How to Design Public Venture Capital Funds: Empirical Evidence from South Korea

Lim, Sojin; Kim, Yeonbae

doi:10.1111/jsbm.12109

Cited by 20 publications

(25 citation statements)

References 73 publications

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“…Different research paradigms can help people understand the development performance of the GVCGF more comprehensively and deeply. Most of the papers use multi-regression methods to test whether the GVC has played a "guiding" role and whether it has a positive effect on promoting entrepreneurship, innovation, employment, and the growth of high-tech enterprises [16,19,21,26,28,31,33,[36][37][38][39][40][41][42]. However, multiple regression analysis has specific requirements for the mathematical expression of the model and parameter estimation methods.…”

Section: Introductionmentioning

confidence: 99%

Evaluating the Performance of the Government Venture Capital Guiding Fund Using the Intuitionistic Fuzzy Analytic Hierarchy Process

Gupta

2020

Sustainability

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The performance evaluation of the government venture capital guiding fund (GVCGF) has come into focus in the field of venture capital. Most of the existing studies, such as whether the GVCGF has guided social capital to start-up enterprises and has played its due role in the process of enterprise growth and innovation, are all based on relevant work under the framework of econometric analysis. Unlike in these existing studies, we construct the performance analysis model of the GVCGF from four dimensions, including the standardization development of the guidance fund, the risk control ability, and the leverage and the support effects under the framework of a multi-attribute decision-making analysis. Taking a GVCGF project in Ningbo City, China, as an example, we comprehensively evaluate the development performance of the GVCGF using the intuitionistic fuzzy analytic hierarchy process (IFAHP). The results show that the development performance of the GVCGF is at a “relatively high” level. Compared with the traditional analytic hierarchy process (AHP), the IFAHP effectively avoids the false, enlarged influence caused by data subjectivity and evaluation uncertainty. This study provides a feasible analytical framework for the application of the IFAHP in other project performance evaluations.

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Section: Introductionmentioning

confidence: 99%

Evaluating the Performance of the Government Venture Capital Guiding Fund Using the Intuitionistic Fuzzy Analytic Hierarchy Process

Gupta

2020

Sustainability

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“…According to Gupta and Sapienza (1992), VCs that are highly experienced in a specific industry tend to invest in entrepreneurial firms in their early stages. Ko and Lee (2016), Lim and Kim (2015), and Mayer et al (2005) also state that investment timing and strategies differ depending on the source of VC. Moreover, Norton and Tenenbaum (1993) asserted that VCs tend to concentrate their investment in firms during their early stages in a specific industry, instead of investing in a variety of firms in different developmental stages or different industries to diversify their high investment risk.…”

Section: Venture Capital-related Extant Studiesmentioning

confidence: 99%

The effects of investor types on investees’ performance: Focusing on the seed accelerator

Choi

Kim

2018

Cogent Economics & Finance

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Sharecopy and redistribute the material in any medium or format. Adaptremix, transform, and build upon the material for any purpose, even commercially. The licensor cannot revoke these freedoms as long as you follow the license terms. Under the following terms: Attribution-You must give appropriate credit, provide a link to the license, and indicate if changes were made. You may do so in any reasonable manner, but not in any way that suggests the licensor endorses you or your use. No additional restrictions You may not apply legal terms or technological measures that legally restrict others from doing anything the license permits.

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“…Yet , our understanding of the link between GVC program design features and their outcomes is mostly theoretical (Lerner, 2002). The few empirical studies include Bertoni and Tykvová (2015), who compare technology and development-oriented GVCs in one of their sub-analyses, Lim and Kim (2015), who study design features for private and public VC funds in South Korea, and Munari and Toschi (2015), who assess the impact of regional characteristics on the performance of GVC-backed investments in the UK. Evidently, our knowledge about the efficacy of different design features of GVC programs is still preliminary.…”

Section: Introductionmentioning

confidence: 99%

“…Second, some GVCs need to coinvest with PVC investors, while others are allowed to make solo investments. Third, GVCs may be required to focus on certain industries of strategic interest to policymakers or diversify investments across a broad spectrum of economic sectors (Lim and Kim, 2015).…”

Section: Introductionmentioning

confidence: 99%

Bridging the equity gap for young innovative companies: The design of effective government venture capital fund programs

2020

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Governmental venture capital funds (GVCs) are created by policymakers around the world to support young innovative companies (YICs) with the aim of "bridging the equity gap". In this paper, we study the heterogeneity in the design of GVC programs in Europe and identify the design features that are most effective in achieving the desired outcomes of this policy. Specifically, we focus on the probability that GVC-backed companies will receive additional funds from private venture capital investors and, ultimately, changes in their growth and innovation outcomes. We find that the choices of location, colocation, syndication and industry focus of a GVC program substantially influence the extent to which it is able to achieve such goals. Important policy implications are discussed. "…Not only are we faced with a serious investment gap; we are caught in an investment trap. […] While investment is taking off in the U.S., Europe is lagging behind. Why? Because investors lack confidence, credibility and trust. […] …What we are going to do is to set up the right system that will use available public money to leverage additional capital that would have never otherwise been mobilised. Every public euro mobilised can generate additional investment that would not have happened otherwise. And it can create jobs…"

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How to Design Public Venture Capital Funds: Empirical Evidence from South Korea

Cited by 20 publications

References 73 publications

Evaluating the Performance of the Government Venture Capital Guiding Fund Using the Intuitionistic Fuzzy Analytic Hierarchy Process

Evaluating the Performance of the Government Venture Capital Guiding Fund Using the Intuitionistic Fuzzy Analytic Hierarchy Process

The effects of investor types on investees’ performance: Focusing on the seed accelerator

Bridging the equity gap for young innovative companies: The design of effective government venture capital fund programs

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