Venture Capital最新文献_第6页

Investment crowdfunding has little faith in sustainability! At least for the moment 投资众筹对可持续性缺乏信心!至少目前是这样

IF 2.4 4区管理学

Venture Capital Pub Date : 2022-10-12 DOI: 10.1080/13691066.2022.2129510

C. Mendoza, Isabel María Parra Oller, Madrid Álvaro Rezola, Nuria Suárez

{"title":"Investment crowdfunding has little faith in sustainability! At least for the moment","authors":"C. Mendoza, Isabel María Parra Oller, Madrid Álvaro Rezola, Nuria Suárez","doi":"10.1080/13691066.2022.2129510","DOIUrl":"https://doi.org/10.1080/13691066.2022.2129510","url":null,"abstract":"ABSTRACT We analyze the influence of sustainability on the probability of achieving successful investment crowdfunding offerings. We use a sample of 1,741 investment crowdfunding offerings launched by 1,569 firms in the US during the period May 2016–September 2019 under the Form-C requirements of the JOBS Act. After accounting for potential endogeneity concerns affecting the degree of sustainability of each offering, results show that sustainability-related factors do not boost the chances of successful investment crowdfunding offerings. This result is not homogeneous across firms, operations, or financial environments. We obtain evidence on the influence of firm characteristics and on how offering affects the extent to which sustainability impacts success. Moreover, alternative funding sources and the market structure for funding portals also shape the influence of sustainability on offering success. Results are robust to considering both firm- and offering-level factors traditionally linked with success, as well as to different specifications of the econometric model, and to additional robustness tests.","PeriodicalId":46643,"journal":{"name":"Venture Capital","volume":"9 1","pages":"91 - 115"},"PeriodicalIF":2.4,"publicationDate":"2022-10-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"78998359","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}

引用次数: 0

The dark side of initial coin offering: the case of corporate misconduct 首次代币发行的阴暗面:企业不当行为案例

IF 2.4 4区管理学

Venture Capital Pub Date : 2022-10-02 DOI: 10.1080/13691066.2022.2134834

Xiao Lin, Jixuan Liu, Jia Pan, Yuxiang Xie

引用次数: 0

The debt-equity choice in crowdfunding: a two-method approach 众筹中的债务-股权选择:两种方法

IF 2.4 4区管理学

Venture Capital Pub Date : 2022-09-30 DOI: 10.1080/13691066.2022.2128932

Mari-Liis Kukk

引用次数: 2

How private equity-backed buyout contracts shape corporate governance 私人股本支持的收购合同如何影响公司治理

IF 2.4 4区管理学

Venture Capital Pub Date : 2022-09-05 DOI: 10.1080/13691066.2022.2109224

Luc Wynant, S. Manigart, Veroniek Collewaert

{"title":"How private equity-backed buyout contracts shape corporate governance","authors":"Luc Wynant, S. Manigart, Veroniek Collewaert","doi":"10.1080/13691066.2022.2109224","DOIUrl":"https://doi.org/10.1080/13691066.2022.2109224","url":null,"abstract":"ABSTRACT This paper explores how contracts in private equity-backed buyouts shape corporate governance in portfolio companies. Drawing upon agency theory and incomplete contracting theory, 50 actual contracts are analyzed in detail. Contracts focus on reducing adverse selection risks through limiting pre-investment information asymmetries and aligning the goals of investors and sellers. Moral hazard risks vis-à-vis management are limited through limiting post-investment information asymmetries and limiting shirking behavior through limiting free cash flows. Goal alignment is achieved through high-powered incentive structures combined with shifting risk of underperformance to management. Managerial hold-up problems are addressed through restricting share transactions and limiting managerial actions. Residual powers and contingencies are mainly used to deal with incomplete contract designs due to uncertainties. Few clauses are used to address the reverse agency problem in which management is protected against moral hazard problems created by the private equity investor. PE contracts have transparent and very strong outcome-based cash flow rights, both limiting downside risk and rewarding upside potential. This contrasts with VC contracts which are especially contingency-based given the high levels of uncertainty of the portfolio companies.","PeriodicalId":46643,"journal":{"name":"Venture Capital","volume":"54 1","pages":"135 - 160"},"PeriodicalIF":2.4,"publicationDate":"2022-09-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"81479702","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}

引用次数: 2

Value creation in private equity portfolio companies: a structured review of evidence and proposed framework 私人股本投资组合公司的价值创造:对证据和拟议框架的结构化审查

