Venture Capital最新文献

{"title":"How can women entrepreneurs overcome funding challenges: the role of digitalization and innovation","authors":"Kris Irwin, William McDowell, Samuel Ribeiro-Navarrete","doi":"10.1080/13691066.2023.2282542","DOIUrl":"https://doi.org/10.1080/13691066.2023.2282542","url":null,"abstract":"Entrepreneurs must overcome various hurdles that pose a threat to starting or growing their businesses. For example, women entrepreneurs face challenges including gender differences, entrepreneuria...","PeriodicalId":46643,"journal":{"name":"Venture Capital","volume":"312 2","pages":""},"PeriodicalIF":2.4,"publicationDate":"2023-11-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138505277","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Does economic policy uncertainty affect venture capital investments for OECD countries?","authors":"Seyfettin Erdoğan, Tuğba Kantarcı, Durmuş Çağrı Yıldırım","doi":"10.1080/13691066.2023.2270162","DOIUrl":"https://doi.org/10.1080/13691066.2023.2270162","url":null,"abstract":"","PeriodicalId":46643,"journal":{"name":"Venture Capital","volume":"12 6","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-10-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136317028","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Lexical sophistication and crowdfunding outcomes","authors":"Ammara Mahmood, Sepideh Yeganegi","doi":"10.1080/13691066.2023.2265565","DOIUrl":"https://doi.org/10.1080/13691066.2023.2265565","url":null,"abstract":"ABSTRACTIt is advised that entrepreneurs should keep the language of venture descriptions short and simple. However, knowledge about the conditions under which language in crowdfunding communications impacts investment behavior is limited. We propose that the use of sophisticated language in crowdfunding venture descriptions creates perceptions of venture distinctiveness that, in turn, increase the amount invested. We test this proposed mechanism across a controlled experiment and present evidence from 886 crowdfunding campaigns that increasing the linguistic sophistication of campaign descriptions can result in a 20% increase in the amount raised by a campaign and greater campaign success. Furthermore, we show that the impact of lexical sophistication on the amount raised is moderated by investor experience whereby experienced investors invest more in ventures with sophisticated language compared to inexperienced investors. Our work contributes to research on communication in crowdfunding by highlighting the significance of lexical sophistication in influencing funding behaviour.KEYWORDS: Crowdfundingdigital communicationentrepreneurshiplexical sophistication Disclosure statementNo potential conflict of interest was reported by the author(s).Notes1. https://www.smallbizgenius.net/by-the-numbers/crowdfunding-stats/#gref2. We repeated the experiment with a sample of 200 undergraduate students and found a positive and significant impact of lexical sophistication on willingness to invest mediated by perceptions of distinctiveness.3. The sample included 317 successful campaigns.4. We use the LIWC software (e.g., Pennebaker et al. Citation2015) a widely used language processing software which categorizes words into predefined linguistic categories and allows for customized dictionaries to identify verbs, adverbs, adjectives, and word length. LIWC software has been used in prior studies on crowdfunding to link the use of words to psychological constructs (e.g., Parhankangas and Renko Citation2017).5. Principal-component factor analysis, which is a method of factor extraction that assumes the communalities of the observed variables are equal to 1. This means that all the variance in each variable is explained by the common factors, and there is no unique or error variance.","PeriodicalId":46643,"journal":{"name":"Venture Capital","volume":"28 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-10-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136112468","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"How does digital empowerment affect venture capital: an empirical study of Chinese manufacturing listed corporations in Growth Enterprise Market","authors":"Wei Zhang, Shiqi Ye, Z.Y. Shen, Malin Song","doi":"10.1080/13691066.2023.2268839","DOIUrl":"https://doi.org/10.1080/13691066.2023.2268839","url":null,"abstract":"ABSTRACTAmid a growing interest in venture capital research, little attention has been given to exploring the influence of digital empowerment on this domain. Particularly in the midst of heightened uncertainty factors contributing to global financial fragility and instances of capital retreat, these matters demand comprehensive examination. Drawing on resource-based theory and information asymmetry theory, this study collected extensive data from 1,985 Chinese manufacturing listed enterprises in the Growth Enterprise Market (GEM) from 2016 to 2020. Leveraging the hierarchical regression technique, the research delved into the intricate relationship between digital empowerment and enterprise venture capital, while also considering the mediating role of innovation input and the moderating effect of government subsidies. The findings demonstrate that digital