2022 Volume 40 Pages 33-47
This study examines the impact caused by investors up to the IPO on the growth rate of sales of listed companies. We focused on two investing entities, the first is an operating company who is not the expert for investing but have chances to invest to startups directly and the second is a venture capital (hereinafter referred to as VC), who is the expert for investing startups. Although VCs have been examined in many precedent studies, operating companies have not examined even though they might directly invest. We conducted a quantitative study of the impact for Japanese startups caused by operating companies’ and VCs’ investment. The results show that the investment ratio by the operating company has a long-term positive effect on the sales growth rate of listed startups, and although it is partial, we also confirmed that the impact on startups after IPO changes depending on each investment ratio when both operating companies and VCs invest in the same startups. The contribution of this research is to confirm a long-term impact on growth rate of startups after IPO caused by the institutional logic and logic multiplicity of operating companies and VCs.
