도구변수를 이용한 미국 벤처캐피탈 산업조직지위 변화에 관한 연구An Instrumental Variable Approach to Uncover the Status Dynamics in the U.S. Venture Capital Industry
- Other Titles
- An Instrumental Variable Approach to Uncover the Status Dynamics in the U.S. Venture Capital Industry
- Authors
- 김영규; 박재석
- Issue Date
- 2014
- Publisher
- 한국국제경영관리학회
- Keywords
- Organizational Status; Instrumental Variable; Venture Capital; 조직 지위; 도구변수; 벤처캐피탈
- Citation
- 국제경영리뷰, v.18, no.2, pp.57 - 82
- Indexed
- KCI
- Journal Title
- 국제경영리뷰
- Volume
- 18
- Number
- 2
- Start Page
- 57
- End Page
- 82
- URI
- https://scholar.korea.ac.kr/handle/2021.sw.korea/100204
- ISSN
- 1598-4869
- Abstract
- This paper tries to answer how a firm can grow its status by disentangling the effect of status in the past from the effect of time-varying ability to grow in status. An instrumental variable approach is an effective means to handle endogeneity problem, but the application is limited due to an un-testable exclusion restriction. This paper introduces an instrumental variable approach based on the plausibly exogeneity assumption and applies it to the U.S. venture capital dataset. By applying the “plausibly exogenous” approach, this paper shows that even under violations of exclusion restriction, the unemployment rate can serve as a valid instrument for complementary status, which signals quality as a co-investor. The finding suggests that complementary status positively affects future primary status, which signals quality as a lead investor, net of its effect through improving the firm’s ability to grow in primary status.
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