What are the Signals of New Technology Based Ventures to Entice Venture Capitals in Developing Countries

• 발행기관: 한국유통과학회
• 저자명: Young-Keun Choi Hee-Joong Hwang
• 간행물 정보: 『한국유통과학회 학술대회 논문집』2013년 동계 국제학술대회, 171~181쪽, 전체 11쪽
• 주제분류: 경제경영 > 경제학
• 파일형태: PDF
• 발행일자: 2013.12.11

영문 초록

The present study employs insight from signalling theory to address the research question, “How do venture capitals invest new technology based ventures in developing countries?” With this research question, it examines two ways. First, what is the internal value of new technology based ventures and the identity of endorsing organization signalling to venture capitals’ investment in developing countries? Second, do venture capitals play a pivotal role for the growth of new technology based ventures in developing countries? This study then tests these hypotheses using the new technology based ventures in Korea which is a typical example of developing countries. The results find that relevant industry experience in entrepreneurs’ human capitals as internal value is a positive signal to venture capitals, while educational level has no significance and show that collaboration with business groups and certification of government as the external endorsements by respectable organizations are influential in attracting venture capitals’ investments. The results also support the positive role of venture capitals’ investments in terms of the faster IPO of new technology based ventures.

목차

Abstract

1. Introduction

2. Theory and Hypothesis

3. Research Methodology

4. Results

5. Discussions and Conclusions

References

키워드

New Technology Based Venture Signalling Theory Human Capital Business Group Venture Capital Initial Public Offering