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The Seller's Side of the Story: Investors' Shares and M&A Intention of Venture Firms
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벤처기업 투자자 지분과 인수합병 의도 간의 관계

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Type
Academic journal
Author
Hee Jin Mun (한국전자통신연구원)
Journal
한국산업경영학회 경영연구 경영연구 제36권 제4호 KCI Accredited Journals
Published
2021.11
Pages
105 - 119 (15page)

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The Seller's Side of the Story: Investors' Shares and M&A Intention of Venture Firms
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Abstract· Keywords

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Venture firms tend to consider merger and acquisition(M&A) as one of exit strategies. As a result, antecedents of venture firms’ M&A have been studied, but most of them adhere to the viewpoint of acquirers. Focusing on the seller’s side, this study argues the need to investigate the shares of major investors indicating their influence on venture firms as their goals and perceptions about the internal and external environments of these firms can influence firm decision-making such as M&A. Based on this argument, this study suggests that families of executives and employees and external investment institutions who own shares in a venture firm tend to pursue different profit, which is related to its M&A intention. The “2019 Survey of Korea Venture Firms” was used for the empirical analysis of this study. Using information on 1,733 sample firms, the present study analyzed the relationship between the shares of the two major investors and M&A intention of venture firms through logistic regression. The empirical analysis shows two findings. First, there is a negative relationship between the shares of the families of executives and employees and M&A intention. Second, there is a positive relationship between the shares of external investment institutions and M&A intention.
#기업투자 #벤처기업 #인수합병 #출구전략 #Firm investment #Venture firms #M& #A #Exit strategy

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강형종 / 2020 / 벤처기업의 지배구조가 혁신성과에 미치는 영향-가족기업의 개방형 혁신과 정부지원을중심으로 google schola 김범조 / 2017 / 소유구조와 연구개발투자: 한국 벤처기업을 대상으로 / 전략경영연구 20(3):15~33 dbpia 문희진 / 2018 / 가족 경영과 기업 국제화 간의 관계: 성과 피드백의 조절 효과를 중심으로 / 무역통상학회지 18(3):1~26 Crossref 박용린 / 2013 / 벤처생태계 현황과 발전 방안 / 과학기술정책 191:42~52 google schola 박지영 / 2020 / 벤처캐피탈 투자가 벤처기업 혁신성과에 미치는 영향 / 벤처창업연구 15(1):1~15 Crossref

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