Strategic alliances, venture capital, and exit decisions in early stage high-tech firms

• 成果类型: Article
• 署名作者: Ozmel, Umit; Robinson, David T.; Stuart, Toby E.
• 署名单位: Purdue University System; Purdue University; Duke University; National Bureau of Economic Research; University of California System; University of California Berkeley
• 刊物名称: JOURNAL OF FINANCIAL ECONOMICS
• ISSN/ISSBN: 0304-405X
• DOI: 10.1016/j.jfineco.2012.09.009
• 发表日期: 2013
• 页码: 655-670
• 关键词: Strategic alliance; venture capital; Initial public offering

摘要

We study the trade-offs that biotech start-ups face in the private equity market when they choose between raising firm-level capital from venture capitalists or project-level capital from strategic alliance partners. Increased alliance activity makes future alliances more likely, but future VC activity less likely. In contrast, venture capital (VC) activity makes both future alliance and future VC activity more likely. Both types of private capital raise the hazard of going public. Acquisition as an alternative to initial public offering is made more likely by increased VC activity, but the link between acquisition probabilities and alliance activity is less clear-cut. These results highlight both the importance of alliance partners in resolving asymmetric information problems in the capital acquisition process and the potential conflict of interest between different sources of private equity. (C) 2012 Published by Elsevier B.V.