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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 Q1 Economics, Econometrics and Finance Pub Date : 2022-12-06 DOI: 10.1080/13691066.2022.2150909
F. Brinkmann, D. Kanbach
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.
企业风险资本家(cvc)的寿命比独立风险资本家(IVCs)短,但其原因尚不清楚。本文确定了影响cvc和IVCs寿命的因素。基于190篇文章的样本,本系统综述确定了41个影响风险投资绩效的因素,涉及四个维度:战略决策、风险资本资源和特征的利用、对风险资本环境的积极参与以及有限的潜在操作空间。这些维度显示了IVCs和cvc决策和影响寿命的差异。cvc比IVCs产生更大的财务绩效。然而,我们的研究结果表明,投资目标、组织自治和结构、组织间关系、母公司承诺和母公司规模这五个cvc特有的因素是解释寿命差异的显著影响因素。总的来说,CVC的寿命在很大程度上取决于CVC与其母公司之间做出的一些内部决策。建议限制企业母公司的影响,以提高cvc的成功率和寿命。
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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 Q1 Economics, Econometrics and Finance Pub Date : 2022-11-08 DOI: 10.1080/13691066.2022.2139205
Heléne Müller, Julia Wöhler
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.
投资决策伴随着高度的不确定性,因此,风投试图通过对潜在投资案例的彻底检查来降低风险。特别是在新企业的种子和启动阶段,当详细的报告和历史记录仍然缺乏时,投资经理对创业团队的信任对投资决策有重大影响。为了探究信托形成的过程,我们对VC投资经理进行了11次半结构化的深度专家访谈。因此,2019冠状病毒病危机提供了独特的数字通信环境,使我们能够在风险投资背景下对信任进行细致的理解。基于之前关于组织信任的研究和674分钟的访谈,我们发现随着时间的推移,随着双方脆弱性的增加,信任发展为信任。此外,我们的研究结果表明,风投对创始人可信度的感知主要受到考察创始人的工作环境、创始人在风投网络中的声誉和面对面交流的影响。这样的私人会面可以让风投评估创始人,塑造投资者的直觉,并发展人际关系,因为他们有更多的空间谈论个人信息,而不是商业对话。
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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 Q1 Economics, Econometrics and Finance 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
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.
学术衍生产品(ASOs)通常是由技术驱动的,它们向国外市场的扩张已经成为产生收入的优先事项,从而在较短的时间内收回最初的研发和专利成本。然而,关于这些公司如何国际化以及他们可以依靠什么来源来获得财务资源的文献仍然非常有限。本文提出了两个主要目标:第一,分析已国际化和未国际化的自治组织与各种代理保持的为国际化提供财务资源的关系是否存在差异;第二,研究那些遵循不同国际化模式进行国际化的自治组织在为其提供财务资源的代理人方面是否存在差异。从173个西班牙自治组织的样本中,聚类分析和事后检验的结果表明,国际化自治组织对金融代理的依赖不同于国内自治组织。我们首先得出结论,ASOs中最具代表性的国际化模式是天生全球化(BG),通过真正的天生全球化(TBG)和零星的天生全球化(SBG)子模式。第二,尽管政府机构和风险投资公司构成了最相关的代理机构,但国际化模式得到了不同金融代理机构的支持。
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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 Q1 Economics, Econometrics and Finance Pub Date : 2022-11-02 DOI: 10.1080/13691066.2022.2139206
Johannes M. Lehner
ABSTRACT Research on Venture Capitalists' (VCs) industrial diversification is supplemented with the notion of diversification along an industry’s value chain. VCs are hypothesized to create a portfolio of complementary investments along the value chain, accompanied by low geographic diversification. Further, VCs specializing in an industry with network externalities are predicted to devote relatively more investments to this industry, followed by an increased propensity for diversification along the value chain. This, subsequently, will result in less geographic diversification. The hypotheses are supported through a study on VCs in the US and Europe. Contributions to the literature on VCs, diversification, geographic agglomeration and network effects are discussed.
