Publication:
The effect of venture capital backing on innovation in newly public firms

Simple item page
dc.contributor.coauthorAldatmaz, Serdar
dc.contributor.departmentDepartment of Business Administration
dc.contributor.facultymemberYes
dc.contributor.kuauthorÇelikyurt, Uğur
dc.contributor.schoolcollegeinstituteCollege of Administrative Sciences and Economics
dc.date.accessioned2025-01-19T10:29:47Z
dc.date.issued2023
dc.description.abstractWe study the effect of VC-backing on innovation in newly public firms and find that it is negatively related to patents produced and citations received within the initial years following an IPO - our estimates indicate that VC-backed firms produce 13% fewer patents than nonVC-backed firms within the first year post-IPO. Our findings suggest that this adverse effect is a consequence of VCs timing their portfolio companies' IPOs at the peak of innovation followed by a decline post-IPO. Additionally, VC-backing leads to higher growth in sales and productivity in newly public firms pointing to a shift in VC focus from creating into commercializing innovation post-IPO. We address endogeneity concerns with an instrumental variables approach.
dc.description.fulltextNo
dc.description.harvestedfromManual
dc.description.indexedbyWOS
dc.description.indexedbyScopus
dc.description.openaccessN/A
dc.description.peerreviewstatusN/A
dc.description.publisherscopeInternational
dc.description.readpublishN/A
dc.description.sponsoredbyTubitakEuN/A
dc.description.studentonlypublicationNo
dc.description.studentpublicationNo
dc.description.versionN/A
dc.identifier.WoSQuartileQ2
dc.identifier.doi10.1016/j.jempfin.2023.101436
dc.identifier.eissn1879-1727
dc.identifier.embargoN/A
dc.identifier.issn0927-5398
dc.identifier.scopus2-s2.0-85178294985
dc.identifier.urihttps://doi.org/10.1016/j.jempfin.2023.101436
dc.identifier.urihttps://hdl.handle.net/20.500.14288/25950
dc.identifier.volume74
dc.identifier.wos001122284500001
dc.keywordsVenture capital
dc.keywordsInnovation
dc.keywordsPatents
dc.keywordsNewly public firms
dc.keywordsIPOs
dc.language.isoeng
dc.publisherElsevier B.V.
dc.relation.affiliationKoç University
dc.relation.collectionKoç University Institutional Repository
dc.relation.ispartofJournal of Empirical Finance
dc.relation.openaccessN/A
dc.rightsN/A
dc.subjectBusiness
dc.subjectEconomics
dc.subjectFinance
dc.titleThe effect of venture capital backing on innovation in newly public firms
dc.typeJournal Article
dspace.entity.typePublication
local.contributor.kuauthorÇelikyurt, Uğur
relation.isOrgUnitOfPublicationca286af4-45fd-463c-a264-5b47d5caf520
relation.isOrgUnitOfPublication.latestForDiscoveryca286af4-45fd-463c-a264-5b47d5caf520
relation.isParentOrgUnitOfPublication972aa199-81e2-499f-908e-6fa3deca434a
relation.isParentOrgUnitOfPublication.latestForDiscovery972aa199-81e2-499f-908e-6fa3deca434a

Files

Collections

Publications without Fulltext