IDEAS home Printed from
   My bibliography  Save this article

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


  • Annaleena Parhankangas
  • Åsa Lindholm-Dahlstrand


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

    Download full text from publisher

    File URL:
    Download Restriction: Access to full text is restricted to subscribers.

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    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.
    Full references (including those not matched with items on IDEAS)


    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.

    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.

    More about this item


    Access and download statistics


    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:taf:entreg:v:24:y:2011:i:5-6:p:307-335. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Chris Longhurst). General contact details of provider: .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.