Ouverture de la saison des séminaires le 28 septembre

Diego Useche a rejoint la faculté des sciences économiques de Rennes et le CREM en qualité de Maître de conférences et présentera ce premier séminaire.

17-09-28_Useche Diego

Prochain séminaire

  • Jeudi 28 septembre 2017 - 12h15 à 13h30 - Salle IMMAP
Intervenant Diego Useche - CREM, Université de Rennes 1
Titre / Title Conveying quality or Competitive advantage? Evidence for heterogeneous Venture Capital investors in newly-listed high-tech firms
Joint with Sophie Pommet (GREDEG)
Résumé / Abstract This study provides new insights concerning the nature and dual role of some characteristics as ‘valuable signals’ and ‘competitive advantage’ assets for newly-listed high-tech firms (NLHTFs). In particular, we study how the presence of heterogeneous venture capital (VC) investors affects IPO performance through an increase in the proceeds raised (short-term) and the competitive advantage this funding provides which shapes exit behavior after the IPO (long-term). We investigate a sample of 657 NLHTFs that went public on French, German, and British stock markets during 1995 to 2012. We find that the presence of independent as opposed to captive VC firms, can be considered to be ‘organizational signals’ of firm quality at IPO and confirmation of ‘competitive advantage’ after the IPO. We find also that independent VC firms as ‘organizational signals’ operate as substitutes for ‘technology assets’ for conveying firm quality to IPO investors while their presence after the IPO confirms ‘competitive advantage’ which complements ‘technology assets’ by reducing acquisition risk.