A Thought on the Influence of Problematic Event at Prior Employers to Entrepreneurs

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Other Title
  • 出身企業における破綻等の問題が起業家に与える影響に関する考察
  • 出身企業における破綻等の問題が起業家に与える影響に関する考察 : 2001年以降のIPO企業を対象として
  • シュッシン キギョウ ニ オケル ハタン トウ ノ モンダイ ガ キギョウカ ニ アタエル エイキョウ ニ カンスル コウサツ : 2001ネン イコウ ノ IPO キギョウ オ タイショウ ト シテ
  • －A Research on the IPO Companies in or after 2001－
  • ―2001年以降のIPO企業を対象として―

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Abstract

<p>This article discusses the influence of work experience at corporations that have experienced problematic events such as bankruptcy, on start-up success. Founders and board members of companies newly listed on the Japanese stock exchange between 2001 and 2011 (“IPO companies”) have been examined. The study found that there were significantly more board members who have work experience at “tosan” (i.e. “civil rehabilitation”, “legal liquidation”, “bankruptcy” and “voluntary liquidation”) corporations compared to those who have no such experience. On the other hand, work experience at “restructuring”, “merger”, “scandal” or “transform to holding company” corporations was negatively correlated to the number of board members of IPO companies. Company age was also negatively correlated. As for founders, it was found that corporations that have undergone “rehabilitation”, “asset sale”, “civil rehabilitation”, “bankruptcy” or “absorption-type merger” produced more founders. No significant differences were identified among “merger” and “restructuring” corporations. These findings support the common belief that an exit from problematic companies encourages the birth of new companies.</p>

Journal

  • Venture Review

    Venture Review 22 (0), 27-41, 2013-09-15

    THE JAPAN ACADEMIC SOCIETY FOR VENTURES & ENTREPRENEURS

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