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Venture Capital and the Performance of post-IPO Firms in BRICS

ФИО студента: Anastasia Kipriyanova

Руководитель: Elena Rogova

Кампус/факультет: St.Petersburg School of Economics and Management

Программа: Finance (Master)

Год защиты: 2021

Venture capital is an instrument that usually provides financing to young innovative projects. However, not only young companies, but also mature listed firms began to use this source of funds in recent years. Possible reasons for such dynamics are information asymmetry problem and limited access to business capital, especially in developing countries, such as BRICS. The aim of the proposed study is to analyze the effect of venture capital investment on the post-IPO companies in BRICS. In order to achieve the aim, the data on 178 VC-backed and non-VC-backed firms in the period from 1999 to 2019 has been studied for changes in efficiency and profitability after the investment. The methodology includes estimation of efficiency scores by Data Envelopment Analysis, using propensity score matching to access a possible impact of the investment on the firms’ efficiency, and a regression model that estimates its effect on ROA. The findings reveal a positive impact of venture capital on efficiency, but do not show any significant effect on ROA. The study is supposed to be the first complex analysis of VC-backed public companies in BRICS. The work sheds light on the poorly studied consequences of applying venture capital mechanism by listed companies in developing countries.

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