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ABSTRACT. In this paper, we present an argument for the application of expectancy theory to the decision take a privately held firm public. Expectancy theory is well suited as the foundation for the creation of a theory to describe or understand the motivation for a privately held firm to go public. It is clear that going public is not best for every small firm desiring additional funding. Where raising cash is the primary objective, alternative sources of financing such as borrowing at financial institutions, equipment leasing, strategic partnering, securing private investors, employee stock ownership plans, government assistance programs, or the use of venture capitalists may prove to be better avenues of pursuit. pp. 44–70

Keywords: expectancy theory; initial public offering; start up
JEL codes: G32; G34; L26; M13

JAY T. BRANDI
Department of Finance,
University of Louisville
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BRUCE KEMELGOR
Department of Management,
University of Louisville

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