IPO Research

IPO/Fast Growth

As a research based organization, we value continuous learning, and provide our partners with access to our work.

The entrepreneurial growth ceiling: Using people and innovation to mitigate risk and break through the growth ceiling in initial public offerings.
- Welbourne, T.M., Neck, H.M. & Meyer, G.D. (2012).
Management Decision. pp. 778-796.

Wall Street Reaction to Women in IPO's
- Welbourne, T.M., Cycyota, C.S. & Ferrante, C.J. (2007).

An examination of gender diversity in top management teams. Group and Organization Management. October, 33(5): 524-547.

Structuring For High Reliability: HR Practices And Mindful Processes In Reliability - Seeking Organizations
- Vogus and Welbourne

Journal of Organizational Behavior
, Summer 2003

"IPO.itis, An Examination of Symptoms and Remedies for High Growth – High Change Organizations"
- Welbourne

Executive Talent Magazine
, Summer 2000

By Theresa M. Welbourne, Ph.D., Associate Professor, University of Michigan Business School and CEO, eePulse, Inc.

"The Human Resource Executive in Initial Public Offering Firms"
- Welbourne and Cyr

Academy of Management Journal, 1999,42(6),616-629

Award Winning Paper - 1999 Human Resource Scholar Achievement Award, Academy of Management

This study examines the impact that senior HRM executives have on the performance of firms making their initial public offerings.

"Valuing Employees: A Success Strategy For Fast Growth Firms and Fast Paced Individuals"
- Welbourne

Frontiers of Entrepreneurship Research (1997). Proceedings of the 17th Annual Entrepreneurship Research Conference, Center for Entrepreneurship Studies, Babson College

Award Winning Paper for empirical studies of growth strategies-performance relationships

This research considers the effect of pace on employee and firm performance. Firms that place a high value on employees and grow at a faster pace achieve higher stock price growth. Also, employees that work at a faster pace and feel valued are higher performers.

"Predicting the Performance of Initial Public Offerings: Should Human Resource Management be in the Equation?"
- Welbourne and Andrews

Academy of Management Journal 39(4), 891-919. 1996.

This study examines how human resource value and organization-based rewards predict initial investor reaction and long-term survival.

"Wall Street Likes its Women: An Examination of the Top Management Teams of Initial Public Offerings"
- Welbourne

Working Paper

This study examines the effect of having women on the top management teams of IPO firms on the organizations' short and long-term financial performance.

"How New Venture Initial Public Offerings Benefit from International Operations: A Study of Human Resource Value."
- Welbourne and DeCieri

Published. International Journal of Human Resource Management (June 2001).

This study focuses on a special class of companies called new venture firms. It explores the moderating effect that human resource value has on these firms and how well equipped they are to embrace the unique benefits of international diversity.

"The People Performance Balance in IPO Firms: The effect of Chief Executive Officer (CEO) Financial Orientation."
- Andrews and Welbourne

Entrepreneurship Theory and Practice. (Fall 2000)

This study examines one factor that may influence the firm's choice between maximizing short-term financial performance (doing well at the IPO) or long-term performance (maximizing HR value). The decision on how to balance these forces is shaped in part by the Chief Executive Officer's (CEO) functional background.

"Using Ownership as an Incentive: Does the "Too Many Chiefs" Rule Apply in Entrepreneurial Firms?"
- Welbourne and Cyr

Group and Organization Management 24(4), 438-460. 1999.

Award Winning Paper - 1999 Sara and George MCCune Best Paper Award, Group and Organization Management Journal

This study examines the effect of chief executive officer (CEO) ownership, executive team ownership, and all employee ownership in addition to the moderating effect of risk on firm survival and stock price.

"Getting Past the "Entrepreneurial Growth Ceiling": A Longitudinal Study of IPO Firm Growth Through Solution Driven Strategies"
- Welbourne, Meyer, and Neck

Frontiers of Entrepreneurship Research (1998). Proceedings of the 18th Annual Entrepreneurship Research Conference, Center for Entrepreneurship Studies, Babson College

This paper introduces the concept of the Entrepreneurial Growth Ceiling (EGC). It argues that new venture IPOs hit the EGC prior to their IPO, and a firm's ability to break through the ceiling quickly (within a year following the IPO) is critical for long-term performance.

IPO/Fast Growth Research "Human Resource Management in Initial Public Offering Firms: Validation of a Control Orientation Typology"
- Welbourne and Cyr

Advances in Entrepreneurship, Firm Emergence, and Growth, v3. 1997.

This study proposes a theory-based typology of human resource control and validates it in a sample of initial public offering firms.

"Does the Leader Make a Difference? Effects of Top Executive Personality on Entrepreneurial Firm Performance"
- Welbourne, Cavanaugh, and Judge

Working Paper 1999

The purpose of this study was to expand research on personality and leadership by investigating the relationship between executive leader personality and firm performance.

"Performance and Growth in Entrepreneurial Firms: What do Unions do?"
- Welbourne and Batt

Managing People In Entrepreneurial Organizations: Learning from the merger of Entrepreneurship and Human Resource Management, Vol. 5, pages 147-174, 2002.

This paper explores the effects of union presence on the performance of entrepreneurial firms in the mid-1990s (both at the initial public offering (IPO) and after the event.

"Which Resources Matter in Initial Public Offering Firms? A Longitudinal Comparison of Five Resources' Contributions to Firm Performance"
- Welbourne and Wright

Submitted to Journal of Management 1998

This study examines which resources executives in initial public offering (IPO) firms think are important to their success two years after the IPO.

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