In this paper, we analyze the influence of ownership structure on the research and development (R&D) investment of start-up firms. Previous studies on the relationship between ownership and R&D have concentrated on the large, established firms listed on the stock market and have focused on the...

In this thesis, we will analyze the effect of IPOs on R&D investment and argue a change in the role of VC in the pre- and post-IPO periods for Japanese firms. It can be stated that the shareholding by VC mitigates the financial constraints of firms and is positively correlated with their R&D...

In this thesis, the effects of ownership structure on the patent applications of start-up firms are examined, focusing particularly on the role of VC. A unique dataset of Japanese start-up firms is used in the analysis, controlling for firm and industry characteristics. We find that shareholding...