Pub Date : 2024-01-04DOI: 10.1080/13691066.2023.2300144
Samela Kivilo, Antons Tesliuks, Ágnes Lublóy
This study investigates the factors being associated with equity-crowdfunded companies’ likelihood of survival in the US. We focus on factors observable to crowdinvestors, either being set by entre...
{"title":"Factors influencing US equity-crowdfunded companies’ ability to survive","authors":"Samela Kivilo, Antons Tesliuks, Ágnes Lublóy","doi":"10.1080/13691066.2023.2300144","DOIUrl":"https://doi.org/10.1080/13691066.2023.2300144","url":null,"abstract":"This study investigates the factors being associated with equity-crowdfunded companies’ likelihood of survival in the US. We focus on factors observable to crowdinvestors, either being set by entre...","PeriodicalId":46643,"journal":{"name":"Venture Capital","volume":null,"pages":null},"PeriodicalIF":2.4,"publicationDate":"2024-01-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139375400","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}
Pub Date : 2024-01-02DOI: 10.1080/13691066.2023.2285997
Thomas Boryniec, Chenxi Li, Yi Tan
Cross-border venture capital (CBVC) research is becoming increasingly important due to globalisation and its role as a key economic driver of development. As a result, the interest in the domain ha...
{"title":"A survey of cross-border venture capital research","authors":"Thomas Boryniec, Chenxi Li, Yi Tan","doi":"10.1080/13691066.2023.2285997","DOIUrl":"https://doi.org/10.1080/13691066.2023.2285997","url":null,"abstract":"Cross-border venture capital (CBVC) research is becoming increasingly important due to globalisation and its role as a key economic driver of development. As a result, the interest in the domain ha...","PeriodicalId":46643,"journal":{"name":"Venture Capital","volume":null,"pages":null},"PeriodicalIF":2.4,"publicationDate":"2024-01-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139079951","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}
Pub Date : 2023-12-21DOI: 10.1080/13691066.2023.2295252
Yucheng Zhang, Dan Wang, Miles M. Yang, Jing Li, Siqi Liu
{"title":"A bibliometric review of early-stage entrepreneurial equity financing: an overview and future research agenda","authors":"Yucheng Zhang, Dan Wang, Miles M. Yang, Jing Li, Siqi Liu","doi":"10.1080/13691066.2023.2295252","DOIUrl":"https://doi.org/10.1080/13691066.2023.2295252","url":null,"abstract":"","PeriodicalId":46643,"journal":{"name":"Venture Capital","volume":null,"pages":null},"PeriodicalIF":2.4,"publicationDate":"2023-12-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138949254","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}
Pub Date : 2023-11-24DOI: 10.1080/13691066.2023.2285998
Francisco Bastida, Mohammad Nurunnabi, Vaughan Scott
The impact of COVID-19 on Micro, Small & Medium Enterprises (MSMEs) has been devastating. Digitization has been one of the core strategies to cushion the impact of the pandemic. Based upon a questi...
2019冠状病毒病对中小微企业的影响是毁灭性的。数字化是缓解疫情影响的核心战略之一。基于一个问题…
{"title":"Micro, Small & Medium Enterprises’ need for digitization to counteract COVID-19: From “nice-to-have” to “must-have”?","authors":"Francisco Bastida, Mohammad Nurunnabi, Vaughan Scott","doi":"10.1080/13691066.2023.2285998","DOIUrl":"https://doi.org/10.1080/13691066.2023.2285998","url":null,"abstract":"The impact of COVID-19 on Micro, Small & Medium Enterprises (MSMEs) has been devastating. Digitization has been one of the core strategies to cushion the impact of the pandemic. Based upon a questi...","PeriodicalId":46643,"journal":{"name":"Venture Capital","volume":null,"pages":null},"PeriodicalIF":2.4,"publicationDate":"2023-11-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138505279","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}
Pub Date : 2023-11-21DOI: 10.1080/13691066.2023.2286000
Jonathan Taglialatela, Roberto Barontini
Building on recent developments in the literature, we investigated whether the practice of repeatedly investing with the same partners impacts outcomes for venture capital syndicates. Research show...
{"title":"Prior co-investments and exits: a study on European venture capital syndicates","authors":"Jonathan Taglialatela, Roberto Barontini","doi":"10.1080/13691066.2023.2286000","DOIUrl":"https://doi.org/10.1080/13691066.2023.2286000","url":null,"abstract":"Building on recent developments in the literature, we investigated whether the practice of repeatedly investing with the same partners impacts outcomes for venture capital syndicates. Research show...","PeriodicalId":46643,"journal":{"name":"Venture Capital","volume":null,"pages":null},"PeriodicalIF":2.4,"publicationDate":"2023-11-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138505278","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}
Pub Date : 2023-11-19DOI: 10.1080/13691066.2023.2282542
Kris Irwin, William McDowell, Samuel Ribeiro-Navarrete
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...
{"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":null,"pages":null},"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}
Pub Date : 2023-10-16DOI: 10.1080/13691066.2023.2265565
Ammara Mahmood, Sepideh Yeganegi
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.
{"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":null,"pages":null},"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}
Pub Date : 2023-10-16DOI: 10.1080/13691066.2023.2268839
Wei Zhang, Shiqi Ye, Z.Y. Shen, Malin Song
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).
{"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":null,"pages":null},"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}
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