The impact of mixed syndication between government and private venture capital on investees in Estonia
Purpose – The study compares the impacts of mixed syndication venture capital (VC) investment and private VC (PVC) investment on the transitional performance indicators of intangible assets, fixed assets, liabilities and number of employees in Estonia. It also examines the impact of mixed syndicatio...
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| Format: | Article |
| Language: | English |
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Emerald Publishing
2023-03-01
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| Series: | Journal of Asian Business and Economic Studies |
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| Online Access: | https://www.emerald.com/insight/content/doi/10.1108/JABES-01-2022-0003/full/pdf |
| _version_ | 1797789099320410112 |
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| author | Tetsuya Kirihata |
| author_facet | Tetsuya Kirihata |
| author_sort | Tetsuya Kirihata |
| collection | DOAJ |
| description | Purpose – The study compares the impacts of mixed syndication venture capital (VC) investment and private VC (PVC) investment on the transitional performance indicators of intangible assets, fixed assets, liabilities and number of employees in Estonia. It also examines the impact of mixed syndication on investees' sales and profit. Design/methodology/approach – This study conducted panel data regression analyses based on the dataset consists of yearly data from 2006 to 2015 for more than 187,000 unlisted firms in Estonia. Findings – Results showed that mixed syndication had a significant positive effect on the number of employees of investees but not on investees' sales and profit. PVC investment had a significant positive effect on investee sales but not on the transitional performance indicators of investees. Originality/value – The study has two unique research contributions. First, it investigates the impact of syndicated investment on investees' transitional performance indicators in addition to performance indicators. Second, it focuses on Estonia, an emerging country that has somewhat achieved success in fostering information and communications technology startups and is one of the earliest emerging countries to implement a mixed syndication VC investment policy. |
| first_indexed | 2024-03-13T01:45:00Z |
| format | Article |
| id | doaj.art-b889a621280345ea87890c63ac755f0a |
| institution | Directory Open Access Journal |
| issn | 2515-964X |
| language | English |
| last_indexed | 2024-03-13T01:45:00Z |
| publishDate | 2023-03-01 |
| publisher | Emerald Publishing |
| record_format | Article |
| series | Journal of Asian Business and Economic Studies |
| spelling | doaj.art-b889a621280345ea87890c63ac755f0a2023-07-03T09:17:25ZengEmerald PublishingJournal of Asian Business and Economic Studies2515-964X2023-03-01301496610.1108/JABES-01-2022-0003The impact of mixed syndication between government and private venture capital on investees in EstoniaTetsuya Kirihata0College of Business Administration, Ritsumeikan University, Osaka Ibaraki Campus, Ibaraki, JapanPurpose – The study compares the impacts of mixed syndication venture capital (VC) investment and private VC (PVC) investment on the transitional performance indicators of intangible assets, fixed assets, liabilities and number of employees in Estonia. It also examines the impact of mixed syndication on investees' sales and profit. Design/methodology/approach – This study conducted panel data regression analyses based on the dataset consists of yearly data from 2006 to 2015 for more than 187,000 unlisted firms in Estonia. Findings – Results showed that mixed syndication had a significant positive effect on the number of employees of investees but not on investees' sales and profit. PVC investment had a significant positive effect on investee sales but not on the transitional performance indicators of investees. Originality/value – The study has two unique research contributions. First, it investigates the impact of syndicated investment on investees' transitional performance indicators in addition to performance indicators. Second, it focuses on Estonia, an emerging country that has somewhat achieved success in fostering information and communications technology startups and is one of the earliest emerging countries to implement a mixed syndication VC investment policy.https://www.emerald.com/insight/content/doi/10.1108/JABES-01-2022-0003/full/pdfMixed syndication between government and private venture capitalPrivate venture capitalInvestmentInvestee performanceEstoniaEmerging countries |
| spellingShingle | Tetsuya Kirihata The impact of mixed syndication between government and private venture capital on investees in Estonia Journal of Asian Business and Economic Studies Mixed syndication between government and private venture capital Private venture capital Investment Investee performance Estonia Emerging countries |
| title | The impact of mixed syndication between government and private venture capital on investees in Estonia |
| title_full | The impact of mixed syndication between government and private venture capital on investees in Estonia |
| title_fullStr | The impact of mixed syndication between government and private venture capital on investees in Estonia |
| title_full_unstemmed | The impact of mixed syndication between government and private venture capital on investees in Estonia |
| title_short | The impact of mixed syndication between government and private venture capital on investees in Estonia |
| title_sort | impact of mixed syndication between government and private venture capital on investees in estonia |
| topic | Mixed syndication between government and private venture capital Private venture capital Investment Investee performance Estonia Emerging countries |
| url | https://www.emerald.com/insight/content/doi/10.1108/JABES-01-2022-0003/full/pdf |
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