Are government subsidies or preferential listing policies better for the market performance of tech firms? Evidence from Korea

IF 2 4区管理学 Q3 BUSINESS

Asia Pacific Business Review Pub Date : 2023-06-16 DOI:10.1080/13602381.2023.2222001

S. Yoon, H. Kim

引用次数: 0

Abstract

ABSTRACT Tech firms are growth engines in modern economies. We examine which policies, government subsidies or preferential listing, work better for tech firms’ performance. We test whether Korean tech firms outperform control firms using key market-based performance metrics. Tech firms benefiting from Korea’s preferential listing system outperform control firms in funding, patent creation, and market capitalization but underperform in IPO-day returns. In contrast, government subsidies do not affect market performance other than six-month returns from the IPO date. These findings indicate that preferential listing policies are better than government subsidies for the market performance of tech firms.

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政府补贴或优惠上市政策对科技公司的市场表现更好吗?来自朝鲜的证据

科技公司是现代经济的增长引擎。我们考察了政府补贴和优惠上市哪种政策对科技公司的绩效更有效。我们使用关键的市场绩效指标来测试韩国科技公司是否优于控股公司。受益于韩国优惠上市制度的科技企业在资金、专利创造、市值等方面的表现优于控股企业，但在ipo当天的回报方面却不如控股企业。相比之下，除了IPO之日起6个月的回报外，政府补贴不会影响市场表现。这些发现表明，优惠上市政策比政府补贴对科技公司的市场绩效有更好的影响。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Asia Pacific Business Review Multiple-

CiteScore

4.40

自引率

13.80%

发文量

期刊介绍： The growth of the Asia Pacific region and the rising presence of its multinationals in world markets has raised a number of questions about the origins of national economic success. Asia Pacific Business Review addresses these key issues and draws together the lessons of the analysis of culture, economies, history, politics and societies in the area, in order to explore business-related phenomena in the Asia Pacific countries, both in their general and specific contexts. The Review is intended for both academics and interested observers, contains the contributions of recognized experts, and is essential to anyone seeking the latest research on Asia Pacific business in a readily available, approachable form. We welcome articles which deal with nations and societies in the Asia Pacific region, namely those in East Asia and South-East Asia (but not South Asia), including those in APEC and ASEAN, individually or comparatively. Of interest also are contributions on the Asia Pacific economies, comparing those inside with those outside, or those investing in it. We do not, however, publish papers based solely on countries from outside the region.