Based on Chinese industrial firms' data, this study found that state capital injection weakened the technological progress and management efficiency of private firms, which led to a reduction in enterprises' total factor productivity. State capital injection also increased the labor cost and...

We compare innovation strategies of public and private firms based on a large sample over the period 1997-2008. We find that public firms' patents rely more on existing knowledge, are more exploitative, and are less likely in new technology classes, while private firms' patents are broader in...

We track firms at birth and compare the growth pattern of IPO firms and their birth-matched counterparts. Firms that are larger at birth with faster initial growth are more likely to attain a larger size later in life and go public. Firms in the top percentile of predicted propensity to go...