Innovation and Venture Capital Exits  

Oleh:

Schwienbacher, Armin

Jenis: Article from Journal - ilmiah internasional
Dalam koleksi: The Economic Journal (EBSCO) vol. 118 no. 533 (Nov. 2008), page 1888.
Topik: Innovation; Venture Capital Exits; IPO; Benefit
Fulltext: 1888.pdf (327.09KB)

Ketersediaan

Perpustakaan Pusat (Semanggi) Nomor Panggil: EE28.29 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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Isi artikel

This article analyses how start-ups financed by venture capital choose their innovation strategy based on the investor's exit preferences and thereby form different outcomes in the product market. It considers innovation choices and venture capital exits (IPO vs trade sale) in a setting in which entrepreneurs derive private benefits from staying independent, which is better guaranteed under an IPO. The entrepreneur has incentives to distort the innovation strategy in order to induce the venture capitalist to bring the company public. The analysis generates a number of empirical implications for the link between innovation, valuation, venture capital exit routes and market structure.

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