Relationship between finance and firm growth under low growth economy: cross-disciplinary study on private and public firms
| Project/Area Number |
24330102
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| Research Category |
Grant-in-Aid for Scientific Research (B)
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| Allocation Type | Partial Multi-year Fund |
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| Section | 一般 |
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| Research Field |
Public finance/Monetary economics
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| Research Institution | Kobe University |
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Principal Investigator |
KUTSUNA Kenji 神戸大学, 経営学研究科, 教授 (00275273)
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| Project Period (FY) |
2012-04-01 – 2016-03-31
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| Project Status |
Completed (Fiscal Year 2015)
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| Budget Amount *help |
¥15,990,000 (Direct Cost: ¥12,300,000、Indirect Cost: ¥3,690,000)
Fiscal Year 2015: ¥1,950,000 (Direct Cost: ¥1,500,000、Indirect Cost: ¥450,000)
Fiscal Year 2014: ¥1,950,000 (Direct Cost: ¥1,500,000、Indirect Cost: ¥450,000)
Fiscal Year 2013: ¥1,950,000 (Direct Cost: ¥1,500,000、Indirect Cost: ¥450,000)
Fiscal Year 2012: ¥10,140,000 (Direct Cost: ¥7,800,000、Indirect Cost: ¥2,340,000)
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| Keywords | アントレプレナーファイナンス / ベンチャーキャピタル / マーケットメイキング / 優先株 / 高度成長企業 / IPO / ファミリービジネス / 高成長企業 / 企業間信用 / スピルオーバー / 成長企業 / 株式公開 |
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| Outline of Final Research Achievements |
First, I found that there is no clear relationship between the certification effects of venture capital firm’s reputation and IPO firm’s performance. Second, I used the IPOs of supply-chain partners as precipitating events and tested for positive spillovers on private firms. I found that private suppliers and customers experience significantly higher rates of growth in revenue, cash balance, and PP&E than do other private firms. Third, I provided evidence that overallotment option provisions benefit both issuers and underwriters. I estimated that OAO provisions lead to lower underwriting fees, less underpricing, less negative post-IPO performance, lower post-IPO volatility and larger IPOs. Forth, I found that the market maker method was mainly attractive to the least liquid firms. Two-thirds of IPO firms initially choose the auction method and many others switched to auction later on. Paradoxically, abnormal returns for firms switching to auction are significantly positive.
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Report
(5 results)
Research Products
(8 results)
