組織フィールドの境界を越えた組織間ネットワークの効果

京都大学新制・課程博士博士(経済学)甲第22953号経博第628号新制||経||295(附属図書館)京都大学大学院経済学研究科経済学専攻(主査)教授 若林 直樹, 教授 椙山 泰生, 教授 原 良憲学位規則第4条第1項該当Doctor of EconomicsKyoto UniversityDFA

The Role of Universities and Governmental Organizations in Organizational Fields －The Case of the Japanese Nanotechnology Industry－

The paper investigates the role of universities and governmental organizations in the formation and maintenance of the Japanese nanotechnology organizational field. The results suggest that both universities and governmental organizations occupy a central position within the field. The formation of network ties mostly operates on a top-down basis facilitated by government policy. Despite their highly central positions in the networks, it is also evident that universities failed to facilitate the formation of an independent network where for-profit firms would take over some of the hub functions. As such, they are only partially achieved to become anchor tenants in their respective regions. Universities often remain internally fragmented and fail to fully leverage the brokerage advantages that stem from their network positions. However, building a more cohesive internal function has the potential to boost their ability to broker within the network. This finding has a further implication for network theory in that brokerage for complex organizational networks might be more complicated than originally conceived

A dynamical systems approach to causation

Our approach aims at accounting for causal claims in terms of how the physical states of the underlying dynamical system evolve with time. Causal claims assert connections between two sets of physicals states - their truth depends on whether the two sets in question are genuinely connected by time evolution such that physical states from one set evolve with time into the states of the other set. We demonstrate the virtues of our approach by showing how it is able to account for typical causes, causally relevant factors, being ‘the’ cause, and cases of overdetermination and causation by absences

The Role of Organizational Alliance Networks in Successful R&D －The Case of Toyota’s Fuel Cell Development－

This paper focuses on the elements of successful research and development （R&D） in a high-technology field. It asks the question of how openness and involvement in organizational research networks can help innovation. The paper relies on the technological patents of Toyotaʼs fuel cell R&D program up to the unveiling of the first-generation Toyota Mirai in 2014. Through a text analysis of patent contents, the paper gives an overview of how the development has transitioned through different phases. Toyota’s research is then compared to other Japanese automakers in terms of the openness of its R&D alliance network. Then, through quantitative analysis, the paper investigates what elements contribute to a successful granted patent. The results show that both open alliance partners （such as overseas partners） and partnership with central actors in the Japanese nanotechnology network contribute to a greater likelihood of gaining a patent grant. The results also suggest that some degree of openness and network involvement in related technology fields are necessary for successful R&D, but the openness itself is not enough

GOVERNMENT INTERVENTIONS IN THE VENTURE CAPITAL MARKET HOW JEREMIE AFFECTS THE HUNGARIAN VENTURE CAPITAL MARKET?

JEREMIE (Joint European Resources for Micro to Medium Enterprises) program was implemented as a part of the EU cohesion policy in the framework of 2007-2013 programming period. The primary objective of the program was to enhance the financing prospects of SME’s through structural funds that provide financial engineering instruments like loan, guarantee and venture capital. This paper focuses on the effects of JEREMIE on Hungary’s venture capital market. Since 2010, 28 JEREMIE backed venture capital funds were founded in four rounds and 130 billion HUF capital was allocated into these funds with the contribution of Hungarian government. A well-established venture capital market can boost entrepreneurship and innovation, therefore economic growth which is the foundation of government involvement. On the other hand, there is an extensive literature highlighting the limits and possible drawbacks of the active role of public sector in the venture capital market. There is a consensus in the literature that in the long run the extensive role of government in venture capital industry is counterproductive. Substituting market participants by government agencies will hardly result in a competitive and efficient market. However, temporarily as a catalyst public sector can contribute to the development of venture capital market. Direct government intervention supportable temporarily only in the infancy of the industry. The primary objective of every program must be to develop the market to the level where it becomes self-sustaining. This way the success of these programs must not be measured only by the amount of invested capital, financial performance of venture capital funds and venture capital backed companies. Raising private sector awareness and the progress of necessary institutions are also the criteria of a successful program. During the design and implementation of venture capital agendas these aspects must be taken into consideration. This paper aims for evaluating how successful JEREMIE program is in enhancing the development of venture capital industry

RETURNS OF PRIVATE EQUITY COMPARATIVE ANALYSES OF THE RETURNS OF VENTURE CAPITAL AND BUYOUT FUNDS IN EUROPE AND IN THE US

This paper focuses on the returns of two segments of Private Equity (PE) market in Europe and in the US; Venture Capital (VC) and Buyout (BO). Contrary to the publicly traded stocks where information about the trade of securities is public, the measuring of the returns of these asset classes is not unambiguous. The returns of PE investments are considered as confidential information therefore we only have estimations about the real characteristics of the financial performance of the PE industry. Although it is impossible to observe the whole industry it is important to chart its performance because PE plays an essential role in the financing of firms, especially firms at special stages of their lives and the more information the investors and companies have, the more effective PE market can be therefore it can contribute to economic growth, employment, innovation etc. In the literature PE, VC and BO are not distinguished properly and they are often used as synonyms. Despite their similarities, there are significant differences in the features of these types of investments. In this paper the authors present the return characteristics of the PE industry of Europe and the US with regard to the stage-focus of PE funds. The key findings of this paper are that in average the returns of BO funds exceeded the returns of VC funds in the US as well as in Europe. Not just according to the absolute value of the returns, but also according to its risk-return tradeoff BO seems to be a preferable investment. The same statements can be made in case of the European market. The US returns are higher than European VC returns, because compared to the US VC industry the European is undeveloped. On the other hand the gap between the performances of BO funds is not as significant as the difference of VC funds. While in the 90’s US BO funds outperformed the European ones, after the millennia European BO returns were higher. The analysis of returns reveals the sensitivity of these asset classes to economic cycles. The ‘dotcom’ boom of the millennia affected greatly the PE industry as well as the recession of 2008. The first section of this article describes the different subsets of PE, than it shows the differences in terms of returns of the US and European market, than in the third part the paper compares the characteristics of the different classes of PE

THE ROLE OF VENTURE CAPITAL IN THE BRIDGING OF FUNDING GAPS – A REAL OPTIONS REASONING

Funding gaps occur when for a particular group of enterprises there are not enough available funds to finance their growth. Such enterprises are typically young, innovative and technology-oriented startup companies. These companies do not have significant revenues or collaterals; hence they are not suitable for bank financing. On the other hand the information problems decrease their chances to attract investors and also there is high uncertainty involved in these companies. The method of venture capital financing was established to operate in this financing gap and to provide funds for these technology-oriented, young startup enterprises. There is an extensive literature that highlights that venture capitalists are capable and willing to provide financing for these enterprises as a result of their special expertise and business experience and their sophisticated value creation methods. In this article the authors introduce a real options reasoning in order to give an interpretation of venture capital decision-making method and why venture capital is willing to operate in funding gaps and how it is able to bridge them. With the involvement in the operation of the invested companies venture capitalists create options that increase the value of the firm. Also in option-valuation the higher the uncertainty of the asset is, the higher the value of the option is. That is the reason, why other passive funding forms reject the financing of startup enterprises, while venture capital is willing to provide funds for them. In this article we will describe the problem of funding gaps, than we will introduce real options and their effect on investment decision. In the last part of the article we will demonstrate how real options appear and are created in venture capital financing as a result of its special characteristics and how the real options approach can explain the ability of venture capitalist of bridging funding gaps