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Venture Capital and Corporate Transparency in the Newly Public Firms

벤처캐피탈 투자가 신규상장기업의 투명성 제고에 미치는 영향

  • 조성숙 (호서대학교 벤처전문대학원 정보경영학과) ;
  • 이희우 (호서대학교 벤처전문대학원 정보경영학과)
  • Received : 2012.08.23
  • Accepted : 2012.09.07
  • Published : 2012.09.28

Abstract

In general, a venture capital invests in tech startups and helps them improve the corporate transparency through board of directors. With respect to venture capital investment and its impact on the corporate transparency of the newly public firms from 2004 to 2010 in Korea, we have made regression analysis. First, it was found that it was likely to be less transparent, the larger its asset size or the higher its debt ratio was. Second, lower level of ownership-control disparity resulted in higher transparency. Third, a shorter period to IPO and higher growth rate were more prominent in companies with lower degree of transparency. The above findings were not conclusive to prove whether or not venture capital directly increases the transparency level of its portfolio companies, but do insinuate the possibility of a negative impact on the transparency of its investee companies, as early IPO's were associated with less transparency. This is all the more persuasive as it was observed that companies with a lower level of transparency had generally raised more money from venture capitals, and that companies with a higher growth rate and/or higher PBR, have shown to be less transparent.

Keywords

Venture Capital;Discretionary Accruals;Corporate Transparency;Grandstanding;Corporate Governance;Earning Management

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