PREDICTING THE PERFORMANCE OF INITIAL PUBLIC OFFERINGS - SHOULD HUMAN-RESOURCE MANAGEMENT BE IN THE EQUATION

Population ecology is used to explain the role of human resource manag ement (HRM) in enhancing the performance of initial public offering (I PO) companies. We examined the determinants of structural inertia and developed hypotheses on the relationship between HRM and organizationa l performance, The results indicate that two human resource variables, human resource value and organization-based rewards, predict initial investor reaction and long-term survival, The rewards variable negativ ely affects initial performance but positively affects survival.