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Spin-offs to stock markets as a complementary form of entrepreneurship: Contrasting US, UK and Japanese experiences

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  • Annaleena Parhankangas
  • Åsa Lindholm-Dahlstrand

Abstract

This study explores the impact of the national institutional environment on the listing of firms on stock exchanges in Japan, the US, and the UK. In particular, the study compares the incidence of: (1) independent firm initial public offerings (IPOs); and (2) the subsidiaries of established corporations being spun-off to stock markets. An empirical analysis is conducted on a sample of 9118 IPOs extracted from the Securities Data Company New Issue Database. The results show that Japan and the UK are more active in incubating new innovative ventures within large corporations and spinning them to the stock markets than their general entrepreneurial activity would suggest. These results direct our attention to different forms of industrial renewal in different institutional environments.

Suggested Citation

  • Annaleena Parhankangas & Åsa Lindholm-Dahlstrand, 2011. "Spin-offs to stock markets as a complementary form of entrepreneurship: Contrasting US, UK and Japanese experiences," Entrepreneurship & Regional Development, Taylor & Francis Journals, vol. 24(5-6), pages 307-335, March.
  • Handle: RePEc:taf:entreg:v:24:y:2011:i:5-6:p:307-335
    DOI: 10.1080/08985626.2011.577819
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    References listed on IDEAS

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    1. Michael R. Darby & Lynne G. Zucker, 1996. "Star Scientists, Institutions, and the Entry of Japanese Biotechnology Enterprises," NBER Working Papers 5795, National Bureau of Economic Research, Inc.
    2. Shirai, Sayuri, 2009. "Evaluating the Present State of Japan as An International Financial Center," MPRA Paper 14720, University Library of Munich, Germany.
    3. Braunerhjelm, Pontus, 2008. "Entrepreneurship, Knowledge and Economic Growth," Foundations and Trends(R) in Entrepreneurship, now publishers, vol. 4(5), pages 451-533, April.
    4. Hugh Whittaker, 2001. "Crisis and innovation in Japan: a new future through techno-entrepreneurship?," Working Papers wp193, Centre for Business Research, University of Cambridge.
    5. Kenney, Martin & Han, Kyonghee & Tanaka, Shoko, 2002. "Scattering Geese: The Venture Capital Industries of East Asia: A Report to the World Bank," UCAIS Berkeley Roundtable on the International Economy, Working Paper Series qt64j6d0zc, UCAIS Berkeley Roundtable on the International Economy, UC Berkeley.
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    Cited by:

    1. Mihai CIOC & Minodora URSACESCU, 2015. "The Impact Of Eu Grant Support On Innovative Entrepreneurship:Characteristics Of Innovative Start-Ups And Spin-Offs At National Level," Proceedings of the INTERNATIONAL MANAGEMENT CONFERENCE, Faculty of Management, Academy of Economic Studies, Bucharest, Romania, vol. 9(1), pages 209-215, November.

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