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"This paper investigates the relative performance of enterprises backed by government-sponsored venture capitalists and private venture capitalists. While previous studies focus mainly on investor returns, this paper focuses on a broader set of public policy objectives, including value-creation, innovation, and competition. A number of novel data-collection methods, including web-crawlers, are used to assemble a near-comprehensive data set of Canadian venture-capital backed enterprises. The results indicate that enterprises financed by government-sponsored venture capitalists underperform on a variety of criteria, including value-creation, as measured by the likelihood and size of IPOs and M&As, and innovation, as measured by patents. It is important to understand whether such underperformance arises from a selection effect in which private venture capitalists have a higher quality threshold for investment than subsidized venture capitalists, or whether it arises from a treatment effect in which subsidized venture capitalists crowd out private investment and, in addition, provide less effective mentoring and other value-added skills. We find suggestive evidence that crowding out and less effective treatment are problems associated with government-backed venture capital. While the data does not allow for a definitive welfare analysis, the results cast some doubt on the desirability of certain government interventions in the venture capital market"--National Bureau of Economic Research web site

This dissertation is composed of three papers papers and explores different aspects of Venture Capital (VC) financing in developing Asia.The dissertation commences with the general introduction which of VC. The general introduction provides the definition, overview, and typologies of VC firms. MoreoverFurthermore, general introduction layouts the research design and structure of the dissertation.The general introduction is followed by Chapter 1 which . This chapter elaborates the conception, history, and evolution of VC, and subsequently, its transference and internationalization – with a particular focus on Asian developing countries. Chapter 1 also outlines the salient differences of the VC industry across countries based on the institutional framework in terms of screening and selection of projects, value addition, and exit mechanism of the portfolio companies.Chapter 2 investigates the exit performance of companies backed by government venture capital (GVC) compared with that of firms backed by independent venture capital (IVC) in Asia. Using a sample of 3,817 firms from 9 Asian developing countries over 26 years (1991-2017), we first show that GVC-backed firms are more likely to be financed in the early stage than IVC-backed firms. In doing so, GVC absorbs the higher probability of unsuccessful exit associated with firms financed in the early stage. In contrast, we find that in the expansion stage and later stage, GVC-backed firms perform better than IVC-backed ones. Overall, we show that GVC-backed firms outperform IVC-backed firms in terms of successful exits. We thus challenge the hypothesis of GVC underperformance tested in the existing literature on other geographical areas. Finally, we also provide evidence that mixed syndication (combination of GVC and IVC) improves the exit performance of ventures.Chapter 3 explores the investment behavior, exit performance and optimal exit route choice of Corporate Venture Capital (CVC) backed entrepreneurial companies in comparison with GVC-backed entrepreneurial firms in developing Asia. We studied a sample of 1198 companies that received their first investment either from a CVC firm or from a GVC firm, during the period 1999 to 2013, in five Asian countries. We first showed that CVC firms are more likely to invest in High-tech companies as compared with GVC firms. We further showed that CVC-backed firms are more likely to go successful and that CVC-backed firms are more likely to exit through Initial Public Offerings (IPO), as compared with GVC-backed companies, in developing Asia. We addressed the problems of endogeneity concerns and selection bias of observable and unobservable characteristics by employing the Bivariate Probit Model, Heckman two-step estimator, and Propensity Score Matching (PSM) techniques. Our results are robust to several checks.Chapter 4 investigates the impact of Foreign Direct Investment (FDI) on the hosts country's domestic VC industry. We studied a sample of 7 Asian developing countries over the period 2000 to 2018. Employing Autoregressive Distributed Lags (ARDL) model (Mean Group (MG) and Pooled Mean Group (PMG) estimators), we find that the FDI has no effect, in the short run, but significant and positive effect on domestic VC activity due to the positive externalities and spillover effects, in the long run. FDIs complement domestic VC investments and helps in the creation of new VC-backed companies.The last chapter concludes the dissertation. This chapter accentuates the contribution of the dissertationto current state of art and presents the implications of the dissertationin terms of policies. Furthermore, this chapter also highlights the limitation of the dissertationand suggest the avenues for the future research. ; Le Capital-Risque (CR) est la forme de financement par capitaux propres la plus admirée et la plus adaptée aux entreprises jeunes et innovantes pour lever des capitaux externes, et les capital-risqueurs participent activement à la gestion des entreprises dans lesquelles ils investissent. Les sociétés de capital-risque prennent des risques et croient en la notion bien connue de risque élevé/gain élevé. La National Venture Capital Association (NVCA) définit de manière plausible le capital-risque comme "l'argent fourni par des professionnels qui investissent, aux côtés de la direction, dans de jeunes entreprises à croissance rapide qui ont le potentiel de devenir des contributeurs économiques importants".Cependant, le capital-risque a une trajectoire d'évolution différente dans les pays asiatiques en développement. Ainsi, l'industrie du capital-risque en Asie est sensiblement différente de ses homologues dans les pays occidentaux - notamment aux États-Unis et en Europe. L'industrie du capital-risque en Asie est immature et sous-développée. En outre, les sociétés de capital-risque ne sont pas homogènes et diffèrent radicalement les unes des autres en termes de structure, de gouvernance et d'objectifs. En gardant à l'esprit les spécificités de l'industrie asiatique du capital-risque et l'hétérogénéité entre les sociétés de capital-risque, cette thèse tend à étudier la performance des différents types de sociétés de capital-risque et les principaux moteurs et déterminants de l'activité de capital-risque dans les pays asiatiques en développement. Cette thèse est un recueil de trois articles et se compose de cinq chapitres.L'introduction générale est suivie du chapitre 1.Le chapitre 2 étudie les performances de sortie des entreprises soutenues par le capital-risque gouvernemental (GVC) par rapport à celles des entreprises soutenues par le capital-risque indépendant (IVC) en Asie. À l'aide d'un échantillon de 3 817 entreprises de neuf pays en développement asiatiques sur une période de 26 ans (1991-2017), nous montrons d'abord que les entreprises soutenues par le GVC sont plus susceptibles d'être financées dans la phase initiale que les entreprises soutenues par le IVC. Ce faisant, la GVC absorbe la probabilité plus élevée de sortie infructueuse associée aux entreprises financées dans la phase initiale.Le chapitre 3 explore le comportement d'investissement, la performance de sortie et le choix de la voie de sortie optimale des entreprises soutenues par du capital-risque d'entreprise (CVC) par rapport aux entreprises soutenues par du capital-risque gouvernemental (GVC) dans les pays asiatiques en développement. Nous avons étudié un échantillon de 1198 entreprises qui ont reçu leur premier investissement soit d'une entreprise à capital-risque, soit d'une entreprise à capital-risque public, entre 1999 et 2013, dans cinq pays asiatiques. Nous avons d'abord montré que les entreprises CVC sont plus susceptibles d'investir dans des entreprises de haute technologie que les entreprises GVC.Le chapitre 4 étudie l'impact de l'investissement direct étranger sur l'industrie du capital-risque du pays hôte. Nous avons étudié un échantillon de 7 pays en développement asiatiques sur la période 2000 à 2018. En utilisant le modèle ARDL (Autoregressive Distributed Lags) - estimateurs Mean Group (MG) et Pooled Mean Group (PMG) - nous constatons que les IDE n'ont aucun effet, à court terme, mais un effet significatif et positif sur l'activité de capital-risque domestique en raison des externalités positives et des effets d'entraînement, à long terme. Les IDE attirent le capital-risque national en termes de montant investi et contribuent à la création de nouvelles entreprises soutenues par le capital-risque.

