USECHE, Diego; POMMET, Sophie

doi:10.1007/s11187-020-00351-x

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USECHE, Diego
Groupe de Recherche en Economie Théorique et Appliquée [GREThA]

POMMET, Sophie

Idioma

Article de revue

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Small Business Economics. 2021, vol. 57, n° 3, p. 1339-1359

Resumen en inglés

In this paper, we study how the support of heterogeneous venture capital firms (VCs), that is: independent venture capital firms (IVCs), bank-affiliated venture capital firms (BVCs), and corporate venture capital firms (CVCs), shapes the delisting route of companies through business failure and merger and acquisitions (M&As), while distinguishing between European M&As and extra-EU M&As after the initial public offering (IPO). We find that the influence of the VCs in the firms’ post-IPO delisting varies according to the mode of delisting and the type of venture capitalist. In particular, we find that the presence of leading IVC and BVC investments before IPO is related to a lower likelihood of exiting the stock market through business failure but does not significantly affect the likelihood of M&As. In contrast, the presence of CVC investors is related to a higher likelihood of delisting through extra-EU M&As.< Leer menos

Palabras clave

Corporate venture capital

Bank-affiliated venture capital

Palabras clave en inglés

IPO survivability

Independent venture capital

High-tech firms

Firm failure

Cross-border M&As

Proyecto ANR

Initiative d'excellence de l'Université de Bordeaux - ANR-10-IDEX-0003

Centros de investigación

Groupe de Recherche en Economie Théorique et Appliquée (GREThA) - UMR 5113