Person: Goergen, Marc
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Marc
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Goergen
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IE University
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IE Business School
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Finance
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Publication The relationship between public listing, context, multi-nationality and internal CSR(Elsevier, 2019-08) Goergen, Marc; Chahine, Salim; Wood, Geoffrey; Brewster, Chris; https://ror.org/02jjdwm75Are MNEs more socially responsible, and where is this more likely to occur? Are firms less responsible in emerging or transitional economies, and what impact does the dominant national corporate governance regime have? We explore the association between public listing and the existence of a CSR code within specific institutional settings and assess whether MNEs are any different to their local counterparts, based on an internationally comparative survey. We find that listed firms as well as firms from civil law countries are more likely to have CSR statements. MNEs are also more likely to have CSR statements, independent of their country of origin. While we find consistent evidence of a correlation between the existence of a CSR statement and investment in staff training, the correlation between the former and employee-friendly HRM is weakerPublication Foreign Business Activities, Foreignness of the VC Syndicate, and IPO Value(SAGE Journals, 2018-09) Goergen, Marc; Chahine, Salim; Saade, Samer; https://ror.org/02jjdwm75This paper examines the role played by foreign venture capital (VC) firms in US initial public offerings (IPOs). We find that US VC-backed IPOs benefit from the foreignness of the VC syndicate. Specifically, jointly with domestic VC firms foreign VC firms certify the quality of their portfolio companies at the time of the IPO, which increases their IPO premium. Foreign VC firms also play an advisory role, enhancing the foreign business activities of their US investees, thereby increasing the IPO premium. Finally, value added by foreign VC firms is greater through their monitoring role if they originate from countries where the investee has foreign business activities.Publication Foreign Venture Capitalists and Access to Foreign Research: The Case of US Initial Public Offerings(Wiley, 2022-01) Goergen, Marc; Saade, Samer; Chahine, Salim; https://ror.org/02jjdwm75We investigate whether foreign venture capital (VC) firms create value above and beyond the value created by domestic VC firms in US initial public offering (IPO) firms. Contributing to an emerging literature on the role and effects of foreign VC firms, we study whether such VC firms enhance innovation by their investee firms. While high levels of innovation are a prerequisite for future value creation, as well as for maintaining the firm's competitive advantage, the extant literature nevertheless suggests that investors struggle with valuing innovation input when firms are about to go public. Ultimately, this results in greater rather than lower IPO underpricing. We argue that foreign VC firms, especially those from countries with high patent activity, increase the innovation levels of their investee firms. In turn, their presence in the VC syndicate signals the greater likelihood of the investee firm successfully turning innovation input (i.e. research and development (R&D) expenditures) into innovation output (i.e. patents), resulting in lower IPO underpricing. Studying a sample of 995 US IPOs conducted during 2000–2016, we find strong and consistent support for the above arguments.