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Empirical studies on high-tech start-ups: The roles of venture capital and public support

Research Project

Project/Area Number 21H00719
Research Category

Grant-in-Aid for Scientific Research (B)

Allocation TypeSingle-year Grants
Section一般
Review Section Basic Section 07040:Economic policy-related
Research InstitutionKwansei Gakuin University

Principal Investigator

Kato Masatoshi  関西学院大学, 経済学部, 教授 (80507707)

Co-Investigator(Kenkyū-buntansha) 本庄 裕司  中央大学, 商学部, 教授 (00328030)
ALEXANDER・JEAN・LuC COAD  早稲田大学, 商学学術院(経営管理研究科), 教授 (40880480)
原 泰史  神戸大学, 経営学研究科, 准教授 (70774644)
高橋 秀徳  神戸大学, 経済経営研究所, 准教授 (90771668)
Project Period (FY) 2021-04-01 – 2024-03-31
Project Status Completed (Fiscal Year 2023)
Budget Amount *help
¥17,160,000 (Direct Cost: ¥13,200,000、Indirect Cost: ¥3,960,000)
Fiscal Year 2023: ¥4,420,000 (Direct Cost: ¥3,400,000、Indirect Cost: ¥1,020,000)
Fiscal Year 2022: ¥2,990,000 (Direct Cost: ¥2,300,000、Indirect Cost: ¥690,000)
Fiscal Year 2021: ¥9,750,000 (Direct Cost: ¥7,500,000、Indirect Cost: ¥2,250,000)
Keywordsスタートアップ / イノベーション / スタートアップ・エコシステム / 創業チーム / スタートアップ支援 / ベンチャー・キャピタル / 企業成長 / 資金調達 / 創業支援 / スタートアップ企業 / ベンチャーキャピタル / ハイテクスタートアップ / 組織構造
Outline of Research at the Start

本研究は、ハイテクスタートアップ企業の創業後のパフォーマンスの要因を分析することで、彼らによるイノベーションや成長を促進する「創業のエコシステム」の整備へ向けた課題を論じる。本研究では、「創業のエコシステム」においてのキープレイヤーであるベンチャーキャピタル(VC)の「スタートアップ投資」および政府の「創業支援政策」の役割に焦点を当て、それらが創業チームの構成や創業規模といった創業時の条件によってどのように影響を受けるかを明らかにした上で、イノベーション(数および質)と退出戦略(M&A、IPO等)にどのような影響を持つのかについて実証的に明らかにする。

Outline of Final Research Achievements

We conducted an empirical study based on questionnaire surveys and submitted "Gender Gap in Equity Split within Founding Teams" and "Determinants of Startups' IPO and M&A intentions" to international academic journals. The second study has already been accepted for publication in the Journal of Small Business Management. We are also preparing to submit another paper using this research ("The Role of User Experience in the Relationship between Founders' Human Capital and Financing"). We also collected data on venture capital (VC) investments to determine whether VC investments (including corporate and government VCs) help startups achieve growth. Using data on investments from venture capital (VC) firms, this paper empirically clarifies how the effect of VC funding on startup performance differs across different investor types, such as independent VC and corporate VC (CVC).

Academic Significance and Societal Importance of the Research Achievements

スタートアップ企業の登場は経済活性化にポジティブな影響を与えることが期待されている。しかし、スタートアップ企業のほんの一握りの企業のみが生存でき、その後高成長を実現して、経済成長に寄与することが知られている。つまり、創業後のスタートアップ企業間の「セレクション」のプロセスを明らかにすることが重要である。本研究課題では、日本で誕生したスタートアップ企業を広く対象にして、創業後の成否を分ける要素は何かについていくつもの示唆を提示してきた。我々の成果が今後のスタートアップの公的支援において役立つことを期待している。

Report

(4 results)
  • 2023 Annual Research Report   Final Research Report ( PDF )
  • 2022 Annual Research Report
  • 2021 Annual Research Report
  • Research Products

    (14 results)

All 2024 2023 2022 2021 2020 Other

All Int'l Joint Research (1 results) Journal Article (8 results) (of which Int'l Joint Research: 5 results,  Peer Reviewed: 7 results,  Open Access: 4 results) Presentation (1 results) Book (2 results) Remarks (2 results)

  • [Int'l Joint Research] トリアー大学(ドイツ)

    • Related Report
      2021 Annual Research Report
  • [Journal Article] Who is willing to be rich and king? Founder-CEOs’ IPO and M&A intentions2024

    • Author(s)
      Honjo Yuji, Kato Masatoshi, Takahashi Hidenori
    • Journal Title

