Edited by Mario Levis and Silvio Vismara
Chapter 3: Survey evidence: what do we know about European and US firms’ motivations for going public?
Most of the chapters in this book provide evidence from traditional empirical studies that employ large financial data and conduct powerful statistical analysis. This chapter, instead, focuses on studies based on surveys of managers that are less common in finance but provide unique information that cannot be easily collected through traditional empirical methods. The survey method has several unique advantages as well as limitations. First, surveys allow researchers to ask direct questions on both the assumptions and implications of different financial theories. Second, traditional empirical studies are limited in their ability to deal with qualitative issues whereas surveys can facilitate such analysis. Third, survey information can also help in developing new theories or modifying existing views. For example, Lintner’s (1956) field study of US managers’ dividend policies and Pilcher’s (1955) survey on why firms issue convertible debt have led to new theoretical and empirical studies in these areas. Finally, managers also find surveys useful in learning about the practices of their peers.
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