摘要对风险资本家产业多元化的研究补充了产业价值链多元化的概念。假设风险投资在价值链上创造了一个互补的投资组合,伴随着低地域多样化。此外,预计专门从事具有网络外部性的行业的风险投资公司将向该行业投入相对更多的投资,随后将增加沿价值链多样化的倾向。因此,这将导致地域多样化的减少。这些假设通过对美国和欧洲风险投资的研究得到了支持。讨论了对风险投资、多元化、地理集聚和网络效应的文献贡献。
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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 Q1 Economics, Econometrics and Finance Pub Date : 2022-10-25 DOI: 10.1080/13691066.2022.2135468
Robyn Owen, Tiago Botelho, J. Hussain, Osman Anwar
ABSTRACT Following economic instability after the Global Financial Crisis, the financing of small and medium-sized enterprise (SME) growth and productivity has become central to UK government policy for sustainable economic development, evidenced by the establishment of the British Business Bank and Regional Investment Funds. This paper considers demand-side and supply-side failures in the contemporary UK SME finance market. Adopting mixed methods, binary logit regression analysis of the 2015 UK Small Business Survey of 15,502 SMEs is sense-checked using qualitative participatory findings from 6 SME finance support advisors. Findings confirm the importance of SME size, age, management capability and use of appropriate, timely external advice. They support the resource-based view of SME access to finance, contributing to borrower discouragement and under investment, suggesting the need for improved support to upskill entrepreneurs’ financial management and investment readiness and the concept of an ‘holistic entrepreneurial finance ecosystem’ approach to assist UK SME finance.
在全球金融危机后的经济动荡中,为中小企业的成长和生产力提供融资已成为英国政府可持续经济发展的核心政策,英国商业银行和区域投资基金的成立就是证明。本文研究了当代英国中小企业金融市场的需求侧和供给侧失灵。采用混合方法,利用6位中小企业融资支持顾问的定性参与性调查结果,对2015年英国小企业调查中15502家中小企业的二元logit回归分析进行了意义检验。调查结果证实了中小企业规模、年龄、管理能力和使用适当、及时的外部建议的重要性。他们支持中小企业获得融资的资源基础观点,导致借款人气馁和投资不足,建议需要改善支持,以提高企业家的财务管理和投资准备能力,并提出“整体创业金融生态系统”的概念,以帮助英国中小企业融资。
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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 Q1 Economics, Econometrics and Finance Pub Date : 2022-10-13 DOI: 10.1080/13691066.2022.2132891
Anoosheh Rostamkalaei, M. Freel
ABSTRACT Enthusiasm for crowdfunding’s ability to fill gaps in the provision of entrepreneurial finance continues among academics, policymakers and practitioners. In this, increasing attention has been paid to the geography of crowdfunding. This work has provided important evidence on various spatial influences on the location of platforms and campaigns and on their eventual success. In this paper, we take a rare look at the geography of the supply of crowdfunds. Specifically, our concern is with equity crowdfunding. Drawing on a hand collected data set, combining data on investments and on investors’ locations, we explore spatial influences on the extent of crowdfunding investment beyond commonly explored issues of distance.
学术界、政策制定者和实践者对众筹填补创业融资缺口的能力的热情仍在继续。在这种情况下,众筹的地理位置越来越受到关注。这项工作为各种空间影响平台和活动的位置及其最终成功提供了重要证据。在本文中,我们罕见地考察了众筹的供给地理。具体来说,我们关注的是股权众筹。利用手工收集的数据集,结合投资和投资者所在地的数据,我们探索了距离对众筹投资程度的空间影响。
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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 Q1 Economics, Econometrics and Finance Pub Date : 2022-10-12 DOI: 10.1080/13691066.2022.2129510
C. Mendoza, Isabel María Parra Oller, Madrid Álvaro Rezola, Nuria Suárez
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.
摘要本文分析了可持续性对成功投资众筹产品概率的影响。我们使用了2016年5月至2019年9月期间由美国1569家公司根据JOBS法案的Form-C要求推出的1,741项投资众筹产品的样本。在考虑了影响每个产品可持续性程度的潜在内生性问题后,结果表明,与可持续性相关的因素并没有提高投资众筹产品成功的机会。这一结果在不同的公司、业务或金融环境中并不相同。我们获得了企业特征影响的证据,以及提供如何影响可持续性对成功的影响程度的证据。此外,筹资门户的替代资金来源和市场结构也影响可持续性对筹资成功的影响。考虑到传统上与成功相关的公司和提供水平因素,以及计量经济模型的不同规格,以及额外的稳健性测试,结果都是稳健的。
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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 Q1 Economics, Econometrics and Finance Pub Date : 2022-10-02 DOI: 10.1080/13691066.2022.2134834
Xiao Lin, Jixuan Liu, Jia Pan, Yuxiang Xie
ABSTRACT Initial Coin Offering (ICO) is an emerging form of venture capital for startups. But little is known about how ICO affects firms’ tendency to engage in misconducts. Using a hand-collected sample of Chinese startups between 2016 and 2019, we find that ICO-backed firms engage in more corporate misconducts compared with VC-backed firms. Our baseline results are robust after adopting the extent of openness to western countries forced by unequal treaty as an instrument variable. Furthermore, our findings suggest that weak monitoring channel and resource independence channel are the underlying channels for the association between ICO and corporate misconducts. We also find that ICO-backed firms are more likely to go bankrupt compared with VC-backed firms in the future. Overall, our findings shed more lights on the dark side of ICO and indicate that the government should exercise stronger oversight on ICO in emerging countries.
