nvestigating the Impact of Venture Capital Investment on the Life Cycle of Listed Startups in the Tehran Stock Exchange
Subject Areas : Stock ExchangeReza Deylami 1 , Safiyeh Mehrinejad 2
1 - Department of Financial Management, Central Tehran Branch, Islamic Azad University, Tehran, Iran
2 - Department of Financial Management, Central Tehran Branch, Islamic Azad University, Tehran, Iran
Keywords: Venture capital, investment funds, company life cycle, startups,
Abstract :
Venture capital investment is recognized as one of the key drivers of growth and development for startup companies. This type of investment provides the necessary financial resources, creating a suitable environment for innovation and the expansion of technological activities. Due to the high degree of uncertainty they face, the life cycle of startups requires specific financial and strategic support, which venture capital investors provide to these firms. The main purpose of this research is to examine the effect of venture capital investment on the life cycle of startup companies listed on the Tehran Stock Exchange. All startups listed on the Tehran Stock Exchange during the period from 2019 to 2023 were selected as the statistical population of the study. To select the research sample from the statistical population, the systematic elimination sampling method was employed, resulting in a sample of 37 companies. This research is causal-comparative (ex post facto) in nature; that is, past financial statements were analyzed to conduct the study. Given that a major segment of financial information users benefit from the results, the research is considered applied in nature. Furthermore, it is observational and quasi-experimental in terms of its relationship with the environment, and it falls under the category of capital market studies in terms of its subject matter. Based on the results of hypothesis testing, it can be concluded that venture capital investment has a positive and significant effect on the life cycle of companies (growth, maturity, and decline). Venture capital plays a significant role in improving the performance and sustainability of startups listed on the Tehran Stock Exchange, contributing to their accelerated growth and increased competitiveness. By providing financial resources, managerial expertise, and networking opportunities, venture capital investment substantially enhances the life cycle of these companies.
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