empowerment and innovation input yield a significantly positive impact on venture capital. Moreover, innovation input partially mediates the connection between digital empowerment and venture capital. Furthermore, government subsidies positively moderate the relationship between digital empowerment and innovation input. These research conclusions not only contribute to the advancement of venture capital theory but also furnish a theoretical foundation for enterprises seeking to secure additional venture capital and for governments to promote innovation and entrepreneurship strategies.KEYWORDS: Digital empowermentinnovation inputgovernment subsidiesventure capital Disclosure statementNo potential conflict of interest was reported by the author(s).Notes1. http://www.sasac.gov.cn/n2588025/n2588134/c23572178/content.html.Additional informationFundingThe Late Funded Project of National Social Science Foundation of China [22FGLB026]; The Key research of Philosophy and Social Sciences of the 14th Five-year Plan of Sichuan University (SCJJ-12). We acknowledge the research fund from the National Natural Science Foundation of China (71934001).","PeriodicalId":46643,"journal":{"name":"Venture Capital","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-10-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136112301","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"The impact mechanism of entrepreneurial competency and entrepreneurial model matching on entrepreneurial performance","authors":"Liying Lei","doi":"10.1080/13691066.2023.2265564","DOIUrl":"https://doi.org/10.1080/13691066.2023.2265564","url":null,"abstract":"ABSTRACTFrom the perspective of matching, this paper explores the impact mechanism of entrepreneurial competency and entrepreneurial model matching on entrepreneurial performance. Then this paper uses cluster analysis and independent sample t-test to carry out the empirical analysis. The research results show the following relationship. (1) Entrepreneurs whose risk aversion psychology, entrepreneurial learning cognition, organizational management functions, and genetic network application capabilities are matched with survival-driven entrepreneurial models can improve the survival performance of new ventures. (2) Entrepreneurs whose risk propensity psychology, knowledge conversion cognition, strategic decision-making functions, and industrial network application capabilities are matched with the opportunity-driven entrepreneurial model, which can improve the survival and growth performance of new ventures. (3) Entrepreneurs’ self-potency psychology, technology transformation cognition, R&D innovation function, and network management capabilities are matched with the innovation-driven entrepreneurial model, which can improve the innovation performance of new ventures. Through empirical analysis, it was found that there were 22 matching samples, accounting for 61.11% of samples. There were 14 mismatched samples, accounting for 38.89% of samples, indicating a higher matching degree between entrepreneurial capability cluster and innovation-driven entrepreneurial model.KEYWORDS: Entrepreneurial competencybusiness modelR&D innovation functionentrepreneurial performancematching Disclosure statementNo potential conflict of interest was reported by the author(s).","PeriodicalId":46643,"journal":{"name":"Venture Capital","volume":"2 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-10-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136210685","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Business angels investing in green ventures: how do they add value to their start-ups?","authors":"Meike Siefkes, Øyvind Bjørgum, Roger Sørheim","doi":"10.1080/13691066.2023.2260101","DOIUrl":"https://doi.org/10.1080/13691066.2023.2260101","url":null,"abstract":"This study investigates how business angels (BAs) add sustainability value to green ventures and how these value-adding activities are dependent on the BAs’ sustainability characteristics, i.e., motivation to invest, sustainability competence, and sustainability investor activity. This explorative qualitative study is based on interviews with 14 BAs from Germany and the Nordics. A cross-case analysis of the interview data reveals that different groups of BAs invest in green start-ups: green angels and light green angels. These BAs differ in their motivation for investing in green start-ups, with some wanting to contribute to the sustainability transition and others investing to be a part of the shift of capital and talent toward green ventures. The BAs offer different sustainability-value-adding activities to their start-ups. Green angels provide activities that are aimed at enhancing the sustainability performance of their investees. Light green BAs add value very similar to conventional BAs. This study contributes to the green entrepreneurial finance literature by exploring the specificity of green angels. By shedding light on how BAs add sustainability value as investors for green ventures, the study places green angels more distinctly in the ecosystem of early-stage financing for green start-ups.","PeriodicalId":46643,"journal":{"name":"Venture Capital","volume":"26 