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Venture capitalists in mature public firms.

Record Type:	Language materials, manuscript : Monograph/item
Title/Author:	Venture capitalists in mature public firms./
Author:	Celikyurt, Ugur.
Description:	1 online resource (59 pages)
Notes:	Source: Dissertations Abstracts International, Volume: 71-03, Section: A.
Contained By:	Dissertations Abstracts International71-03A.
Subject:	Finance. -
Online resource:	click for full text (PQDT)
ISBN:	9781109275117

Venture capitalists in mature public firms.
Celikyurt, Ugur.

Venture capitalists in mature public firms. - 1 online resource (59 pages)

Source: Dissertations Abstracts International, Volume: 71-03, Section: A.

Thesis (Ph.D.)--The University of North Carolina at Chapel Hill, 2009.

Includes bibliographical references

By using an original hand-collected data on the professional backgrounds of board members of S&P companies, this paper presents evidence on the role of venture capitalists (VCs) in mature public companies long time after their initial public offering (IPO). We find that 30.5% of S&P firms, which have gone public almost 20 years ago, have at least one VC director on their board, suggesting that VCs' governance role extends from newly public firms to mature public firms. VCs' presence as board members is not only limited to public firms which were VC-backed at the time of their IPO. 34.8% of the firms with VC directors were not VC-backed at the time of their IPO. We find that firms with VC directors on board exhibit greater research and development (R&D) and innovation activity measured by their patenting output. There is also a significant difference in the acquisition activity of firms with VC directors and firms with no VC directors. Firms with VC directors acquire smaller, more R&D intensive and VC-backed targets. They also exhibit a greater amount of corporate venture capital (CVC) investment and form a greater number of joint ventures and strategic alliances with VC-backed firms than firms with no VC directors. Overall, this paper provides the first piece of evidence that, in addition to their role as providers of finance, monitoring and advice for small private firms, VCs also play a significant role in mature public firms, especially in promoting the R&D and innovation activity in such firms.

Electronic reproduction.
Ann Arbor, Mich. :
ProQuest,
2024

Mode of access: World Wide Web

ISBN: 9781109275117Subjects--Topical Terms:

559073
Finance.
Subjects--Index Terms:

InnovationIndex Terms--Genre/Form:

554714
Electronic books.

Venture capitalists in mature public firms.
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500 $a Publisher info.: Dissertation/Thesis.
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502 $a Thesis (Ph.D.)--The University of North Carolina at Chapel Hill, 2009.
504 $a Includes bibliographical references
520 $a By using an original hand-collected data on the professional backgrounds of board members of S&P companies, this paper presents evidence on the role of venture capitalists (VCs) in mature public companies long time after their initial public offering (IPO). We find that 30.5% of S&P firms, which have gone public almost 20 years ago, have at least one VC director on their board, suggesting that VCs' governance role extends from newly public firms to mature public firms. VCs' presence as board members is not only limited to public firms which were VC-backed at the time of their IPO. 34.8% of the firms with VC directors were not VC-backed at the time of their IPO. We find that firms with VC directors on board exhibit greater research and development (R&D) and innovation activity measured by their patenting output. There is also a significant difference in the acquisition activity of firms with VC directors and firms with no VC directors. Firms with VC directors acquire smaller, more R&D intensive and VC-backed targets. They also exhibit a greater amount of corporate venture capital (CVC) investment and form a greater number of joint ventures and strategic alliances with VC-backed firms than firms with no VC directors. Overall, this paper provides the first piece of evidence that, in addition to their role as providers of finance, monitoring and advice for small private firms, VCs also play a significant role in mature public firms, especially in promoting the R&D and innovation activity in such firms.
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653 $a R&D
653 $a Research and development
653 $a Venture capitalists
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