En collaboration avec Sophie Pommet (GREDEG, Université de Nice Sophia Antipolis)
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.
Présentation de leurs sujets de thèse de quatre nouveaux doctorants