Resource Allocation and Post-IPO R&D Activities: The Case of ChiNext Market

主讲人：Masaru Karube , Graduate School of Business Administration, Hitotsubashi University

时间：2021-12-17   10am-11:30am

会议方式： ZOOM会议号：952 7226 6465；密码：759353

链接: https://zoom.us/j/95272266465?pwd=MjBpYWRlaENWTCs0TGk3T2hGNVQzdz09

Abstract:

This paper explores how the governance structure influences start-up firms’ resource allocation behavior in China. Specifically, our research examines whether the firms use their proceeds raised in initial public offerings (IPOs) in a planned manner and how their governance structures influence the use of their proceeds in China. Using a dataset of 560 firms that went public on ChiNext, a stock market board mainly to finance high-tech growth enterprises, we found that R&D related proceeds raised in the IPO process have a positive relationship with R&D investments in start-up firms, suggesting that most firms do implement their capital investment practices as initially planned in the prospectus. However, their post-IPO R&D activities depend on the characteristics of governance structures in which IPO firms are embedded. This paper contributes to a better understanding of the different effects of stakeholders on resource allocation behaviors among Chinese IPO firms.

Biography:

Masaru Karube is a professor of Graduate School of Business Administration at Hitotsubashi University. His studies focus on innovation research, strategic theory and organization theory, including theoretical and empirical research on the generation and establishment of innovative activities, decision-making in the process of strategy formulation and implementation, and the socialization and organizational processes of innovative activities. His current research topics are the decision-making and leadership development of existing large Japanese companies, the creation process of new technologies/new companies/new industries, the development process and quality issues of start-up companies, and corporate governance in the professional service industry.

如有问题请联系郑老师enyingzheng@nsd.pku.edu.cn，孙老师sxiaoyan@pku.edu.cn