Pub Date : 2023-07-26DOI: 10.1080/13691066.2023.2240019
Dolores Botella-Carrubi, K. Ulrich-Berenguer, Domingo E. Ribeiro Soriano
{"title":"What entrepreneurial skills are the key to startup finance performance?","authors":"Dolores Botella-Carrubi, K. Ulrich-Berenguer, Domingo E. Ribeiro Soriano","doi":"10.1080/13691066.2023.2240019","DOIUrl":"https://doi.org/10.1080/13691066.2023.2240019","url":null,"abstract":"","PeriodicalId":46643,"journal":{"name":"Venture Capital","volume":"36 1","pages":""},"PeriodicalIF":2.4,"publicationDate":"2023-07-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"72866054","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 : 2023-07-25DOI: 10.1080/13691066.2023.2240024
G. Andrieu, Aurélie Sannajust
{"title":"ICOs after the decline: a literature review and recommendations for a sustainable development","authors":"G. Andrieu, Aurélie Sannajust","doi":"10.1080/13691066.2023.2240024","DOIUrl":"https://doi.org/10.1080/13691066.2023.2240024","url":null,"abstract":"","PeriodicalId":46643,"journal":{"name":"Venture Capital","volume":"27 1","pages":""},"PeriodicalIF":2.4,"publicationDate":"2023-07-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"87561173","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 : 2023-07-14DOI: 10.1080/13691066.2023.2234085
Job J. Andreoli, Johannes A. ten Rouwelaar
{"title":"Venture capital investment selection: an exploratory assessment of the role of entrepreneur personality traits","authors":"Job J. Andreoli, Johannes A. ten Rouwelaar","doi":"10.1080/13691066.2023.2234085","DOIUrl":"https://doi.org/10.1080/13691066.2023.2234085","url":null,"abstract":"","PeriodicalId":46643,"journal":{"name":"Venture Capital","volume":"17 1","pages":""},"PeriodicalIF":2.4,"publicationDate":"2023-07-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"81470285","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 : 2023-07-14DOI: 10.1080/13691066.2023.2234078
Yan Alperovych, R. Calcagno, Martin G. Lentz
{"title":"Entrepreneurs on their financial literacy: evidence from the Netherlands","authors":"Yan Alperovych, R. Calcagno, Martin G. Lentz","doi":"10.1080/13691066.2023.2234078","DOIUrl":"https://doi.org/10.1080/13691066.2023.2234078","url":null,"abstract":"","PeriodicalId":46643,"journal":{"name":"Venture Capital","volume":"40 1","pages":""},"PeriodicalIF":2.4,"publicationDate":"2023-07-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"76509571","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 : 2023-06-21DOI: 10.1080/13691066.2023.2225753
Yannis Pierrakis, J. Berbegal‐Mirabent, Dolors Gil-Doménech, M. Colombo
ABSTRACT Universities have emerged as central players in the fast-changing entrepreneurial finance landscape. This editorial introduces and describes the recent changes in academia and the entrepreneurial finance landscape. It then investigates the particular role of universities in supporting start-ups, as investors or facilitators of investments. Following this, it discusses the role of universities in democratising venture capital investments, the different archetypes of university investment vehicles, the importance of institutional context and entrepreneurship learning and finally the patterns of internationalisation and funding in academic spin-offs. The editorial also provides some practical recommendations for practitioners and gives food for thought for future research.
{"title":"Academic institutions and the changing entrepreneurial finance landscape","authors":"Yannis Pierrakis, J. Berbegal‐Mirabent, Dolors Gil-Doménech, M. Colombo","doi":"10.1080/13691066.2023.2225753","DOIUrl":"https://doi.org/10.1080/13691066.2023.2225753","url":null,"abstract":"ABSTRACT Universities have emerged as central players in the fast-changing entrepreneurial finance landscape. This editorial introduces and describes the recent changes in academia and the entrepreneurial finance landscape. It then investigates the particular role of universities in supporting start-ups, as investors or facilitators of investments. Following this, it discusses the role of universities in democratising venture capital investments, the different archetypes of university investment vehicles, the importance of institutional context and entrepreneurship learning and finally the patterns of internationalisation and funding in academic spin-offs. The editorial also provides some practical recommendations for practitioners and gives food for thought for future research.","PeriodicalId":46643,"journal":{"name":"Venture Capital","volume":"7 1","pages":"205 - 217"},"PeriodicalIF":2.4,"publicationDate":"2023-06-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"73125297","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 : 2023-06-14DOI: 10.1080/13691066.2023.2171318
J. Leiva, Ronald Mora-Esquivel, Martín Solís
ABSTRACT This paper offers evidence that the context might influence a university student’s start-up process differently, depending on the category of activities and regions. Specifically, it explores the influence of university and national contexts while considering the different categories of the start-up process. Our approach divides the start-up process into three categories (Business planning, Interaction with the external environment, and Financing), four context definitions (University, Industry-technological, Institutional-policy, and Cultural), and three regions (European Union, Latin America, and Asian-African). We drew on the primary dataset of the Global University Entrepreneurial Spirit Students’ Survey (GUESSS) project that contains 7,628 nascent entrepreneurs from 21 countries, which we complemented with a set of international indexes from the World Economic Forum’s Global Competitiveness Index, the Global Entrepreneurship Index, and the Global Leadership and Organizational Behavior Effectiveness project. Generally speaking, the University context positively influences the start-up activities of students in Europe and Asia-Africa. The Industry and technological context and the Institutional and policy context play a relevant role (sometimes positive or negative) depending on the activity and region. Finally, the Cultural context presents mixed results too, and its influence varies (positively and negatively) depending on the kind of start-up activities and the region.
