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Identifier to cite or link to this item: https://hdl.handle.net/10086/23071

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Title
Shareholding by venture capitalists and R&D investment of start-up firms
Creator
Creator Name
OKAMURO, Hiroyuki OKAMURO, Hiroyuki
岡室, 博之 岡室, 博之
Affiliation
Affiliation Name
Hitotsubashi University
Creator Name
ZHANG, Jian Xiong ZHANG, Jian Xiong
Abstract
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%.
Publisher
VIRTUS INTERPRESS
Issued Date
2010-04
Language
English(eng)
Resource Type
journal article
Version Type
AM
Source Title
Corporate Ownership and Control
Volume Number
7
Page Start
142
Page End
149
Appears in Collections
010a Journal Articles　=　雑誌掲載論文
URL
https://hdl.handle.net/10086/23071