코스닥 상장 전 · 후 기업의 혁신성과

• 영문명: The Effects of Going Public on Firm Innovation of KOSDAQ IPO Firms
• 발행기관: 강원대학교 경영경제연구소
• 저자명: 김소연(So-Yeon Kim) 박지영(Ji-Young Park)
• 간행물 정보: 『아태비즈니스연구』아태비즈니스연구 제13권 제1호, 75~88쪽, 전체 14쪽
• 주제분류: 인문학 > 문학
• 파일형태: PDF
• 발행일자: 2022.03.30

영문 초록

Purpose - This study investigates the effects of going public on the innovation of KOSDAQ firms. Design/methodology/approach - This study uses firms that go public from 2007 to 2011 in Korea. We compare a firm’s innovation performance over five years before and after IPO. Findings - We find that firm’s innovation declines after an IPO. After going public, both the quality and the quantity of patents are decreased. However, this decrease is alleviated in high-tech industries or concentrated industries where innovation is expected to be more valuable. When comparing firms with venture capital(VC), which are more likely to window dress, to firms without VC, VC backing has no meaningful impact on changes of innovation. Research implications or Originality - As the KOSDAQ market was established to provide small and medium enterprises(SMEs) with funds for firm’s investments and growth, it is necessary to verify whether the capital raised at the IPO encourages innovation. Thus, our study contributes to the literature by examining empirically whether an IPO boosts a firm’s innovation.

목차

Ⅰ. 서론

Ⅱ. 선행연구

Ⅲ. 연구 방법

Ⅳ. 실증분석 결과

Ⅴ. 결론

키워드

IPO Innovation Activities KOSDAQ Patent Citation