{"title":"Nascent entrepreneurship in university students: the role of the context","authors":"J. Leiva, Ronald Mora-Esquivel, Martín Solís","doi":"10.1080/13691066.2023.2171318","DOIUrl":"https://doi.org/10.1080/13691066.2023.2171318","url":null,"abstract":"ABSTRACT This paper offers evidence that the context might influence a university student’s start-up process differently, depending on the category of activities and regions. Specifically, it explores the influence of university and national contexts while considering the different categories of the start-up process. Our approach divides the start-up process into three categories (Business planning, Interaction with the external environment, and Financing), four context definitions (University, Industry-technological, Institutional-policy, and Cultural), and three regions (European Union, Latin America, and Asian-African). We drew on the primary dataset of the Global University Entrepreneurial Spirit Students’ Survey (GUESSS) project that contains 7,628 nascent entrepreneurs from 21 countries, which we complemented with a set of international indexes from the World Economic Forum’s Global Competitiveness Index, the Global Entrepreneurship Index, and the Global Leadership and Organizational Behavior Effectiveness project. Generally speaking, the University context positively influences the start-up activities of students in Europe and Asia-Africa. The Industry and technological context and the Institutional and policy context play a relevant role (sometimes positive or negative) depending on the activity and region. Finally, the Cultural context presents mixed results too, and its influence varies (positively and negatively) depending on the kind of start-up activities and the region.","PeriodicalId":46643,"journal":{"name":"Venture Capital","volume":"41 1","pages":"255 - 284"},"PeriodicalIF":2.4,"publicationDate":"2023-06-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"78693424","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 : 2023-06-08DOI: 10.1080/13691066.2023.2221392
Colin Donaldson, J. Villagrasa, Heidi M. Neck
{"title":"The impact of an entrepreneurial ecosystem on student entrepreneurship financing: a signaling perspective","authors":"Colin Donaldson, J. Villagrasa, Heidi M. Neck","doi":"10.1080/13691066.2023.2221392","DOIUrl":"https://doi.org/10.1080/13691066.2023.2221392","url":null,"abstract":"","PeriodicalId":46643,"journal":{"name":"Venture Capital","volume":"32 1","pages":""},"PeriodicalIF":2.4,"publicationDate":"2023-06-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"74565502","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 : 2023-05-30DOI: 10.1080/13691066.2023.2218993
Haixia Hao, Lihong Guo, Jianwei Dong
ABSTRACTUsing a sample of 5,383 investment events of venture capital firms (VCs) investing in Chinese companies between 1997 and 2017, we investigate how levels of human capital of chief executive officers (CEOs) of portfolio companies affect tendencies of foreign and domestic VCs to replace CEOs. We find that domestic and foreign VCs are similar in that they are both less likely to replace CEOs of their portfolio companies if CEOs have higher levels of human capital. Furthermore, we find that domestic and foreign VCs exhibit significant differences in CEO replacement when not considering CEO human capital or when CEOs have lower levels of human capital. Results are consistent with our hypotheses that foreign VCs rely on CEO human capital as a stronger quality signal than domestic VCs, because they have more difficulty monitoring CEOs’ post-investment performance. On the contrary, the geographical and cultural proximity of domestic VCs enables them to obtain information other than CEO human capital, such as CEOs’ social skills, potential, entrepreneurial passion, and charisma, to make replacement decisions. The study advances our understanding of the behavioral differences between domestic and foreign VCs in the post-investment management process.KEYWORDS: Foreign VCsdomestic VCsCEO replacementCEO human capitalportfolio company Disclosure statementNo potential conflict of interest was reported by the author(s).Notes1. PitchBook News & Analysis, Mar 18, 2022. Available at https://pitchbook.com/.2. Higher education in China is divided into four levels: specialist, bachelor’s, master’s, and doctoral levels. Bachelor’s, master’s, and doctoral degrees could be obtained upon graduation. Specialized education generally enrolls students who have graduated from high school or have equivalent education, and specialized students can obtain a specialized certificate after graduation.3. Data on the geographic distance between VCs and portfolio companies and between VC pairs were obtained from https://www.timeanddate.com/, a global time and time zone management website.4. Data on average years of schooling are from the National Bureau of Statistics of China and are available at http://www.stats.gov.cn/tjsj/ndsj/.5. The Dalhousie University Atmospheric Composition Analysis Group provides PM2.5 data sources for North America, China, Europe, and other regions. The data is available at https://sites.wustl.edu/acag/datasets/surface-pm2–5/.6. Data on VCs’ affiliation is obtained from Chen et al. (Citation2021).Additional informationFundingThis work was supported by the National Natural Science Foundation of China [71962033].
