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How to Design Public Venture Capital Funds: Empirical Evidence from South Korea

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  • Sojin Lim
  • Yeonbae Kim

Abstract

This study examines the effects of several features of government‐managed, sponsored venture capital (), and private funds on overall investments in new technology‐based firms () during two developmental stages (i.e., growth and restructuring) in outh orean market and suggests hints for designing effective government programs. Our results from data on 463 funds in the period 1995–2005 indicate the factors bearing a positive effect on investments targeted to . Such factors are the fund specialization focusing on certain industrial sectors, performance‐sensitive compensation for venture capitalists in private and government funds.

Suggested Citation

  • Sojin Lim & Yeonbae Kim, 2015. "How to Design Public Venture Capital Funds: Empirical Evidence from South Korea," Journal of Small Business Management, Taylor & Francis Journals, vol. 53(4), pages 843-867, October.
    • Handle: RePEc:taf:ujbmxx:v:53:y:2015:i:4:p:843-867
    DOI: 10.1111/jsbm.12109
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    Cited by:

    1. Kyounghun Lee & Frederick Dongchuhl Oh & Donglim Shin & Heejin Yoon, 2023. "Does venture capital investment enhance corporate innovation? Evidence from Korea," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 50(1-2), pages 236-266, January.

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