Abstract
[Purpose] This study explores how the founder identities are related to the time it takes for a new venture to go public and the average tenure of its employees. Through this, we aimed to derive implications for how founder identity influences IPO decisions and the creation of favorable working environments for its members. [Methodology]We analyzed prospectus statement submitted by the companies preparing IPOs to the securities authority, using a sample of 107 firms newly listed between January 2024 and July 2025. Specifically, the section containing detailed explanations of the business model enable us to understand how the founders perceive their businesses. By analyzing this section, we measured the founder identity and examined the relationship between this characteristic and other company attributes. We measured founder identity based on frequency using a key word list designed for this purpose. [Findings]By analyzing the prospectus statements, we measured three types of founder identities - Darwinian, Missionary, and Communitarian. The findings partially supported our hypotheses and show that each identity exerts distinct effects on the time from founding to IPO and employee tenure. Specifically, the higher the darwinian and missionary founder identity, the longer it took to go public, and the higher the darwinian identity, the longer the tenure of organizational members. [Implications]By confirming that founder identities continue to exert a significant influence not only on the outcomes temporally closer to the startup stage, but also on outcomes that are more distant from the point of startup, this study expands the scope of current founder identity theory research. Additionally, by utilizing a list of words that can be used to measure founder identity in automated ways, in combination with natural language processing(NLP) techniques, this study tabs into the possibility of leveraging publicly available, rich text data in future research
| Original language | Korean |
|---|---|
| Pages (from-to) | 183-202 |
| Number of pages | 20 |
| Journal | 경영과 정보연구 |
| Volume | 44 |
| Issue number | 3 |
| DOIs | |
| State | Published - Sep 2025 |
Keywords
- Founder Identity
- IPO
- Business Strategy
- Organizational Change
- Employee Tenure
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