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-09-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136060798","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"How intuition works in venture investment: the holistic effect on decision making","authors":"Jinyun Sun, Tianyi Zheng","doi":"10.1080/13691066.2023.2257887","DOIUrl":"https://doi.org/10.1080/13691066.2023.2257887","url":null,"abstract":"ABSTRACTTo investigate into the cognitive perspective of venture investment, we performed a field experiment to explore the features and the effectiveness of the intuitive and analytic cognitive modes in the investment decision process. The results showed that intuitive investors care more about the business plan and benefit from the balanced and integrated consideration of both business plan and the entrepreneurial team to make more effective investment decision. The study’s contributions to multiple topics and future directions are discussed.KEYWORDS: Intuitioncognitive modeventure investmentdecision processecological rationality Disclosure statementNo potential conflict of interest was reported by the author(s).Notes1. Neil Shen, Sequoia Global Managing Partner, Sequoia China Founding Partner; David Rubinstein, Founder of Carlyle Group.2. Because it was a real competition organized by the competition committee, we cannot control the separation to be strictly random. We controlled the personal-level demographics of the judges to eliminate the influence.3. The judges might be aware that they were given different judgement forms, but they had no idea about the experiment or that they were separated into two groups.4. Because SUR is not applicable to COX proportional hazards model, we didn’t employ SUR here. We employed SUR in robustness check with an alternative dependent variable to test H3–5.5. Here we suggest a careful interpretation of the coefficients of interaction terms in the logit models. The significant coefficients of interaction terms between Intuition with the Business Plan Score and the Entrepreneurial Team Score means that generally in terms of the overall sample, the interaction effects were statistically significant. But the interaction effects for each observation differ as the other covariates take different values. However, when we calculated the interaction effects as a function of “predicted probability that Investment Decision = 1”, we still found significant difference between the results of Business Plan Score and Entrepreneurial Team Score. For Business Plan Score, the interaction effect always fluctuated around 0 and had no significance. While for Entrepreneurial Team Score, the interaction effect was always positive and had significance when the value “predicted probability that Investment Decision = 1” was around 0.5. (see (Ai and Norton Citation2003)6. Here we also suggest a careful interpretation of the coefficients of interaction terms in the Cox models. Since Cox model is also nonlinear, the significant interaction coefficients suggested the interaction effects to be statistically significant in terms of the overall sample in general. But for each specific observation the interaction effect differs. The models introducing interaction terms with full sample served as robust check for the main models. Taking the results of both Table 4, Tables 6 and 7 into the consideration, the empirical results offered supports fo","PeriodicalId":46643,"journal":{"name":"Venture Capital","volume":"12 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-09-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135202398","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Shared mental models: a new approach to understanding entrepreneurs’ and investors’ representations","authors":"Elodie Maureau, Caroline Tarillon","doi":"10.1080/13691066.2023.2254002","DOIUrl":"https://doi.org/10.1080/13691066.2023.2254002","url":null,"abstract":"","PeriodicalId":46643,"journal":{"name":"Venture Capital","volume":"37 1","pages":""},"PeriodicalIF":2.4,"publicationDate":"2023-09-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"85204599","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"The moment is now! From digital transformation to environmental performance","authors":"B. Ribeiro-Navarrete, M. López-Cabarcos, J. Piñeiro-Chousa, Virginia Simón-Moya","doi":"10.1080/13691066.2023.2249231","DOIUrl":"https://doi.org/10.1080/13691066.2023.2249231","url":null,"abstract":"","PeriodicalId":46643,"journal":{"name":"Venture Capital","volume":"23 1","pages":""},"PeriodicalIF":2.4,"publicationDate":"2023-08-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"88042445","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Social capital, financial intelligence, and entrepreneurial financial performance: evidence from the post-pandemic challenges","authors":"Wanhui Jiang, Hongyu Zhang, J. Nakonieczny, F. Jamaani","doi":"10.1080/13691066.2023.2238901","DOIUrl":"https://doi.org/10.1080/13691066.2023.2238901","url":null,"abstract":"","PeriodicalId":46643,"journal":{"name":"Venture Capital","volume":"1 1","pages":""},"PeriodicalIF":2.4,"publicationDate":"2023-08-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"89640870","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}