Startups in Russia: Ownership and performance

IF 0.3 Q4 ECONOMICS

Zhurnal Novaya Ekonomicheskaya Assotsiatsiya-Journal of the New Economic Association Pub Date : 2021-01-01 DOI:10.31737/2221-2264-2021-52-4-3

O. A. Guseva, A. Stepanova

{"title":"Startups in Russia: Ownership and performance","authors":"O. A. Guseva, A. Stepanova","doi":"10.31737/2221-2264-2021-52-4-3","DOIUrl":null,"url":null,"abstract":"During two decades the Russian government has invested heavily in support of high-tech startups. However, considering high level of information opacity of startups, we focus on equity as the primary source of their financing, and on owners as the main source of support for such firms. This paper examines how ownership characteristics affect the performance of high-tech performance of startups in nuclear and space industries. We focus on how different types of owners (founders, state, and venture capital) contribute to performance of startups in nuclear and space industries. Using an unbalanced panel of startups from Skolkovo, the largest Russian innovation cluster, from 2010 to 2016, we found evidence of a negative relationship between a support from government-related organizations and chosen indicators of startup performance. Our findings confirmed the significant impact of private venture capital on startup performance, however the effect is industry-specific. While family equity contributions were not found to have a significant impact on startup performance, we identified a positive relationship between owner or CEO change and future startup performance. We discuss potential interpretations of the findings and provide strategic management insights for startup owners and investors.","PeriodicalId":43676,"journal":{"name":"Zhurnal Novaya Ekonomicheskaya Assotsiatsiya-Journal of the New Economic Association","volume":null,"pages":null},"PeriodicalIF":0.3000,"publicationDate":"2021-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Zhurnal Novaya Ekonomicheskaya Assotsiatsiya-Journal of the New Economic Association","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.31737/2221-2264-2021-52-4-3","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q4","JCRName":"ECONOMICS","Score":null,"Total":0}

引用次数: 0

Abstract

During two decades the Russian government has invested heavily in support of high-tech startups. However, considering high level of information opacity of startups, we focus on equity as the primary source of their financing, and on owners as the main source of support for such firms. This paper examines how ownership characteristics affect the performance of high-tech performance of startups in nuclear and space industries. We focus on how different types of owners (founders, state, and venture capital) contribute to performance of startups in nuclear and space industries. Using an unbalanced panel of startups from Skolkovo, the largest Russian innovation cluster, from 2010 to 2016, we found evidence of a negative relationship between a support from government-related organizations and chosen indicators of startup performance. Our findings confirmed the significant impact of private venture capital on startup performance, however the effect is industry-specific. While family equity contributions were not found to have a significant impact on startup performance, we identified a positive relationship between owner or CEO change and future startup performance. We discuss potential interpretations of the findings and provide strategic management insights for startup owners and investors.

查看原文本刊更多论文

俄罗斯的创业公司:所有权和绩效

二十年来，俄罗斯政府投入巨资支持高科技初创企业。然而，考虑到创业公司的信息高度不透明，我们将重点放在股权作为其融资的主要来源，以及所有者作为这些公司的主要支持来源。本文考察了股权特征对核工业和航天工业初创企业高科技绩效的影响。我们关注不同类型的所有者(创始人、政府和风险资本)如何对核能和航天行业的初创企业的业绩做出贡献。通过对俄罗斯最大的创新集群斯科尔科沃(Skolkovo) 2010年至2016年的创业公司进行不平衡调查，我们发现了政府相关组织的支持与创业公司绩效指标之间存在负相关关系的证据。我们的研究结果证实了私人风险资本对创业公司绩效的显著影响，但这种影响是特定行业的。虽然家族股权贡献并未对创业公司绩效产生显著影响，但我们发现了所有者或CEO变更与未来创业公司绩效之间的正相关关系。我们讨论了对研究结果的潜在解释，并为初创企业所有者和投资者提供了战略管理见解。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

求助全文

约1分钟内获得全文求助全文

来源期刊

Zhurnal Novaya Ekonomicheskaya Assotsiatsiya-Journal of the New Economic Association ECONOMICS-

CiteScore

1.00

自引率

20.00%

发文量

期刊介绍： Key Journal''s objectives: bring together economists of different schools of thought across the Russian Federation; strengthen ties between Academy institutes, educational establishments and economic research centers; improve the quality of Russian economic research and education; integrate economic science and education; speed up the integration of Russian economic science in the global mainstream of economic research. The Journal publishes both theoretical and empirical articles, devoted to all aspects of economic science, which are of interest for wide range of specialists. It welcomes high-quality interdisciplinary projects and economic studies employing methodologies from other sciences such as physics, psychology, political science, etc. Special attention is paid to analyses of processes occurring in the Russian economy. Decisions about publishing of articles are based on a double-blind review process. Exceptions are short notes in the section "Hot Topic", which is usually formed by special invitations and after considerations of the Editorial Board. The only criterion to publish is the quality of the work (original approach, significance and substance of findings, clear presentation style). No decision to publish or reject an article will be influenced by the author belonging to whatever public movement or putting forward ideas advocated by whatever political movement. The Journal comes out four times a year, each issue consisting of 12 to 15 press sheets. Now it is published only in Russian. The English translations of the Journal issues are posted on the Journal website as open access resources.

文献相关原料

公司名称	产品信息	采购帮参考价格