Venture Capital最新文献_第6页

Lifespans of corporate and independent venture capitalists: a systematic review 企业和独立风险资本家的寿命:系统回顾

IF 2.4 4区管理学

Venture Capital Pub Date : 2022-12-06 DOI: 10.1080/13691066.2022.2150909

F. Brinkmann, D. Kanbach

{"title":"Lifespans of corporate and independent venture capitalists: a systematic review","authors":"F. Brinkmann, D. Kanbach","doi":"10.1080/13691066.2022.2150909","DOIUrl":"https://doi.org/10.1080/13691066.2022.2150909","url":null,"abstract":"ABSTRACT Corporate venture capitalists (CVCs) have shorter lifespans than independent venture capitalists (IVCs), but the reasons for this are not well understood. This paper identifies influencing factors affecting lifespans of CVCs and IVCs. Based on a sample of 190 articles, this systematic review identifies 41 factors that influence VC performance across four dimensions: decisions about strategies, the exploitation of venture capital resources and characteristics, active involvement in the venture capital environment, and limited underlying room for maneuvering. These dimensions show differences in the decision-making of IVCs and CVCs and impact lifespan. CVCs yield greater financial performance than IVCs. However, our results suggest that five CVC-specific factors are significant influencing factors which can explain lifespan differences: investment objectives, organizational autonomy and structure, interorganizational relationships, commitment of corporate parent, and parent company size. Overall, the longevity of CVCs is largely determined by a number of internal decisions made between the CVC and its parent company. Limiting the influence of corporate parents is suggested to enhance the success and lifespan of CVCs.","PeriodicalId":46643,"journal":{"name":"Venture Capital","volume":null,"pages":null},"PeriodicalIF":2.4,"publicationDate":"2022-12-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"85515030","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: 3

Married at first sight: the process of trust formation throughout the venture capital process during the time of the COVID-19 crisis 一见钟情:2019冠状病毒病危机期间风险投资过程中的信任形成过程

IF 2.4 4区管理学

Venture Capital Pub Date : 2022-11-08 DOI: 10.1080/13691066.2022.2139205

Heléne Müller, Julia Wöhler

{"title":"Married at first sight: the process of trust formation throughout the venture capital process during the time of the COVID-19 crisis","authors":"Heléne Müller, Julia Wöhler","doi":"10.1080/13691066.2022.2139205","DOIUrl":"https://doi.org/10.1080/13691066.2022.2139205","url":null,"abstract":"ABSTRACT A high level of uncertainty accompanies investment decisions, hence, VCs attempt to reduce their risk through a thorough examination of potential investment cases. Especially during the seed and start-up phases of a new venture, when detailed reports and historical track records are still lacking, the investment manager’s trust in the entrepreneurial team has a major impact on investment decisions. To explore the process of trust formation, we conducted 11 semi-structured in-depth expert interviews with VC investment managers. Thereby, the COVID-19 crisis provided unique circumstances of exclusively digital communication and allowed us to develop a fine-grained understanding of trust within the VC context. Building on previous research about organizational trust and 674 interview minutes, we found that trustworthiness develops to trust over time as the vulnerability of both parties increases. Furthermore, our results reveal that the VCs’ perception of the founders’ trustworthiness is mainly influenced by examining the founders’ work environment, a founders’ reputation in the VCs’ network, and face-to-face communication. Such personal meetings allow VCs to assess founders, shape the investor’s gut feeling, and develop an interpersonal relationship as they allow for more room talking about personal information rather than business talk.","PeriodicalId":46643,"journal":{"name":"Venture Capital","volume":null,"pages":null},"PeriodicalIF":2.4,"publicationDate":"2022-11-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"84847563","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

Linear and non-linear patterns of internationalisation and funding in academic spin-offs 国际化的线性和非线性模式及学术衍生产品的资助

IF 2.4 4区管理学

Venture Capital Pub Date : 2022-11-08 DOI: 10.1080/13691066.2022.2139651

M. L. Fernandez-Alles, C. Camelo‐Ordaz, J. P. Diánez-González, E. C. Castillo-Rodríguez

{"title":"Linear and non-linear patterns of internationalisation and funding in academic spin-offs","authors":"M. L. Fernandez-Alles, C. Camelo‐Ordaz, J. P. Diánez-González, E. C. Castillo-Rodríguez","doi":"10.1080/13691066.2022.2139651","DOIUrl":"https://doi.org/10.1080/13691066.2022.2139651","url":null,"abstract":"ABSTRACT Academic spin-offs (ASOs) are typically technologically driven, and their expansion into foreign markets has become a priority for the generation of revenue, thereby recuperating the initial R&D and patent costs over a shorter time frame. However, the literature of how these firms internationalise and what sources they can rely on to obtain the financial resources remains very limited. Two main objectives are proposed in this paper: first, the analysis of whether those relationships that ASOs maintain with various agents to provide financial resources for internationalisation differ between ASOs that have internationalised and those that have not; and second, the study into whether those ASOs that internationalise by following different internationalisation patterns present differences in their agents that provide them with financial resources. From a sample of 173 Spanish ASOs, results of cluster analysis and post-hoc tests indicate that internationalised ASOs rely on financial agents different to those of domestic ASOs. We firstly conclude, that the most representative internationalisation pattern in ASOs is Born Global (BG), through the True Born Global (TBG) and Sporadic Born Global (SBG) sub-patterns. Second, the internationalisation patterns are supported by different financial agents, although governmental institutions and Venture Capital (VC) firms constitute the most relevant agents.","PeriodicalId":46643,"journal":{"name":"Venture Capital","volume":null,"pages":null},"PeriodicalIF":2.4,"publicationDate":"2022-11-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"72369613","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

Looking for complementarities. Within-industry diversification and geographic diversification of Venture Capital Firms 寻找互补性。风险投资公司的行业内多元化和地域多元化

IF 2.4 4区管理学

Venture Capital Pub Date : 2022-11-02 DOI: 10.1080/13691066.2022.2139206

Johannes M. Lehner

引用次数: 0

Solving the SME finance puzzle: an examination of demand and supply failure in the UK 解决中小企业融资难题:对英国供需失灵的考察

IF 2.4 4区管理学

Venture Capital Pub Date : 2022-10-25 DOI: 10.1080/13691066.2022.2135468

Robyn Owen, Tiago Botelho, J. Hussain, Osman Anwar

引用次数: 3

Some initial observations on the geography of the supply of equity crowdfunding 关于股权众筹供给地理的一些初步观察

IF 2.4 4区管理学

Venture Capital Pub Date : 2022-10-13 DOI: 10.1080/13691066.2022.2132891

Anoosheh Rostamkalaei, M. Freel

引用次数: 0

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":null,"pages":null},"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":null,"pages":null},"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