{"title":"Do foreign and domestic venture capital firms differ in replacing CEOs of portfolio companies?","authors":"Haixia Hao, Lihong Guo, Jianwei Dong","doi":"10.1080/13691066.2023.2218993","DOIUrl":"https://doi.org/10.1080/13691066.2023.2218993","url":null,"abstract":"ABSTRACTUsing a sample of 5,383 investment events of venture capital firms (VCs) investing in Chinese companies between 1997 and 2017, we investigate how levels of human capital of chief executive officers (CEOs) of portfolio companies affect tendencies of foreign and domestic VCs to replace CEOs. We find that domestic and foreign VCs are similar in that they are both less likely to replace CEOs of their portfolio companies if CEOs have higher levels of human capital. Furthermore, we find that domestic and foreign VCs exhibit significant differences in CEO replacement when not considering CEO human capital or when CEOs have lower levels of human capital. Results are consistent with our hypotheses that foreign VCs rely on CEO human capital as a stronger quality signal than domestic VCs, because they have more difficulty monitoring CEOs’ post-investment performance. On the contrary, the geographical and cultural proximity of domestic VCs enables them to obtain information other than CEO human capital, such as CEOs’ social skills, potential, entrepreneurial passion, and charisma, to make replacement decisions. The study advances our understanding of the behavioral differences between domestic and foreign VCs in the post-investment management process.KEYWORDS: Foreign VCsdomestic VCsCEO replacementCEO human capitalportfolio company Disclosure statementNo potential conflict of interest was reported by the author(s).Notes1. PitchBook News & Analysis, Mar 18, 2022. Available at https://pitchbook.com/.2. Higher education in China is divided into four levels: specialist, bachelor’s, master’s, and doctoral levels. Bachelor’s, master’s, and doctoral degrees could be obtained upon graduation. Specialized education generally enrolls students who have graduated from high school or have equivalent education, and specialized students can obtain a specialized certificate after graduation.3. Data on the geographic distance between VCs and portfolio companies and between VC pairs were obtained from https://www.timeanddate.com/, a global time and time zone management website.4. Data on average years of schooling are from the National Bureau of Statistics of China and are available at http://www.stats.gov.cn/tjsj/ndsj/.5. The Dalhousie University Atmospheric Composition Analysis Group provides PM2.5 data sources for North America, China, Europe, and other regions. The data is available at https://sites.wustl.edu/acag/datasets/surface-pm2–5/.6. Data on VCs’ affiliation is obtained from Chen et al. (Citation2021).Additional informationFundingThis work was supported by the National Natural Science Foundation of China [71962033].","PeriodicalId":46643,"journal":{"name":"Venture Capital","volume":"302 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-05-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135642134","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 : 2023-05-23DOI: 10.1080/13691066.2023.2216876
Francesca Di Pietro, F. Tenca
{"title":"The role of entrepreneur’s experience and company control in influencing the credibility of passion as a signal in equity crowdfunding","authors":"Francesca Di Pietro, F. Tenca","doi":"10.1080/13691066.2023.2216876","DOIUrl":"https://doi.org/10.1080/13691066.2023.2216876","url":null,"abstract":"","PeriodicalId":46643,"journal":{"name":"Venture Capital","volume":"37 1","pages":""},"PeriodicalIF":2.4,"publicationDate":"2023-05-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"80382593","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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