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Korean Academic Society of Business Administration
[ Article ]
korean management review - Vol. 52, No. 4, pp.863-884
ISSN: 1226-1874 (Print)
Print publication date 31 Aug 2023
Received 10 Apr 2023 Revised 31 May 2023 Accepted 01 Jun 2023
DOI: https://doi.org/10.17287/kmr.2023.52.4.863

신흥 아시아 시장에서 기관투자자와 지적재산권 지출이 벤처 캐피탈 투자에 미치는 영향

Jongho Lee ; Gukdo Byun ; Jihyeon Rhie ; Wookyo Shin
(First Author) Doctoral Student, School of Business, Chungbuk National University mylordjh@gmail.com
(Corresponding Author) Associate Professor, School of Business, Chungbuk National University bgukdo@cbnu.ac.kr
(Co-Author) Doctoral Student, School of Business, Chungbuk National University ann2729g@gmail.com
(Co-Author) Doctoral Student, School of Business, Chungbuk National University wookyo1785@gmail.com
The Impact of Institutional Investors and Intellectual Property Payments on Venture Capital Investment in Emerging Asian Markets


Copyright 2011 THE KOREAN ACADEMIC SOCIETY OF BUSINESS ADMINISTRATION
This is an open access article distributed under the terms of the Creative Commons Attribution License 4.0, which permits unrestricted, distribution, and reproduction in any medium, provided the original work is properly cited.

Abstract

In recent years, venture capital funds in emerging Asian markets have witnessed significant growth. This study investigates the impact of institutional investors and intellectual property payments on venture capital fund using panel data from 8 emerging Asian countries and 13 developed countries over the 10-year period from 2011 to 2020. In emerging Asian markets, the results show that new institutional investors have a significant positive impact on the development of venture capital funds. Intellectual property payments has a significant negative impact on venture capital in emerging Asian Markets. On the other hands, in developed markets, new institutional investors and intellectual property payments do not have a significant impact on the development of venture capital funds. Furthermore, we find that market capitalization has a strong negative impact on venture capital fund investment in emerging Asian markets, unlike in developed markets. Rule of law has a strong positive impact on venture capital fund investment in emerging Asian markets. GDP growth in emerging Asian markets has a strong negative effect on venture capital fund in emerging Asian markets. These findings suggest that the factors affecting venture capital funds in emerging Asian markets are somewhat different from the developed markets. Therefore, future research on venture capital should consider the characteristics of emerging Asian markets.

Keywords:

venture capital fund, institutional investor, intellectual property payment, Asian market, developed market

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∙ The author Jongho Lee is currently pursuing a Ph.D. in the Human Resources and Organization at the College of Business, Chungbuk National University. He completed his undergraduate studies in the Department of Public Administration at the Korean National Police University and obtained his master's degree in International Business from the University of Bergamo, Italy. Following his graduation from the Korean National Police University, he was commissioned as an inspector and currently serves as a police officer at Chungbuk Police Agency. His research interests encompass private equity, leadership, and emotional labor.

∙ The author Gukdo Byun is an associate professor at the College of Business, Chungbuk National University. He earned his Ph.D. in Business Administration from Southern Illinois University Carbondale and his M.S. from Seoul National University. His research interests encompass leadership, followership, ethical leadership, empowering leadership, and influence tactics.

∙ The author Jihyeon Rhie is currently a doctoral student at School of Business, Chungbuk National University. She graduated and received her master’s degree from Chungbuk National University, department of business administration. Her research interests include leadership, influence tactics, new ways of working, and unethical pro-organizational behavior.

∙ The author Wookyo Shin is obtained a master's degree in business administration from Korea University. He is currently pursuing a Ph.D. in business administration at Chungbuk National University. His primary areas of interest include emotional leadership, emotional intelligence, and change-oriented organizational citizenship behavior (CO-OCB).