Title: Venture capital-backed foreign portfolio company's IPO

Authors: Dmitry Khanin; Adelina Gnanlet; David Leibsohn

Addresses: Rawls College of Business, Texas Tech University, 703 Flint St. Lubbock, TX 79409, USA ' Department of Management, Mihaylo College of Business and Economics, California State University, Fullerton, 800 N State College Blvd, Fullerton, CA 92832, USA ' Department of Management, Mihaylo College of Business and Economics, California State University, Fullerton, 800 N State College Blvd, Fullerton, CA 92832, USA

Abstract: We contend that the likelihood of a new, foreign venture capital (VC) financed venture launching an IPO will be associated with the institutional characteristics of the venture's home country including the national system of innovation and cultural dimensions, such as masculinity and power distance, as well as the commercial potential of its industry segment, and the stage of investment. A hazard model examining a dataset of 485 US VC-backed ventures in the healthcare (biotech and medical) industry operating in 12 countries provided support for our hypotheses.

Keywords: venture capital; IPO; initial public offerings; home country; masculinity; power distance; national system of innovation; cultural dimensions; culture; hazard models; modelling; healthcare; biotech industry; biotechnology; medical industry.

DOI: 10.1504/IJEIM.2012.051963

International Journal of Entrepreneurship and Innovation Management, 2012 Vol.16 No.3/4, pp.263 - 284

Accepted: 16 Oct 2012
Published online: 31 Jul 2014 *

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