A COMPARISON OF JAPANESE AND UNITED-STATES FIRMS COMPLETING INITIAL PUBLIC OFFERINGS

A questionnaire survey of 79 japanese and 24 U.S. firms that recently underwent initial public offerings (IPOs) reveals important differences on variables of interest to entrepreneurship researchers. Whereas Japanese IPOs are less numerous, they tended to score more toward the entrepreneurial extreme on measures of founder dominance, top management personality characteristics, management style, and emphasis on research and development. This pattern is consistent with a previous hypothesis that the lack of structural support for new firms in Japan results in only the most extreme personalities pursuing and succeeding in company formation.