INTRODUCTIONIn recent years, the government or state around emerging markets started to invest in private firms through a variety of vehicles such as venture capital (Colombo, Cumming, & Vismara, ), development banks (Inoue, Lazzarini, & Musacchio, ), pension funds (Coronado, Engen, & Knight, ), or sovereign wealth funds (Bremmer, ). Such investments tend to pursue not only financial return but also significant social payoffs or localized public benefits (e.g., job creation or economic growth in a specific region or sector). Such state‐backed investments into private firms also aim to create industrial policies to foster entrepreneurial development. For instance, China launched Small and Medium Enterprise (SME) and Growth Enterprise Market (GEM) boards on the stock exchange to not only encourage small and private firms to raise money from the public equity market but also to fuel state investment funds into those ventures from the earliest stage all the way to initial public offering (IPO) (Ding, Nowak, & Zhang, ). Brazil, on the other hand, authorized the Brazilian National Development Bank (BNDES) to provide loans and equity to private and public firms and, therefore, gained control by serving as a minority shareholder (Inoue et al., ). A major consequence of such
Corporate Governance – Wiley
Published: Jan 1, 2018
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