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Financial intermediaries, ownership structure and the provision of venture capital to SMEs: evidence from Japan

Cumming, Douglas; Fleming, Grant; Schwienbacher, Armin

Description

This paper examines how the provision of venture capital to small- and medium-sized businesses (SMEs) is influenced by the ownership structure of the venture capital provider. We introduce a new and unique dataset from the Japanese venture capital market, comprising data on investment and venture capital activities of 127 Japanese venture capital funds. The data allow us to provide a direct comparison of the behaviour of individual owner-manager venture capitalists versus financial...[Show more]

dc.contributor.authorCumming, Douglas
dc.contributor.authorFleming, Grant
dc.contributor.authorSchwienbacher, Armin
dc.date.accessioned2015-12-07T22:44:57Z
dc.date.available2015-12-07T22:44:57Z
dc.identifier.issn0921-898X
dc.identifier.urihttp://hdl.handle.net/1885/25416
dc.description.abstractThis paper examines how the provision of venture capital to small- and medium-sized businesses (SMEs) is influenced by the ownership structure of the venture capital provider. We introduce a new and unique dataset from the Japanese venture capital market, comprising data on investment and venture capital activities of 127 Japanese venture capital funds. The data allow us to provide a direct comparison of the behaviour of individual owner-manager venture capitalists versus financial intermediation (e.g., bank's venture capital divisions). The data indicate owner-manager venture capitalists (financial disintermediation) give rise to much smaller portfolios of SMEs and more advice to entrepreneurs. Across the scope of different financial intermediation structures, including banks, life insurance companies, securities firms, corporations and government bodies, there are further differences in the provision of governance and value-added advice provided to SMEs. Also, the data indicate US-affiliated funds in Japan are more likely to have smaller portfolios and tend to provide more advice to SMEs.
dc.publisherKluwer Academic Publishers
dc.sourceSmall Business Economics
dc.subjectKeywords: Financial intermediation; Ownership structure; Private equity
dc.titleFinancial intermediaries, ownership structure and the provision of venture capital to SMEs: evidence from Japan
dc.typeJournal article
local.description.notesImported from ARIES
local.identifier.citationvolume31
dc.date.issued2008
local.identifier.absfor150201 - Finance
local.identifier.ariespublicationu4292316xPUB38
local.type.statusPublished Version
local.contributor.affiliationCumming, Douglas, York University
local.contributor.affiliationFleming, Grant, College of Business and Economics, ANU
local.contributor.affiliationSchwienbacher, Armin, University of Amsterdam
local.bibliographicCitation.startpage59
local.bibliographicCitation.lastpage92
local.identifier.doi10.1007/s11187-008-9106-1
dc.date.updated2015-12-07T11:30:30Z
local.identifier.scopusID2-s2.0-45849134139
CollectionsANU Research Publications

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