- 著者
- 吉田 悠記子
- 出版者
- 日本経営学会
- 雑誌
- 日本経営学会誌 (ISSN:18820271)
- 巻号頁・発行日
- vol.45, pp.29-42, 2020 (Released:2021-09-01)
- 参考文献数
- 38
What value can startups derive from investment by non-financial companies? It has been revealed that venture capital (hereinafter VC) provides not only capital but also various supports for early growth of startups (Carpenter and Petersen, 2002). Financial companies including banks are also analyzed as the source of capital for startups, especially in terms of their differences from VC (Winton and Yerramilli, 2008; Marcus et al, 2013). In addition, the importance of open innovation is increasing (Chesbrough, 2003). Because of non-financial company’s benefits by collaborating with startups, the investment ratio of non-financial companies is still high. However, the impact caused by non-financial companies on the growth of startups has not been fully clarified in previous research. Based on the institutional logic and the resourced-based view, this study analyzed the impact caused by non-financial companies as well as VC and financial companies on initial public offerings (hereinafter IPOs) of startups. This study analyzes the data of startups that went public on the Japanese stock exchange from 2007 to 2009. The dependent variable is the period up to IPO, which is an indicator of the speed of growth of startup. The independent variables are the investment ratios of five types of investors before IPO, non-financial companies, financial companies, corporate venture capital (hereinafter CVC) by non-financial companies, CVC by financial companies and independent VC, which are indicators of impact caused by investors. As a result, it is confirmed that the period until IPO is shortened when the investment ratio of non-financial company is high. This means that the growth of the startup up to IPO was promoted earlier because of the investment by non-financial companies. The contribution of this research is that it has clarified the impacts for the growth of startup caused by non-financial companies, under the situation with several types’ investors.