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date: 16 February 2019

Abstract and Keywords

This article investigates the performance of initial public offerings (IPOs) in Korea during the rapidly changing dot-com bubble-and-bust period (1999–2001). Specifically, it analyzes the impact on long-term performance of the extent of venture capital involvement in the IPO, and of the ownership characteristics of the venture capital companies themselves, in 372 firms that went public during the period 1999–2001 in KOSDAQ. The study measures VC participation in terms of pre-IPO share ownership by VC firms and attempts to differentiate IPO impacts between VCs grouped in terms of their reputation (measured by their dominance of the VC market) and their affiliation with financial institutions (in terms of ownership of VCs by banks and security companies). The article is organized as follows. It first provides an institutional description of the venture capital industry in Korea in comparison with the U.S. and U.K. industries. After reviewing the related literature, it describes the data set and document the methodology used. It then discusses the main characteristics of the IPO samples and reports the univariate and multivariate analysis on long-term performance.

Keywords: initial public offerings, Korean firms, dot-com bubble-and-bust period, ownership, KOSDAQ, venture capital industry

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