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Where do we go? VC firm heterogeneity and the exit routes of newly listed high-tech firms

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  • Diego Useche

    (CREM - Centre de recherche en économie et management - UNICAEN - Université de Caen Normandie - NU - Normandie Université - UR - Université de Rennes - CNRS - Centre National de la Recherche Scientifique)

  • Sophie Pommet

    (GREDEG - Groupe de Recherche en Droit, Economie et Gestion - UNS - Université Nice Sophia Antipolis (1965 - 2019) - CNRS - Centre National de la Recherche Scientifique - UniCA - Université Côte d'Azur)

Abstract

In this paper, we study how the support of heterogeneous venture capital firms (VCs), that is independent venture capital firms (IVCs), bank-affiliated venture capital firms (BVCs), and corporate venture capital firms (CVCs), shapes the delisting route of companies through business failure and merger and acquisitions (MandAs), while distinguishing between European MandAs and extra-EU MandAs after the initial public offering (IPO). We find that the influence of the VCs in the firms' post-IPO delisting varies according to the mode of delisting and the type of venture capitalist. In particular, we find that the presence of leading IVC and BVC investments before IPO is related to a lower likelihood of exiting the stock market through business failure but does not significantly affect the likelihood of MandAs. In contrast, the presence of CVC investors is related to a higher likelihood of delisting through extra-EU MandAs.

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  • Diego Useche & Sophie Pommet, 2021. "Where do we go? VC firm heterogeneity and the exit routes of newly listed high-tech firms," Post-Print hal-02797121, HAL.
    • Handle: RePEc:hal:journl:hal-02797121
    DOI: 10.1007/s11187-020-00351-x
    Note: View the original document on HAL open archive server: https://univ-rennes.hal.science/hal-02797121
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    Keywords

    Corporate venture capital; Bank-affiliated venture capital; High-tech firms; Firm failure; Cross-border MandAs; Independent venture capital; IPO survivability;
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