IF 2.4 4区管理学

Venture Capital Pub Date : 2022-09-02 DOI: 10.1080/13691066.2022.2117669

P. M. Krysta, D. Kanbach

{"title":"Value creation in private equity portfolio companies: a structured review of evidence and proposed framework","authors":"P. M. Krysta, D. Kanbach","doi":"10.1080/13691066.2022.2117669","DOIUrl":"https://doi.org/10.1080/13691066.2022.2117669","url":null,"abstract":"ABSTRACT Value creation of private equity (PE) firms in portfolio companies has received much attention in research. This systematic literature study aims to review, evaluate, and organize the empirical studies conducted in this field during the last four decades. Our findings from an in-depth analysis of 110 empirical papers reveal that the current understanding is incomplete, inconsistent, and unbalanced. Currently no consensus exists regarding a taxonomy or framework that encompasses all relevant dimensions and structures in the field. To guide future research, the study proposes a framework for value creation inputs, outcomes, and context factors. Constructed on a theoretical basis of agency and resource-based theory, we define distinct roles PE firms take in portfolio companies and specify an underlying typology of value creation levers that are applied. Additionally, we discuss the current research on outcomes of PE value creation efforts, and we identify and structure currently underrepresented context factors that influence value creation. Finally, we highlight potential avenues for future research, focusing on influential context factors and levers that catalyze growth in portfolio companies.","PeriodicalId":46643,"journal":{"name":"Venture Capital","volume":"56 1","pages":"203 - 286"},"PeriodicalIF":2.4,"publicationDate":"2022-09-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"79108005","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}

引用次数: 0

The rise of decentralized autonomous organizations (DAOs): a first empirical glimpse 去中心化自治组织(dao)的兴起:第一次实证观察

IF 2.4 4区管理学

Venture Capital Pub Date : 2022-08-31 DOI: 10.1080/13691066.2022.2116797

C. Bellavitis, Christian Fisch, Paul P. Momtaz

引用次数: 21

What do we know about startup-valuation drivers? A systematic literature review 我们对创业公司估值驱动因素了解多少?系统的文献综述

IF 2.4 4区管理学

Venture Capital Pub Date : 2022-07-13 DOI: 10.1080/13691066.2022.2086502

Max Berre, Benjamin Le Pendeven

引用次数: 4

The internationalization of business angel networks: do syndicates increase cross-border investment returns? 商业天使网络的国际化:辛迪加会增加跨境投资回报吗?

IF 2.4 4区管理学

Venture Capital Pub Date : 2022-06-02 DOI: 10.1080/13691066.2022.2082898

Henrik Wesemann, Torben Antretter

引用次数: 3

Signaling in the context of early-stage equity financing: review and directions 早期股权融资背景下的信号:回顾与方向

IF 2.4 4区管理学

Venture Capital Pub Date : 2022-04-18 DOI: 10.1080/13691066.2022.2063092

Mojca Svetek

{"title":"Signaling in the context of early-stage equity financing: review and directions","authors":"Mojca Svetek","doi":"10.1080/13691066.2022.2063092","DOIUrl":"https://doi.org/10.1080/13691066.2022.2063092","url":null,"abstract":"ABSTRACTAccess to early-stage equity financing is vital to the growth of high-potential new ventures. To understand how entrepreneurs obtain external financing, researchers have studied the effectiveness of different signals that entrepreneurs send to investors. In this paper, we provide an overview of current research that uses signaling theory to study the likelihood and success of obtaining funding from angel investors and venture capitalists. The content analysis reveals that empirical research has well explored the signaling value of grants, prior investments, and the human and social capital of the firm to early-stage equity investors. However, we find that the literature on signaling effects on early-stage equity investors is fragmented and undertheorized. We note that while there has been an increase in the number of studies using signaling theory to explain success in obtaining early-stage equity financing, the theory remains underutilized, despite its suitability for this particular area of research. We describe the core ideas of signaling theory and how researchers have applied them in the context of venture capital and angel investing. We discuss how this stream of research can build on and extend signaling theory and highlight promising avenues for future research.","PeriodicalId":46643,"journal":{"name":"Venture Capital","volume":"7 1","pages":""},"PeriodicalIF":2.4,"publicationDate":"2022-04-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138538923","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}

引用次数: 12

Syndication networks and company survival: evidence from European venture capital deals 辛迪加网络与公司生存:来自欧洲风险资本交易的证据

IF 2.4 4区管理学

Venture Capital Pub Date : 2022-04-03 DOI: 10.1080/13691066.2022.2101158

D. Christopoulos, Stefanie Köppl, Monika Köppl-Turyna

{"title":"Syndication networks and company survival: evidence from European venture capital deals","authors":"D. Christopoulos, Stefanie Köppl, Monika Köppl-Turyna","doi":"10.1080/13691066.2022.2101158","DOIUrl":"https://doi.org/10.1080/13691066.2022.2101158","url":null,"abstract":"ABSTRACT This study investigates the phenomenon of syndication in the venture capital industry. Investments conducted by syndicates are believed to have a better chance of being successful, which can be measured by the survival probability of portfolio companies or by successful exits. Using a novel and large dataset covering several countries, our analysis shows that investors’ strong network ties are associated with the success of portfolio companies in Europe. We also demonstrate differences in the association of network centrality with survival between different financing rounds, with the former being more important in early-stage investments and in the first round of financing. Furthermore, we show a strong association of investors’ network ties with the sales growth of portfolio companies before and after the deal, which is consistent in both selection and value-added channels. Finally, we explicitly account for the endogeneity of syndicate formation and show that the results hold if we instrument for venture firms’ network properties, as indicated by significant and correspondingly larger coefficients.","PeriodicalId":46643,"journal":{"name":"Venture Capital","volume":"12 1","pages":"105 - 135"},"PeriodicalIF":2.4,"publicationDate":"2022-04-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"91170373","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}

引用次数: 1