      Journal of Small Business Management

      Volume: - Issue: 2 Pages: 1-30

    • DOI

      10.1080/00472778.2024.2325467

    • Related Report
      2023 Annual Research Report
    • Peer Reviewed
  • [Journal Article] Flexible labor, innovation regimes and the erosion of the Japanese model: Evidence from the Basic Survey on Wage Structure2024

    • Author(s)
      Ikeda Yuya、Kato Masatoshi、Kleinknecht Alfred
    • Journal Title

      Structural Change and Economic Dynamics

      Volume: 70 Pages: 333-339

    • DOI

      10.1016/j.strueco.2024.04.003

    • Related Report
      2023 Annual Research Report
    • Peer Reviewed / Int'l Joint Research
  • [Journal Article] Empirical issues concerning studies of firm entry2023

    • Author(s)
      Coad Alex、Kato Masatoshi、Srhoj Stjepan
    • Journal Title

      Industrial and Corporate Change

      Volume: 33 Issue: 1 Pages: 277-296

    • DOI

      10.1093/icc/dtad031

    • Related Report
      2023 Annual Research Report
    • Peer Reviewed / Open Access / Int'l Joint Research
  • [Journal Article] Does VC Investor Type Matter? Determinants and effects of VC backing for new firms in Japan2022

    • Author(s)
      Kato, M., Legendre, N., & Yoshida, H.
    • Journal Title

      RIETI Discussion Paper Series

      Volume: 2022 22-E-117 Pages: 1-39

    • Related Report
      2022 Annual Research Report
    • Int'l Joint Research
  • [Journal Article] Are founder-CEOs resilient to crises? The impact of founder-CEO succession on new firm survival2022

    • Author(s)
      Honjo Yuji、Kato Masatoshi
    • Journal Title

      International Small Business Journal: Researching Entrepreneurship

      Volume: 40 Issue: 2 Pages: 205-235

    • DOI

      10.1177/02662426211050794

    • Related Report
      2021 Annual Research Report
    • Peer Reviewed / Open Access
  • [Journal Article] Does patenting always help new firm survival? Understanding heterogeneity among exit routes2021

    • Author(s)
      Masatoshi Kato, Koichiro Onishi, Yuji Honjo
    • Journal Title

      Small Business Economics

      Volume: - Issue: 2 Pages: 1-27

    • DOI

      10.1007/s11187-021-00481-w

    • Related Report
      2022 Annual Research Report
    • Peer Reviewed / Open Access
  • [Journal Article] Trademarks as an indicator of regional innovation: evidence from Japanese prefectures2021

    • Author(s)
      Joern Block, Christian Fisch, Kenta Ikeuchi, Masatoshi Kato
    • Journal Title

      Regional Studies

      Volume: - Issue: 2 Pages: 1-20

    • DOI

      10.1080/00343404.2021.1887843

    • Related Report
      2021 Annual Research Report
    • Peer Reviewed / Open Access / Int'l Joint Research
  • [Journal Article] Growth Paths and Routes to Exit; 'Shadow of Death' Effects for New Firms in Japan2020

    • Author(s)
      Alex Coad, Masatoshi Kato
    • Journal Title

      Small Business Economics

      Volume: - Issue: 3 Pages: 1-29

    • DOI

      10.1007/s11187-020-00341-z

    • Related Report
      2021 Annual Research Report
    • Peer Reviewed / Int'l Joint Research
  • [Presentation] Gender gaps in the first deal: Ownership split within founding team2022

    • Author(s)
      Takahashi, Hidenori
    • Organizer
      アントレプレナーシップサマーコンファレンス
    • Related Report
      2022 Annual Research Report
  • [Book] スタートアップとは何かー経済活性化への処方箋2024

    • Author(s)
      加藤雅俊
    • Total Pages
      302
    • Publisher
      岩波書店
    • ISBN
      9784004320135
    • Related Report
      2023 Annual Research Report
  • [Book] スタートアップの経済学 -- 新しい企業の誕生と成長プロセスを学ぶ2022

    • Author(s)
      加藤雅俊
    • Total Pages
      310
    • Publisher
      有斐閣
    • ISBN
      9784641166011
    • Related Report
      2022 Annual Research Report
  • [Remarks] 加藤雅俊 個人ホームページ

    • URL

      http://www.m-kato.net

    • Related Report
      2022 Annual Research Report
  • [Remarks] 関西学院大学アントレプレナーシップ研究センターホームページ

    • URL

      https://www.kg-recent.net

    • Related Report
      2022 Annual Research Report

URL: 

Published: 2021-04-28   Modified: 2025-01-30  

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