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The venture capital certification role in R&D: Evidence from IPO underpricing in Korea

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  • Cho, Jaemin
  • Lee, Jaeho

Abstract

During the last two decades, a number of studies have documented how initial public offerings (IPOs) of equity often exhibit underpricing; such studies have also attempted to identify the reasons for this underpricing phenomenon. Utilizing information asymmetry theory and signaling theory, many studies have demonstrated that both venture capital investment and research and development (R&D) can be important factors that influence IPO underpricing. However, these studies have not demonstrated how venture capital might function as a moderating force between R&D investment and the underpricing of IPOs. This study investigates the relationship between R&D investment and the underpricing of IPOs to clarify the moderating effect of venture capital investment by using IPO data from South Korean high tech firms. The study draws samples from 591 IPO companies that registered with Korea Securities Dealers Automated Quotation (KOSDAQ) between 2001 and 2008. The empirical results indicate that R&D leads to significantly higher underpricing of IPOs. The findings further reveal that the participation of venture capitalists (VCs) has alleviative effects on the underpricing of technology-based IPOs due to VCs' certification role in the uncertainty of R&D activity; in addition, the R&D certification effect of VC is stronger for more reputable VCs.

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  • Cho, Jaemin & Lee, Jaeho, 2013. "The venture capital certification role in R&D: Evidence from IPO underpricing in Korea," Pacific-Basin Finance Journal, Elsevier, vol. 23(C), pages 83-108.
    • Handle: RePEc:eee:pacfin:v:23:y:2013:i:c:p:83-108
    DOI: 10.1016/j.pacfin.2013.01.005
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    Cited by:

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    2. Robert W Faff & Stephen Gray & Kelvin Jui Keng Tan, 2016. "A contemporary view of corporate finance theory, empirical evidence and practice," Australian Journal of Management, Australian School of Business, vol. 41(4), pages 662-686, November.
    3. Shimin Chen & Bin Srinidhi & Lixin (Nancy) Su & Jamie Y Tong, 2018. "The separate and joint effects of the market for corporate control and board effectiveness on R&D valuation," Australian Journal of Management, Australian School of Business, vol. 43(2), pages 203-224, May.
    4. Shaio Yan Huang & Chao-Hsiung Lee & Lee-Hsien Pan & Bich Hanh Nguyen Thi, 2016. "IPO Initial Excess Return in an Emerging Market: Evidence from Vietnam’s Stock Exchanges," Review of Pacific Basin Financial Markets and Policies (RPBFMP), World Scientific Publishing Co. Pte. Ltd., vol. 19(02), pages 1-23, June.
    5. Christian Nielsen & Gunnar Rimmel & Tadanori Yosano, 2015. "Outperforming markets: IC and the long-term performance of Japanese IPOs," Accounting Forum, Taylor & Francis Journals, vol. 39(2), pages 83-96, June.
    6. Yu, Jie & Xiao, Shengsheng, 2023. "Project certification and screening in the reward-based crowdfunding market," Journal of Business Research, Elsevier, vol. 165(C).
    7. Hyun Duk Lee & Frederick Dongchuhl Oh & Junghum Park, 2022. "The impact of mandatory K‐IFRS adoption on IPO underpricing," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 27(1), pages 1101-1119, January.
    8. Jennifer Gippel & Tom Smith & Yushu Zhu, 2015. "Endogeneity in Accounting and Finance Research: Natural Experiments as a State-of-the-Art Solution," Abacus, Accounting Foundation, University of Sydney, vol. 51(2), pages 143-168, June.
    9. Xuemeng Guo & Kai Li & Siyi Yu & Bolu Wei, 2021. "Enterprises’ R&D Investment, Venture Capital Syndication and IPO Underpricing," Sustainability, MDPI, vol. 13(13), pages 1-17, June.
    10. Benson, Karen & Faff, Robert & Smith, Tom, 2015. "Injecting liquidity into liquidity research," Pacific-Basin Finance Journal, Elsevier, vol. 35(PB), pages 533-540.
    11. Jinbo Wang & Maosheng Ran & Yi Li & Heng Zhan, 2022. "Is venture capital a catalyst for innovative entrepreneurship in China? Empirical analysis based on the PSM‐DID method," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 43(4), pages 1039-1058, June.
    12. Rathnayake, Dilesha Nawadali & Louembé, Pierre Axel & Kassi, Diby François & Sun, Gang & Ning, Ding, 2019. "Are IPOs underpriced or overpriced? Evidence from an emerging market," Research in International Business and Finance, Elsevier, vol. 50(C), pages 171-190.

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    More about this item

    Keywords

    Venture capital; Initial public offering; Underpricing; R&D; Information asymmetry; Reputation;
    All these keywords.

    JEL classification:

    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading
    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets

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