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ANALYSE INSTITUTIONNELLE ET ORGANISATIONNELLE DES LOGIQUES ET DES FONCTIONS DU CAPITAL-RISQUE AU JAPON

Gael Imad'Eddine 1
1 GERME - Groupe d'études et de recherches en management des entreprises (EA n° 4112)
ESA - Ecole Supérieure des Affaires de l'Université Lille 2 : EA 4112
Abstract : Venture capital draws a lot of attention due to its role in financing innovation. Also because it focuses on firms that are banned from traditional channels due to informational opacity and high moral-hazard risks. Yet among those firms one might often find a future leader. In this thesis we focus on Japan where venture capitalism has been introduced in the 1960s. We use the comparative institutional analysis framework to identify the causes of the change in the VC economic function which is in Japan: financing later stage firms to prepare their IPO. This is very different from the US case. We find that the causes are due a historical and a regulatory setting that has been reinforced by the organizational structures adopted by the VC firms. In Japan, hierarchical VCs are dominant and this leads them to hands off (or arm's length) financing which needs little incubation support. This lack of implication reduces the ability of certifying the issuing firms in the IPO process. We also find an evidence of the historical legacy in the fact that only the subsidiaries of the top 3 underwriters are able to reduce the underpricing at the IPO. This happens when the parent company is the lead underwriter.
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Submitted on : Friday, November 21, 2008 - 2:19:57 PM
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Gael Imad'Eddine. ANALYSE INSTITUTIONNELLE ET ORGANISATIONNELLE DES LOGIQUES ET DES FONCTIONS DU CAPITAL-RISQUE AU JAPON. Gestion et management. Université du Droit et de la Santé - Lille II, 2007. Français. ⟨tel-00340615⟩

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