Explaining the variance in underpricing among venture capital-backed ipos : A comparison between private and corporate VC firms
Research output: Journal Publications and Reviews (RGC: 21, 22, 62) › 21_Publication in refereed journal › peer-review
Author(s)
Related Research Unit(s)
Detail(s)
| Original language | English |
|---|---|
| Pages (from-to) | 331-342 |
| Journal / Publication | Strategic Entrepreneurship Journal |
| Volume | 7 |
| Issue number | 4 |
| Online published | 24 Oct 2013 |
| Publication status | Published - Dec 2013 |
Link(s)
Abstract
In this study, we argue from the resource-based view and multiple agency theory that private and corporate VC firms have different impacts on IPO underpricing among VC-backed IPOs due to their different interests, motivations, and resources. Private VC firms are primarily financial oriented, but corporate VC firms generally are strategic in orientation. Using a sample of 200 VC-backed IPOs from 2000 to 2007, we found support for the hypotheses that among VC-backed IPOs, private VC ownership is positively associated with underpricing, whereas corporate VC ownership is negatively associated with underpricing. Copyright © 2013 Strategic Management Society. © 2013 Strategic Management Society.
Research Area(s)
- Corporate VC, Entrepreneurial ventures, IPO underpricing, Private VC, Venture capital firms
Citation Format(s)
Explaining the variance in underpricing among venture capital-backed ipos : A comparison between private and corporate VC firms. / Wang, Xiaodan 'Abby'; Wan, William P.
In: Strategic Entrepreneurship Journal, Vol. 7, No. 4, 12.2013, p. 331-342.Research output: Journal Publications and Reviews (RGC: 21, 22, 62) › 21_Publication in refereed journal › peer-review
