{"title":"俄罗斯的创业公司:所有权和绩效","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":"{\"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}","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}
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.
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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.
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