Security, Reliability and Trust (SNT) > Entrepreneurship, Innovation, and New Technology (EINT) >]
	Meoli, Michele []
	Vismara, Silvio []
	Block, Jörn []
Publication date :	2022
Journal title :	Journal of Business Venturing
Publisher :	Elsevier
Volume :	37
Issue/season :	5
Pages :	106237
Peer reviewed :	Yes
Audience :	International
ISSN :	0883-9026
City :	Amsterdam
Country :	Netherlands
Keywords :	[en] Trademarks ; Trademark breadth ; Real options theory ; IPO ; Buy-and-hold returns ; Signaling theory
Abstract :	[en] 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.
Permalink :	http://hdl.handle.net/10993/51492
DOI :	10.1016/j.jbusvent.2022.106237
Other URL :	https://www.sciencedirect.com/science/article/pii/S0883902622000490

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