Template-type: ReDIF-Paper 1.0
Author-Name: Colombelli, Alessandra
Author-Email: alessandra.colombelli@unito.it
Author-Workplace-Name: University of Turin
Author-Workplace-Homepage: http://www.est.unito.it/
Title: Entrepreneurial dimensions of the growth of small companies
Abstract:The aim of this paper is to highlight the main features of entrepreneurial businesses and to shed light 
on the determinants of the growth of small firms undertaking an IPO. For this purpose, we centre our attention on 
companies going public on the Alternative Investment Market (AIM), a market dedicated to young and growing 
companies. In the paper we investigate the post-IPO performance of 665 listed firms that have gone public during 
the period from 1995 to 2006. In the work the factors influencing business performance are inferred from a broad 
range of variables (e.g. accounting information, CEO and board age, educational background and past experience). 
Our findings confirm that small companies listed on the AIM grow at a faster rate after the IPO. It seems
that intangible assets are important determinants of their fast growth. The results of this work underline the 
relevance of secondary markets, such as the AIM, as a valuable alternative to traditional financial institutions 
in providing capital to small and entrepreneurial companies.
Length: 33 pages
Creation-Date: 2009-02
File-URL:http://www.est.unito.it/do/home.pl/Download?doc=/allegati_wp/wp2009dip_l_b/2_wp_momigliano.pdf
File-Format: Application/PDF
Handle: RePEc:uto:labeco:200902