STARTUP IPO, FINANCIAL DISTRESS DAN EXIT STRATEGY VENTURE CAPITAL: STUDI KASUS PADA ASIA TENGGARA
Abstract
Startup di Asia Tenggara saat ini sedang mengalami perkembangan pesat yang mendekati fase maturity. Oleh karena itu, hal ini dipandang sebagai peluang oleh modal ventura sebagai langkah exit strategi melalui IPO startup. Di sisi lain, IPO startup seringkali dilakukan dengan tujuan mengambil keuntungan dari modal ventura tanpa mempertimbangkan faktor lain. Oleh karena itu, penelitian ini bertujuan untuk menganalisis kinerja saham startup pasca IPO dan kondisi financial distress yang dialami startup dalam konteks perusahaan startup di Asia Tenggara. Data penelitian ini memilih startup unicorn asal Asia Tenggara yang telah melakukan IPO, yang diperoleh 10 startup. Analisis financial distress pada penelitian ini menggunakan Altman Z-score yang dimodifikasi, Zmijewski ZM-score dan rasio ekuitas. Hasil penelitian menunjukkan pasca IPO kinerja harga saham startup Asia Tenggara tidak memberikan keuntungan maksimal dalam jangka panjang. Namun variasi return tergantung negara asal dan pasar IPO. Hasil penelitian juga menunjukkan bahwa modal ventura akan tetap melepaskan kepemilikan perusahaan startup melalui IPO meskipun mengalami kesulitan keuangan sebagai exit strategi.
References
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Cowden, B. J., Bendickson, J. S., Bungcayao, J., & Womack, S. (2020). Unicorns and agency theory: Agreeable moral hazard? Journal of Small Business Strategy, 30(2), 17–25.
Cumming, D., Fleming, G., & Schwienbacher, A. (2006). Legality and venture capital exits. Journal of Corporate Finance, 12(2), 214–245. https://doi.org/10.1016/j.jcorpfin.2004.12.004
Cumming, D. J., & MacIntosh, J. G. (2003). A cross-country comparison of full and partial venture capital exits. Journal of Banking & Finance, 27(3), 511–548. https://doi.org/10.1016/s0378-4266(02)00389-8
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Davila, A., Foster, G., & Gupta, M. (2003). Venture capital financing and the growth of startup firms. Journal of Business Venturing, 18(6), 689–708. https://doi.org/10.1016/s0883-9026(02)00127-1
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Guo, B., Lou, Y., & Pérez‐Castrillo, D. (2015). Investment, duration, and exit strategies for corporate and independent Venture Capital‐Backed Start‐Ups. Journal of Economics &Amp Management Strategy, 24(2), 415–455. https://doi.org/10.1111/jems.12097
Liao, W. M., Lu, C., & Wang, H. (2014). Venture capital, corporate governance, and financial stability of IPO firms. Emerging Markets Review, 18, 19–33. https://doi.org/10.1016/j.ememar.2013.11.002
Mason, C. M., & Harrison, R. T. (2002). Is it worth it? The rates of return from informal venture capital investments. Journal of Business Venturing, 17(3), 211–236. https://doi.org/10.1016/s0883-9026(00)00060-4
Megginson, W. L., Meles, A., Sampagnaro, G., & Verdoliva, V. (2019). Financial distress risk in initial public offerings: How much do venture capitalists matter? Journal of Corporate Finance, 59, 10–30. https://doi.org/10.1016/j.jcorpfin.2016.09.007
Mudambi, R., & Treichel, M. Z. (2005). Cash crisis in newly public Internet-based firms: an empirical analysis. Journal of Business Venturing, 20(4), 543–571. https://doi.org/10.1016/j.jbusvent.2004.03.003
Sethuram, S., Taussig, M., & Gaur, A. (2021). A multiple agency view of venture capital investment duration: The roles of institutions, foreignness, and alliances. Global Strategy Journal, 11(4), 578–619. https://doi.org/10.1002/gsj.1402
Shepherd, D. A., Wiklund, J., & Haynie, J. M. (2009). Moving forward: Balancing the financial and emotional costs of business failure. Journal of Business Venturing, 24(2), 134–148. https://doi.org/10.1016/j.jbusvent.2007.10.002
Zmijewski, M. E. (1984). Methodological issues related to the estimation of financial distress prediction models. Journal of Accounting Research, 22, 59. https://doi.org/10.2307/2490859
Altman, E. I. (1983). Corporate financial distress : a complete guide to predicting, avoiding, and dealing with bankruptcy. http://ci.nii.ac.jp/ncid/BA00567314
Altman, E. I., & Hotchkiss, E. (2005). Corporate financial distress and bankruptcy. https://doi.org/10.1002/9781118267806
Altman, E. I., Iwanicz‐Drozdowska, M., Laitinen, E. K., & Suvas, A. (2016). Financial distress prediction in an international context: A review and empirical analysis of Altman’s Z‐Score model. Journal of International Financial Management and Accounting/Journal of International Financial Management & Accounting, 28(2), 131–171. https://doi.org/10.1111/jifm.12053
Andrade, G., & Kaplan, S. N. (1998). How Costly is Financial (Not Economic) Distress? Evidence from Highly Leveraged Transactions that Became Distressed. the Journal of Finance/the Journal of Finance, 53(5), 1443–1493. https://doi.org/10.1111/0022-1082.00062
