Venture Capital最新文献_第9页

A gender financing gap: fake news or evidence? 性别融资差距:假新闻还是证据?

IF 2.4 4区管理学

Venture Capital Pub Date : 2020-03-31 DOI: 10.1080/13691066.2020.1747692

R. Aernoudt, Amparo De San José

引用次数: 8

Going private transactions performance in emerging economies: a comparative study in Latin America and Asia 新兴经济体的私有化交易绩效:拉丁美洲与亚洲的比较研究

IF 2.4 4区管理学

Venture Capital Pub Date : 2020-01-02 DOI: 10.1080/13691066.2018.1457605

A. Chevalier, Aurélie Sannajust

引用次数: 2

On equity crowdfunding: investor rationality and success factors 论股权众筹:投资者理性与成功因素

IF 2.4 4区管理学

Venture Capital Pub Date : 2019-05-29 DOI: 10.1080/13691066.2018.1468542

Miwako Nitani, A. Riding, Beichuan He

{"title":"On equity crowdfunding: investor rationality and success factors","authors":"Miwako Nitani, A. Riding, Beichuan He","doi":"10.1080/13691066.2018.1468542","DOIUrl":"https://doi.org/10.1080/13691066.2018.1468542","url":null,"abstract":"Abstract Based on observations from four European equity crowdfunding platforms, this study assesses crowdinvestors’ ability to interpret signals associated with firm and owner attributes, financial statements, and social networking activity when selecting investment opportunities. It was found that crowdinvestors attempt to reduce risk by choosing larger firms managed by experienced and educated managements who maintain a relatively large equity stake post-offering, while maximizing returns by picking projects with better growth opportunities (for example, young firms with higher expected margins and reasonably high sales growth forecasts). These results suggest that participants in the crowdfunding market are rational, interpreting signals derived from firm attributes and financial statements in appropriate ways to minimize risk and maximize returns. The firm’s and entrepreneur’s social networks also has a strong influence on investment decisions, so much so that the inclusion of this variable weakens the impacts of firm size, expected sales growth and margin on campaign success. This suggests the possibility that social media provide investors with an opportunity to validate otherwise less credible information.","PeriodicalId":46643,"journal":{"name":"Venture Capital","volume":"87 1","pages":"243 - 272"},"PeriodicalIF":2.4,"publicationDate":"2019-05-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"81284398","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: 33

The role of regulatory focus and cognitive style in business angels’ evaluation of an investment opportunity 监管焦点和认知风格在商业天使投资机会评估中的作用

IF 2.4 4区管理学

Venture Capital Pub Date : 2019-04-18 DOI: 10.1080/13691066.2019.1599191

S. Franić, Mateja Drnovšek

引用次数: 10

Equity crowdfunding and the role of investor discussion boards 股权众筹和投资者讨论板的作用

IF 2.4 4区管理学

Venture Capital Pub Date : 2019-01-22 DOI: 10.1080/13691066.2019.1569853

Simon Kleinert, Christine Volkmann

{"title":"Equity crowdfunding and the role of investor discussion boards","authors":"Simon Kleinert, Christine Volkmann","doi":"10.1080/13691066.2019.1569853","DOIUrl":"https://doi.org/10.1080/13691066.2019.1569853","url":null,"abstract":"ABSTRACT Start-ups are increasingly using equity crowdfunding to raise necessary funding at an early stage. In this rather new form of financing, potential investors communicate with each other and the entrepreneurs typically through the discussion boards of mediating online platforms. Using a mixed-methods approach, this explorative study analyses the role of investor-initiated discussions in equity crowdfunding. First, we develop a framework and categorize 574 interactions between potential investors and entrepreneurs posted on the project-related discussion boards of the Crowdcube equity crowdfunding platform. The framework is built on deductive criteria from the context of business angels and inductive criteria that are unique to the equity crowdfunding context. Five discussion topics stand out in relevance: valuation, financial snapshot, likely returns, shareholder rights, and market risk. Exploring the qualitative data reveals that investors are concerned about high information asymmetries and agency risks. Second, we use panel data of 2,258 funding days to analyse whether discussions signal endorsement and increase funding success. The econometric results show that discussions generally propel investments. However, discussions on topics like market risk and shareholder rights harm funding success. The study highlights the complementarity of discussion boards as an information source for investors, providing a more nuanced picture of the investor perspective in equity crowdfunding and proposing avenues for future research.","PeriodicalId":46643,"journal":{"name":"Venture Capital","volume":"40 1","pages":"327 - 352"},"PeriodicalIF":2.4,"publicationDate":"2019-01-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"86864288","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: 41

