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Startups in Russia: Ownership and performance

Author

Listed:
  • Guseva, O.

    (National Research University "Higher School of Economics", Moscow, Russia)

  • Stepanova, N.

    (National Research University "Higher School of Economics", Moscow, Russia)

Abstract

During two decades the Russian government has invested heavily in support of high-tech startups. However, considering high level of information opacity of startups, we focus on equity as the primary source of their financing, and on owners as the main source of support for such firms. This paper examines how ownership characteristics affect the performance of high-tech performance of startups in nuclear and space industries. We focus on how different types of owners (founders, state, and venture capital) contribute to performance of startups in nuclear and space industries. Using an unbalanced panel of startups from Skolkovo, the largest Russian innovation cluster, from 2010 to 2016, we found evidence of a negative relationship between a support from government-related organizations and chosen indicators of startup performance. Our findings confirmed the significant impact of private venture capital on startup performance, however the effect is industry-specific. While family equity contributions were not found to have a significant impact on startup performance, we identified a positive relationship between owner or CEO change and future startup performance. We discuss potential interpretations of the findings and provide strategic management insights for startup owners and investors.

Suggested Citation

  • Guseva, O. & Stepanova, N., 2021. "Startups in Russia: Ownership and performance," Journal of the New Economic Association, New Economic Association, vol. 52(4), pages 67-97.
    • Handle: RePEc:nea:journl:y:2021:i:52:p:67-97
    DOI: 10.31737/2221-2264-2021-52-4-3
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    More about this item

    Keywords

    startups; ownership; development institutions; emerging markets;
    All these keywords.

    JEL classification:

    • M13 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - New Firms; Startups
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
    • O38 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Government Policy

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