Purpose – The purpose of this paper is to examine initial and long-run returns of Japanese IPOs in particular venture capital (VC)-backed and non-VC-backed. The main research focus is on the performance of VC-backed companies. Design/methodology/approach – This paper presents a comprehensive...

Purpose – The purpose of this paper is to examine initial and long‐run returns of Japanese IPOs in particular venture capital (VC)‐backed and non‐VC‐backed. The main research focus is on the performance of VC‐backed companies. Design/methodology/approach – This paper presents a...