Assessing the Factors Related to a Start-Up’s Valuation Using Prediction and Causal Discovery

IF 7.8 1区管理学 Q1 BUSINESS

Entrepreneurship Theory and Practice Pub Date : 2022-10-14 DOI:10.1177/10422587221121291

Mariia Garkavenko, Tatiana Beliaeva, Éric Gaussier, Hamid Mirisaee, Cédric Lagnier, Agnès Guerraz

引用次数: 0

Abstract

Research indicates that investors rely on various criteria to evaluate early-stage companies. However, past research in this area has focused on subsets of factors and does not distinguish between the predictors and causal determinants of start-up valuation. In our study, we applied machine learning and causal discovery to analyze a comprehensive dataset with 57 independent variables and 2,366 valuations of start-ups in the United Kingdom. The results show a strong relationship between good predictors and causal determinants of valuation. However, noncausal variables may still be useful for prediction, and inversely, some observed causes may not help in the prediction task.

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利用预测和因果发现评估与初创企业估值相关的因素

研究表明，投资者依靠各种标准来评估早期公司。然而，过去在这一领域的研究集中在因素的子集上，并没有区分创业估值的预测因素和因果决定因素。在我们的研究中，我们应用机器学习和因果发现来分析一个包含57个自变量和2366个英国初创企业估值的综合数据集。结果表明，良好的预测因素和估值的因果决定因素之间存在很强的关系。然而，非因果变量可能仍然对预测有用，相反，一些观察到的原因可能对预测任务没有帮助。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Entrepreneurship Theory and Practice BUSINESS-

CiteScore

19.00

自引率

12.40%

发文量

期刊介绍： Entrepreneurship Theory and Practice (ETP) is an interdisciplinary scholarly journal dedicated to conceptual and empirical research that advances, tests, or extends theory relating to entrepreneurship in its broadest sense. Article Topics: Topics covered in ETP include, but are not limited to: New Venture Creation, Development, Growth, and Performance Characteristics, Behaviors, and Types of Entrepreneurs Small Business Management Family-Owned Businesses Corporate, Social, and Sustainable Entrepreneurship National and International Studies of Enterprise Creation Research Methods in Entrepreneurship Venture Financing Content: The journal publishes articles that explore these topics through rigorous theoretical development, empirical analysis, and methodological innovation. ETP serves as a platform for advancing our understanding of entrepreneurship and its implications for individuals, organizations, and society.