Private independent limited partnership venture capital funds receive capital from institutional investors, without tax incentives. Limited partnership investment activities are governed by restrictive covenants that are determined by negotiated contract between the fund managers (general partners) and the institutional investors (limited partners). By contrast, Canadian Labour Sponsored Venture Capital Corporations (LSVCCs) receive capital only from individual investors who receive tax breaks on capital contributions of up to CAN$5,000. LSVCC investment activities are governed by statutory restrictions. This chapter contrasts the governance of LSVCCs to limited partnerships. We also summarize Canadian evidence on the impact of LSVCC governance and tax incentives: (1) on the distribution of venture capital funding between private and LSVCC funds; (2) on the unusually large overhang of uninvested capital in the Canadian venture capital industry; (3) the portfolio size (i.e. number of investee firms per fund) of private funds versus LSVCCs; and (4) the performance of LSVCCs relative to other types of venture capital organiziations and other comparable investments for individual investors.

In the entrepreneurship field, this study examines what kinds of external endorsements are helpful for venture capitals investment and the growth of new technology ventures in developing countries. This study uses the signalling theory and the methodologies of multiple regression and survival analysis with the panel data of the ventures in Korea. In the results, collaboration with business groups and certification of government are positively influential in attracting venture capitals' investment, which accelerate the growth of new technology ventures. The practical implication for entrepreneurs is that they need to obtain the endorsement from business groups and governments strategically.