scholarly journals Venture Capital, Ownership Concentration and Enterprise R&D Investment

2016 ◽  
Vol 91 ◽  
pp. 519-525 ◽  
Author(s):  
Hongxing Wen ◽  
Kui Xia
Keyword(s):  
Venture Capital ◽  
Ownership Concentration ◽  
Capital Ownership ◽  
D Investment

scholarly journals Ownership, board structure, and corporate performance: Evidence of French VC-backed firms

2010 ◽  
Vol 6 (3) ◽  
pp. 7-20 ◽  
Author(s):  
Amina Hamdouni
Keyword(s):  
Firm Performance ◽  
Venture Capital ◽  
Ownership Structure ◽  
Ownership Concentration ◽  
Board Structure ◽  
Outside Directors ◽  
Strong Relation ◽  
And Performance ◽  
Capital Ownership ◽  
Director Ownership

The purpose of this paper is to examine the effect of ownership structure and board structure on performance in VC-backed firms. Using 106 French VC-backed firms, our methodology in this paper is to estimate four equations. A regression analysis is then used to study the impact of ownership structure and board structure on performance and also to analyze whether ownership structure (ownership concentration, director ownership, venture capital ownership and employee ownership) and board variables (size, outside directors, COE-chairman duality, proportion of VC directors, proportion of employee directors and board meeting frequency) are significant determinants of VC-backed firm performance. Results indicate a strong positive relation between ownership concentration and performance and between director ownership and performance measured by ROE. And strong negative relation between ownership concentration and performance and between director ownership and performance measured by ROA. No strong relation was found between venture-capital ownership, employee ownership and firm performance. Results show also a strong negative relation between board size and performance measured by ROE and positive relation between board size and performance measured by ROA, Tobin’s Q and MVA. The proportion of independent outside directors on the board was positively associated with ROE and negatively associated with ROA. The presence of a dual leadership structure is negatively associated with ROE and positively associated with ROA. No strong relation was found between the proportion of venture-capital in board, the presence of employee in board, or board meeting frequency and firm performance.

scholarly journals Enterprises’ R&D Investment, Venture Capital Syndication and IPO Underpricing

2021 ◽  
Vol 13 (13) ◽  
pp. 7290
Author(s):  
Xuemeng Guo ◽  
Kai Li ◽  
Siyi Yu ◽  
Bolu Wei
Keyword(s):  
Venture Capital ◽  
Information Asymmetry ◽  
Adverse Selection ◽  
Significant Positive Correlation ◽  
Ipo Underpricing ◽  
Positive Correlation ◽  
The Relationship ◽  
D Investment

Based on the data of companies that got ChiNext listed from 2009 to 2018, this paper empirically studies the relationship among R&D investment, venture capital (VC) syndication and IPO underpricing. It is found that there is a significant positive correlation between R&D investment and IPO underpricing, indicating that the higher the R&D investment is, the higher the IPO underpricing degree is; the intervention of VC syndication plays a role of “adverse selection” instead of giving play to its advantages of sharing information, which intensifies the positive correlation between R&D investment and IPO underpricing. Further analysis shows that the reputation of the leading VC in syndication can play a negative regulating role; the higher the reputation of the leading VC is, the more it can play the “certification effect”, reduce the information asymmetry caused by R&D investment, therefore alleviating the IPO underpricing caused by R&D investment.

scholarly journals Ownership structure, board of directors and R&D investments: evidence from France.

2008 ◽  
Vol 5 (3) ◽  
pp. 250-262 ◽  
Author(s):  
Basma Sellami Mezghanni
Keyword(s):  
Board Of Directors ◽  
Chief Executive Officer ◽  
Ownership Structure ◽  
Chief Executive ◽  
Ownership Concentration ◽  
Outside Directors ◽  
Investment Level ◽  
Inside Directors ◽  
The Impact ◽  
D Investment

The purpose of this research is to analyze the impact of the characteristics related to the ownership structure and board of directors, as mechanisms of governance, on the research and development (R&D) intensity. The study carried out on a sample of French companies belonging to the SBF 250 index shows that ownership concentration and duality of chief executive officer and chairman roles have no significant effect on the R & D intensity. The board sizes as well as the proportion of inside directors in the board have a positive and significant effect on R & D intensity. However, the participation of outside directors in capital tends to urge managers to reduce R&D investment level

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