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A Study of Grandstanding According to the Types of Venture Capital in Korea

벤처캐피탈 유형과 기업 성과 관계 연구: 독립형벤처캐피탈과 기업형벤처캐피탈 비교연구

  • 임은천 (국민대학교 대학원 경영학과) ;
  • 김도현 (국민대학교 경영학부)
  • Received : 2017.08.31
  • Accepted : 2017.11.15
  • Published : 2017.12.31

Abstract

In this study, we argue from the Resource-Based View and Signaling Theory that Independent and Corporate VC firms have Different Impacts on time to IPO due to their Different Interests, Motivations, and Resources. Independent VC firms are primarily Financial Oriented, but Corporate VC firms generally are Strategic in Orientation. The results of this study indicate that the time to IPO is differentiated between Corporate VC firms and Independent VC firms. The results show that Independent VC firms have shorter the time to IPO compared to the time to IPO of Corporate VC firms. In addition, this study suggests that it is necessary for firms to select a venture capital that suits their situation and secure a competitive advantage. Using a sample of 300 IPOs from 2010 to 2016, we found Support for the Hypotheses that Independent VC and Corporate VC Ownership are Positively Associated with Time to IPO, whereas Time to IPO of Corporate VC Ownership is Longer than that of Independent VC Ownership.

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