Where do we go? VC firm heterogeneity and the exit routes of newly listed high-tech firms
| dc.rights.license | open | en_US |
| hal.structure.identifier | Groupe de Recherche en Economie Théorique et Appliquée [GREThA] | |
| dc.contributor.author | USECHE, Diego | |
| dc.contributor.author | POMMET, Sophie | |
| dc.date.accessioned | 2022-03-01T15:54:30Z | |
| dc.date.available | 2022-03-01T15:54:30Z | |
| dc.date.issued | 2021 | |
| dc.identifier.issn | 0921-898X | en_US |
| dc.identifier.other | https://static-content.springer.com/esm/art%3A10.1007%2Fs11187-020-00351-x/MediaObjects/11187_2020_351_MOESM1_ESM.docx | en_US |
| dc.identifier.uri | oai:crossref.org:10.1007/s11187-020-00351-x | |
| dc.identifier.uri | https://oskar-bordeaux.fr/handle/20.500.12278/128782 | |
| dc.description.abstractEn | 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. | |
| dc.description.sponsorship | Initiative d'excellence de l'Université de Bordeaux - ANR-10-IDEX-0003 | en_US |
| dc.language.iso | EN | en_US |
| dc.source | crossref | |
| dc.subject | Corporate venture capital | |
| dc.subject | Bank-affiliated venture capital | |
| dc.subject.en | IPO survivability | |
| dc.subject.en | Independent venture capital | |
| dc.subject.en | High-tech firms | |
| dc.subject.en | Firm failure | |
| dc.subject.en | Cross-border M&As | |
| dc.title.en | Where do we go? VC firm heterogeneity and the exit routes of newly listed high-tech firms | |
| dc.type | Article de revue | en_US |
| dc.identifier.doi | 10.1007/s11187-020-00351-x | en_US |
| dc.subject.hal | Économie et finance quantitative [q-fin] | en_US |
| dc.subject.jel | G - Financial Economics::G2 - Financial Institutions and Services::G24 - Investment Banking; Venture Capital; Brokerage; Ratings and Ratings Agencies | en_US |
| dc.subject.jel | G - Financial Economics::G3 - Corporate Finance and Governance::G30 - General | en_US |
| dc.subject.jel | L - Industrial Organization::L2 - Firm Objectives, Organization, and Behavior::L26 - Entrepreneurship | en_US |
| bordeaux.journal | Small Business Economics | en_US |
| bordeaux.page | 1339-1359 | en_US |
| bordeaux.volume | 57 | en_US |
| bordeaux.hal.laboratories | Groupe de Recherche en Economie Théorique et Appliquée (GREThA) - UMR 5113 | en_US |
| bordeaux.issue | 3 | en_US |
| bordeaux.institution | Université de Bordeaux | en_US |
| bordeaux.institution | CNRS | en_US |
| bordeaux.peerReviewed | oui | en_US |
| bordeaux.inpress | non | en_US |
| bordeaux.import.source | dissemin | |
| hal.identifier | hal-02797121 | |
| hal.version | 1 | |
| hal.export | true | |
| workflow.import.source | dissemin | |
| dc.rights.cc | Pas de Licence CC | en_US |
| bordeaux.COinS | ctx_ver=Z39.88-2004&rft_val_fmt=info:ofi/fmt:kev:mtx:journal&rft.jtitle=Small%20Business%20Economics&rft.date=2021&rft.volume=57&rft.issue=3&rft.spage=1339-1359&rft.epage=1339-1359&rft.eissn=0921-898X&rft.issn=0921-898X&rft.au=USECHE,%20Diego&POMMET,%20Sophie&rft.genre=article |
Fichier(s) constituant ce document
| Fichiers | Taille | Format | Vue |
|---|---|---|---|
|
Il n'y a pas de fichiers associés à ce document. |
|||