Venture Capital 20 years on: reflections on the evolution of a field 风险投资20年:对一个领域演变的思考

IF 2.4 4区管理学

Venture Capital Pub Date : 2019-01-02 DOI: 10.1080/13691066.2019.1562627

R. Harrison, C. Mason

引用次数: 27

Crowdfunding revisited: a neo-institutional field-perspective 重新审视众筹:一个新制度的领域视角

IF 2.4 4区管理学

Venture Capital Pub Date : 2019-01-02 DOI: 10.1080/13691066.2019.1560884

O. Lehner, Theresia Harrer

{"title":"Crowdfunding revisited: a neo-institutional field-perspective","authors":"O. Lehner, Theresia Harrer","doi":"10.1080/13691066.2019.1560884","DOIUrl":"https://doi.org/10.1080/13691066.2019.1560884","url":null,"abstract":"ABSTRACT Crowdfunding, which relies on the aggregated financial power of the many non-institutionalised individuals, who pledge small amounts is seen in the literature as a particularly well-suited form of entrepreneurial finance. A reason for this may be that the investment decisions are more based on the value propositions of a venture than on purely financial factors. Yet, the communication and translation of the value propositions of a venture into various cultural and regulatory contexts requires specialised services and joint efforts. These services are enabled by so-called Crowdfunding Platforms (CFPs) which provide the necessary tools and services. However, they also influence and potentially limit the field through their actions. Applying an institutional field-perspective in order to gain more holistic insights on the interplay between structure and agents, we revise the originally proposed model developed in our 2013 article in Venture Capital based on an extensive update of the literature and provide new insights from additional empirical cases to triangulate the recent scholarly contributions. We finally enhance theory on crowdfunding on an institutional field-level with a better conceptualization of the interconnectedness between actors and their activities, as well as their positions and links within the structure and crowdfunding platforms as powerful central actors.","PeriodicalId":46643,"journal":{"name":"Venture Capital","volume":"50 1","pages":"75 - 96"},"PeriodicalIF":2.4,"publicationDate":"2019-01-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"72995643","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: 21

Private equity: where we have been and the road ahead 私人股本:我们走过的路和未来的路

IF 2.4 4区管理学

Venture Capital Pub Date : 2019-01-02 DOI: 10.1080/13691066.2018.1518665

M. Wright, S. Pruthi, Kevin Amess, Yan Alperovych

引用次数: 19

Equity crowdfunding: anything to celebrate? 股权众筹:有什么值得庆祝的吗?

IF 2.4 4区管理学

Venture Capital Pub Date : 2019-01-02 DOI: 10.1080/13691066.2018.1559010

Armin Schwienbacher

引用次数: 46

Is beauty in the eye of the beholder? An empirical study of how entrepreneurs, managers, and investors evaluate business opportunities at the earliest stages 情人眼里出西施吗?一个关于企业家、管理者和投资者如何在早期阶段评估商业机会的实证研究

IF 2.4 4区管理学

Venture Capital Pub Date : 2018-10-23 DOI: 10.1080/13691066.2018.1526449

A. Tata, A. Niedworok

{"title":"Is beauty in the eye of the beholder? An empirical study of how entrepreneurs, managers, and investors evaluate business opportunities at the earliest stages","authors":"A. Tata, A. Niedworok","doi":"10.1080/13691066.2018.1526449","DOIUrl":"https://doi.org/10.1080/13691066.2018.1526449","url":null,"abstract":"ABSTRACT Existing research suggests that individuals occupying different professional roles, have different human capital and hence vary in their “opportunity templates”, and may thus deviate in their evaluations of a given business opportunity. This paper advances our understanding on how evaluators vary in their assessments of business opportunities in two very early phases by conducting a comparative analysis of three stakeholder groups that are crucial to new ventures: entrepreneurs, managers, and investors. We analyze a unique dataset of 693 business ideas and 379 business-plan proposals submitted to a nationwide startup competition held in Switzerland. Our linguistic analysis reveals heterogeneity in opportunity evaluations between groups with different types of professional roles. However, this divergence in individuals’ evaluations does not emerge at the earlier business-idea phase, but only at the later business-plan stage. The study provides empirical evidence that individuals’ professional role makes them more sensitive to certain aspects of a given business-plan proposal.","PeriodicalId":46643,"journal":{"name":"Venture Capital","volume":"1 1","pages":"104 - 71"},"PeriodicalIF":2.4,"publicationDate":"2018-10-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"76617489","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: 4