How innovation performance of startup differs by stock types : based on redeemable convertible preferred stock = 상환전환우선주의 특성이 창업기업의 혁신성과에 미치는 영향에 대한 연구based on redeemable convertible preferred stock

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Importance of startup is widespread, but it also accompanied by high risk and uncertainty. To control the risk and uncertainty in startup investment, lots of venture capitalist commonly use redeemable convertible preferred stock (RCPS), which contains redemption and conversion right. However, the characteristic of the safeguards included in redeemable convertible preferences stock can make startups focus on the myopic decision rather than innovation. The study examines how innovation performance differs between technology-based startups invested in common stock or RCPS. 316 high tech startups which invested in common stock or RCPS are analyzed with negative binomial regression. From the regression analysis, it shows that RCPS is negatively related to the innovation performance of startup. In addition, the fund amount of RCPS is also negatively related to innovation performance. This study examines the effects of control through intrinsic factors such as the type of stocks in venture capital on startup decision making and innovation performance. It also provides implication to the role of venture capital and government policies that pursue entrepreneur protection.
Advisors
Kim, Won Joonresearcher김원준researcher
Description
한국과학기술원 :기술경영학부,
Publisher
한국과학기술원
Issue Date
2019
Identifier
325007
Language
eng
Description

학위논문(석사) - 한국과학기술원 : 기술경영학부, 2019.8,[iii, 32 p. :]

Keywords

Innovation performance▼astartup▼aventure investment▼aventure capital▼astock type; 혁신성과▼a스타트업▼a벤처투자▼a벤처캐피탈▼a주식종류

URI
http://hdl.handle.net/10203/282923
Link
http://library.kaist.ac.kr/search/detail/view.do?bibCtrlNo=875186&flag=dissertation
Appears in Collection
MG-Theses_Master(석사논문)
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