Shareholding by venture capitalists and R&D investment of start-up firms

• 岡室, 博之

  Hitotsubashi University

• ZHANG, Jian Xiong

抄録

We analyze the influence of ownership structure on the R&D (research and development) investment of start-up firms. Previous studies on the relationship between ownership and R&D have targeted on large listed firms and focused on ownership concentration, regardless of R&D investment under asymmetric information, and that R&D projects, particularly those of start-up firms, strongly depend on the financing fromventure capitalists (VCs). Using a unique dataset of Japanese start-up firms, we find that the shareholding by VCs have, in fact, positively affects the R&D investment and that the impact of VCs funding is especially large when the shareholding by thelead VC exceeds 10%.

収録刊行物

• Corporate Ownership and Control

  Corporate Ownership and Control 7 142-149, 2010-04

  VIRTUS INTERPRESS

詳細情報

• CRID: 1050569015532953984
• NII論文ID: 120006929932
• HANDLE: 10086/23071
• 本文言語コード: en
• 資料種別: journal article
• データソース種別:
  • IRDB
  • CiNii Articles