Spin-offs to stock markets as a complementary form of entrepreneurship: Contrasting US, UK and Japanese experiences

Document Type

Article

Publication Date

6-1-2012

Abstract

This study explores the impact of the national institutional environment on the listing of firms on stock exchanges in Japan, the US, and the UK. In particular, the study compares the incidence of: (1) independent firm initial public offerings (IPOs); and (2) the subsidiaries of established corporations being spun-off to stock markets. An empirical analysis is conducted on a sample of 9118 IPOs extracted from the Securities Data Company New Issue Database. The results show that Japan and the UK are more active in incubating new innovative ventures within large corporations and spinning them to the stock markets than their general entrepreneurial activity would suggest. These results direct our attention to different forms of industrial renewal in different institutional environments. © 2012 Copyright Taylor and Francis Group, LLC.

Identifier

84861939065 (Scopus)

Publication Title

Entrepreneurship and Regional Development

External Full Text Location

https://doi.org/10.1080/08985626.2011.577819

e-ISSN

14645114

ISSN

08985626

First Page

307

Last Page

335

Issue

5-6

Volume

24

Grant

HPSE-CT-2002-00146

Fund Ref

European Commission

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