The global economy has spawned a new business organization. This new organization is often referred to as a multinational, transnational or global business organization. These organizations not only sell their products or services in more than one nation, but also undertake operations in more...

We examine how firms adapt their organization when they go public. To conform with the requirements of public capital markets, we expect IPO firms to become more organized, making the firm more accountable and its human capital more easily replaceable. We find that IPO firms transform into a...