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http://bura.brunel.ac.uk/handle/2438/19384
Title: | Venture Capital Investment and the Post-IPO Performance of Entrepreneurial Firms: Evidence from the People's Republic of China |
Authors: | Guo, D Jiang, K Mai, X |
Keywords: | venture capital;post-IPO performance and growth;corporate governance;specialization and experience |
Issue Date: | 2015 |
Publisher: | MIT Press - Journals |
Citation: | Asian Development Review, 2015, 32 (1), pp. 113 - 141 |
Abstract: | We examine the effects of venture capital (VC) investment on the performance (measured by return on assets, return on equity, and Tobin’s Q) and growth (measured by growth of total sales and total number of employees) of entrepreneurial firms in the People’s Republic of China (PRC) after an initial public offering (IPO). Firm-level panel data analysis shows that VC investment contributes to the long-term performance and growth of entrepreneurial firms after an IPO. Meanwhile,we observe a significant and positive relationship between corporate governance of firms and VC investment. However, we do not find that experience or specialization of VC firms influences the effects of venture investment on post-IPO performance or growth of entrepreneurial firms in the PRC. |
URI: | http://bura.brunel.ac.uk/handle/2438/19384 |
DOI: | http://dx.doi.org/10.1162/adev_a_00043 |
ISSN: | 0116-1105 http://dx.doi.org/10.1162/adev_a_00043 1996-7241 |
Appears in Collections: | Brunel Business School Research Papers |
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