Show Summary Details

Page of

PRINTED FROM OXFORD HANDBOOKS ONLINE ( © Oxford University Press, 2018. All Rights Reserved. Under the terms of the licence agreement, an individual user may print out a PDF of a single chapter of a title in Oxford Handbooks Online for personal use (for details see Privacy Policy and Legal Notice).

date: 11 July 2020

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

Access to the complete content on Oxford Handbooks Online requires a subscription or purchase. Public users are able to search the site and view the abstracts and keywords for each book and chapter without a subscription.

Please subscribe or login to access full text content.

If you have purchased a print title that contains an access token, please see the token for information about how to register your code.

For questions on access or troubleshooting, please check our FAQs, and if you can''t find the answer there, please contact us.