The impact of mixed syndication between government and private venture capital on investees in Estonia

Kirihata, Tetsuya

doi:10.1108/jabes-01-2022-0003

Cited by 4 publications

(1 citation statement)

References 79 publications

(131 reference statements)

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“…Furthermore, the aggressive implementation of ICT, such as through e-government policy and entrepreneurship promotion measures, contributed (Nauwelaers et al. , 2013; Kirihata, 2016a, b, 2022; Kitsing, 2019) [2].…”

Section: Introductionmentioning

confidence: 99%

Contribution of business angel investments: evidence from Estonia

Kirihata

2022

JCMS

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PurposeThis study aims to analyze the contribution of business angels (BAs), defined as wealthy individuals who provide risk capital to entrepreneurial firms without family connections, in Estonia, an emerging country in Eastern Europe.Design/methodology/approachThis study compared the data of the financial and non-financial performance of BA-backed firms with that of “twin” non-BA-backed firms, extracted from all Estonian unlisted firms using propensity score matching.FindingsThe results of the comparative analysis showed that BAs were patient enough to allow their investees to spend for future growth rather than squeezing profit from increased sales. This is not patience without options for a BA in a situation in which the investee's sales are deteriorating, but rather deliberate patience in the presence of options for a BA where the investee's sales growth is increasing, contrary to conventional investor behavioral principles. It also showed that BAs' post-investment involvement did not make a direct contribution to their investees' sales, although BAs contributed to the sales increase through BA funding itself.Originality/valueThis study has two unique research contributions. First, it shows that the patience of BAs was not a by-product but was intentional, and adds to the debate on whether BAs are patient investors. Second, there are only a few studies on the contribution of BAs to their investees in emerging countries; this study aims to help fill this research gap using the case of Estonia.

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Section: Introductionmentioning

confidence: 99%

Contribution of business angel investments: evidence from Estonia

Kirihata

2022

JCMS

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Impact of technology transfer offices on university spin-off bankruptcy

Kirihata

2024

J Technol Transf

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University technology transfer offices (TTOs) support the creation and subsequent growth of university spin-offs (USOs) as a part of their “third mission.” This study empirically analyzed the impact of TTO involvement on USO bankruptcy from a social capital perspective. Using Cox proportional hazards model survival analysis, it revealed that close business relationships, customer introduction, market/customer knowledge sharing, and technology knowledge sharing with USOs significantly negatively affected their bankruptcy. None of the models promoted USO bankruptcy at any of the stages from relationship building to resource provision, aligning with the assumptions from the social capital perspective. The results revealed three vectors for effective TTO involvement in preventing USO bankruptcy: (1) professionalism in relationship building, (2) knowledge-based involvement, and (3) customer-oriented resource provision. The findings highlight the relationship between TTO involvement and USO bankruptcy from the social capital perspective, thus bridging a gap in the literature. TTOs must recruit and promote specialists who have a professional mindset, consistently maintain professional business relationships with USOs, have experience and knowledge, and are customer oriented. USOs must seek other meaningful relationship building opportunities and stimulate self-help efforts if TTOs lack supporting capabilities and remain unwilling to help.

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Exploring the Impact of Government Venture Capital (GVC) on Private Venture Capital (PVC) Investment Choices in China's Semiconductor Industry

Wang,

Gao,

Yang

2024

IJEFM

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Can government venture capital (GVC) change the investment choice of private venture capital (PVC) to fulfill its political mission? Most of the previous literatures on GVC and PVC focus on the post venture capital (VC), while there are few studies on the impact of GVC on PVC before venture capital investment. This phenomenon is more obvious in previous studies with China as the research background. Based on the background of China's semiconductor industry, which is strongly supported by the Chinese government, this paper studies whether GVC can affect the investment niche and venture capital investment mode of PVC. Through empirical analysis of the VC data of semiconductor industry in Anhui, Beijing, Jiangsu and Guangdong provinces from 2012 to 2022, I found that in the semiconductor venture capital market of the above four provinces and cities, GVC effectively played a role of leverage and effectively attracted PVC to invest in the semiconductor industry. And as the number of semiconductor GVC data as a percentage of all semiconductor VC data continues to decline year after year, PVC is more inclined to invest in semiconductor R&D firms, and more inclined to invest the firms whose location has served as a target region for government semiconductor related guided funds, and the investment form of PVC is more inclined to syndicate investment with government venture capitalists. It can be said that GVC has effectively influenced the investment decisions of PVC and fulfilled its political mission of promoting the independence of technology and production in China's semiconductor industry.

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The impact of mixed syndication between government and private venture capital on investees in Estonia

Cited by 4 publications

References 79 publications

Contribution of business angel investments: evidence from Estonia

Contribution of business angel investments: evidence from Estonia

Impact of technology transfer offices on university spin-off bankruptcy

Exploring the Impact of Government Venture Capital (GVC) on Private Venture Capital (PVC) Investment Choices in China's Semiconductor Industry

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The impact of mixed syndication between government and private venture capital on investees in Estonia

Cited by 4 publications

References 79 publications

Contribution of business angel investments: evidence from Estonia

Contribution of business angel investments: evidence from Estonia

Impact of technology transfer offices on university spin-off bankruptcy

Exploring the Impact of Government Venture Capital (GVC) on Private Venture Capital (PVC) Investment Choices in China&apos;s Semiconductor Industry

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Product

Resources

About

Exploring the Impact of Government Venture Capital (GVC) on Private Venture Capital (PVC) Investment Choices in China's Semiconductor Industry