Andrieu, G., & Groh, A. P. (2021). Strategic exits in secondary venture capital markets. Journal of Business Venturing, 36(2), 105999. https://doi.org/10.1016/j.jbusvent.2019.105999
Ball, E., Chiu, H. H., & Smith, R. (2011). Can VCs time the market? An analysis of exit choice for venture-backed firms. Review of Financial Studies/the Review of Financial Studies, 24(9), 3105–3138. https://doi.org/10.1093/rfs/hhr042
Barberis, N., Shleifer, A., & Vishny, R. (1998). A model of investor. Journal of Financial Economics, 49(3), 307–343. https://doi.org/10.1016/s0304-405x(98)00027-0
Bekaert, G., & Harvey, C. R. (2002). Research in emerging markets finance: looking to the future. Emerging Markets Review, 3(4), 429–448. https://doi.org/10.1016/s1566-0141(02)00045-6
Black, B. S., & Gilson, R. J. (1998). Venture capital and the structure of capital markets: banks versus stock markets. Journal of Financial Economics, 47(3), 243–277. https://doi.org/10.1016/s0304-405x(97)00045-7
Chu, C., Zhou, Z., Wang, X., Wu, H., Tian, Y., & Cai, Z. (2022). The analysis of fuzzy Qualitative comparison method and multiple case Study of Entrepreneurial Environment and Entrepreneur Psychology for Startups—Evidence from Guangdong-Hong Kong-Macao Greater Bay Area and Southeast Asia. Frontiers in Psychology, 12. https://doi.org/10.3389/fpsyg.2021.751309
Cowden, B. J., Bendickson, J. S., Bungcayao, J., & Womack, S. (2020). Unicorns and agency theory: Agreeable moral hazard? Journal of Small Business Strategy, 30(2), 17–25.
Cumming, D., Fleming, G., & Schwienbacher, A. (2006). Legality and venture capital exits. Journal of Corporate Finance, 12(2), 214–245. https://doi.org/10.1016/j.jcorpfin.2004.12.004
Cumming, D. J., & MacIntosh, J. G. (2003). A cross-country comparison of full and partial venture capital exits. Journal of Banking & Finance, 27(3), 511–548. https://doi.org/10.1016/s0378-4266(02)00389-8
Cumming, D., & Johan, S. a. B. (2008). Preplanned exit strategies in venture capital. European Economic Review, 52(7), 1209–1241. https://doi.org/10.1016/j.euroecorev.2008.01.001
Davila, A., Foster, G., & Gupta, M. (2003). Venture capital financing and the growth of startup firms. Journal of Business Venturing, 18(6), 689–708. https://doi.org/10.1016/s0883-9026(02)00127-1
Fuertes-Callén, Y., Cuellar-Fernández, B., & Serrano-Cinca, C. (2020). Predicting startup survival using first years financial statements. Journal of Small Business Management, 60(6), 1314–1350. https://doi.org/10.1080/00472778.2020.1750302
Guo, B., Lou, Y., & Pérez‐Castrillo, D. (2015). Investment, duration, and exit strategies for corporate and independent Venture Capital‐Backed Start‐Ups. Journal of Economics &Amp Management Strategy, 24(2), 415–455. https://doi.org/10.1111/jems.12097
Liao, W. M., Lu, C., & Wang, H. (2014). Venture capital, corporate governance, and financial stability of IPO firms. Emerging Markets Review, 18, 19–33. https://doi.org/10.1016/j.ememar.2013.11.002
Mason, C. M., & Harrison, R. T. (2002). Is it worth it? The rates of return from informal venture capital investments. Journal of Business Venturing, 17(3), 211–236. https://doi.org/10.1016/s0883-9026(00)00060-4
Megginson, W. L., Meles, A., Sampagnaro, G., & Verdoliva, V. (2019). Financial distress risk in initial public offerings: How much do venture capitalists matter? Journal of Corporate Finance, 59, 10–30. https://doi.org/10.1016/j.jcorpfin.2016.09.007
Mudambi, R., & Treichel, M. Z. (2005). Cash crisis in newly public Internet-based firms: an empirical analysis. Journal of Business Venturing, 20(4), 543–571. https://doi.org/10.1016/j.jbusvent.2004.03.003
Sethuram, S., Taussig, M., & Gaur, A. (2021). A multiple agency view of venture capital investment duration: The roles of institutions, foreignness, and alliances. Global Strategy Journal, 11(4), 578–619. https://doi.org/10.1002/gsj.1402
Shepherd, D. A., Wiklund, J., & Haynie, J. M. (2009). Moving forward: Balancing the financial and emotional costs of business failure. Journal of Business Venturing, 24(2), 134–148. https://doi.org/10.1016/j.jbusvent.2007.10.002
Zmijewski, M. E. (1984). Methodological issues related to the estimation of financial distress prediction models. Journal of Accounting Research, 22, 59. https://doi.org/10.2307/2490859
Published
2024-07-25
How to Cite
RAMADHAN, R. Audi Cahya Lucky.
STARTUP IPO, FINANCIAL DISTRESS DAN EXIT STRATEGY VENTURE CAPITAL: STUDI KASUS PADA ASIA TENGGARA.
PROSIDING SEMINAR NASIONAL UNARS, [S.l.], v. 3, n. 1, p. 186-194, july 2024.
Available at: <https://unars.ac.id/ojs/index.php/prosidingSDGs/article/view/4830>. Date accessed: 26 nov. 2024.
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