Departmental Bulletin Paper イノベーティブスタートアップの新規株式公開

本庄 裕司

(第32号)  , pp.77 - 104 , 2018-02-28
 This study investigates the time from founding to initial public offering (IPO), using a data set of firms founded in Japan during the period of 1995–2010. In the analysis, we identify innovative start-ups in the data set, using unique proxies associated with research and development, intellectual property, and stock option. We show how the time to IPO of innovative start-ups differs from that of other counterparts. The results reveal that innovative start-ups are more likely to go public faster than others. We also find that innovative start-ups, although they do not necessarily rely on equity financing at founding, have larger demand for initial capital.

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