The paradox of prosperity in China: the interplay among entrepreneurs, government, and venture capitalists at initial public offering
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This dissertation includes three essays and focuses on a key entrepreneurial event in a life of a new venture, the initial public offering. Each essay investigates the mechanisms through which three key players, namely founders, government, and venture capitalists, influence governance structure and value creation in an emerging market. I have collected data on all 274 entrepreneurial firms with initial public offering from 2004 to 2009 in the “Small and Medium Enterprise Board” and “Growth Enterprise Market Board” in China. Drawing on resource dependency, multiple agency, and signaling theories, together these three essays aim to develop new theories and provide empirical insights into initial public offering of new ventures in the Chinese context.
Table of Contents
Introduction -- Are founder directors detrimental to new ventures? -- Entrepreneurial finance meets government investment: a good match or not? -- Two sides of the same coin: conflicting signals in a nascent financial market