首次代币发行(ICO)是一种新兴的创业风险投资形式。但人们对ICO如何影响公司从事不当行为的倾向知之甚少。通过对2016年至2019年间中国初创企业的手工采集样本,我们发现,与风投支持的公司相比,ico支持的公司存在更多的企业不当行为。在采用不平等条约迫使对西方国家的开放程度作为工具变量后,我们的基线结果是稳健的。此外,我们的研究结果表明,薄弱的监管渠道和资源独立渠道是ICO与企业不当行为之间关联的潜在渠道。我们还发现,与vc支持的公司相比,ico支持的公司未来更有可能破产。总的来说,我们的研究结果揭示了ICO的阴暗面,并表明政府应该对新兴国家的ICO进行更强有力的监督。
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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 Q1 Economics, Econometrics and Finance Pub Date : 2022-09-30 DOI: 10.1080/13691066.2022.2128932
Mari-Liis Kukk
ABSTRACT Securities-based crowdfunding has evolved into an important source of financing for small and medium-sized enterprises (SME), but little is known about how crowdfunding campaigns fit into the capital structure decisions of SMEs. Combining insights from SME capital structure and crowdfunding literatures results in high ambiguity, as crowdfunding seems to change SME financing dynamics, but in an uncertain direction. We construct variables based on previous work on SME capital structure literature to empirically test which characteristics help explain the choice to seek either equity or debt funding among firms using crowdfunding. We use 713 equity and 403 debt campaign announcements registered with the U.S. Securities and Exchange Commission under Regulation Crowdfunding. Our empirical procedure includes both the traditionally used logistic regression method as well as a random forest classifier. We find that less-established firms with smaller funding needs are more likely to issue equity, whereas firms with strong growth momentum and larger funding needs prefer debt.
基于证券的众筹已经发展成为中小企业(SME)的重要融资来源,但人们对众筹活动如何适应中小企业的资本结构决策知之甚少。将中小企业资本结构与众筹文献的见解结合起来会产生高度的模糊性,因为众筹似乎改变了中小企业的融资动态,但方向不确定。我们基于先前关于中小企业资本结构的文献构建变量,以实证检验哪些特征有助于解释使用众筹的企业寻求股权融资或债务融资的选择。我们使用了在美国证券交易委员会众筹监管下注册的713个股权和403个债务活动公告。我们的经验程序包括传统的逻辑回归方法和随机森林分类器。我们发现,较不成熟、融资需求较小的公司更有可能发行股票,而增长势头强劲、融资需求较大的公司更倾向于发行债券。
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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 Q1 Economics, Econometrics and Finance Pub Date : 2022-09-05 DOI: 10.1080/13691066.2022.2109224
Luc Wynant, S. Manigart, Veroniek Collewaert
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.
摘要本文探讨私募股权支持的收购合同如何影响投资组合公司的公司治理。运用代理理论和不完全契约理论,对50个实际合同进行了详细分析。契约通过限制投资前的信息不对称和调整投资者和卖方的目标来减少逆向选择风险。通过限制投资后信息不对称和通过限制自由现金流限制逃避行为来限制-à-vis管理中的道德风险。目标一致性是通过强大的激励结构实现的,同时将绩效不佳的风险转移给管理层。管理层持股问题是通过限制股票交易和限制管理层行为来解决的。剩余权力和或有权主要用于处理由于不确定性导致的不完全合同设计。很少有条款用于解决反向代理问题,即管理层免受私人股本投资者造成的道德风险问题的影响。私募股权合约具有透明且非常强大的基于结果的现金流权利,既限制了下行风险,又奖励了上行潜力。这与风险投资合同形成鲜明对比,鉴于投资组合公司的高度不确定性,风险投资合同尤其基于或有性。
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引用次数: 2
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