Corporate Venture Capital and Its Contribution to Intermediate Goods Firms in South Korea* |
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Authors: | Younghoon Kim Yeonbae Kim Jeong‐Dong Lee |
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Institution: | 1. Technology Management, Economics and Policy Program, College of Engineering, Seoul National University, 599 Gwanak‐ro, Gwanak‐gu 151‐742, Seoul, Korea;2. Economic Research Institute, Industrial Bank of Korea, 50, 2‐ga, Ulchi‐ro, Chung‐gu 100‐758, Seoul, Korea |
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Abstract: | Set by government, corporate, financial and individual sources, venture capitalists in Korea have adapted themselves to the new and uncertain venture capital market through stand‐alone and syndicated investments. The present study raises questions about whether various financial sources contributed differentially to their portfolio firms during the market boom of 2000. Results show that no single capital source showed better performance, and only corporate venture capitalists contributed to intermediate goods firms. The latter finding might reflect the unique ability of corporate venture capitalists to use vertical value‐chain linkages for their investments. |
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Keywords: | corporate venture capital intermediate goods firm financial sources vertical value‐chain linkage G24 G38 L14 |
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