Pub Date : 2022-09-02DOI: 10.1080/13691066.2022.2117669
P. M. Krysta, D. Kanbach
ABSTRACT Value creation of private equity (PE) firms in portfolio companies has received much attention in research. This systematic literature study aims to review, evaluate, and organize the empirical studies conducted in this field during the last four decades. Our findings from an in-depth analysis of 110 empirical papers reveal that the current understanding is incomplete, inconsistent, and unbalanced. Currently no consensus exists regarding a taxonomy or framework that encompasses all relevant dimensions and structures in the field. To guide future research, the study proposes a framework for value creation inputs, outcomes, and context factors. Constructed on a theoretical basis of agency and resource-based theory, we define distinct roles PE firms take in portfolio companies and specify an underlying typology of value creation levers that are applied. Additionally, we discuss the current research on outcomes of PE value creation efforts, and we identify and structure currently underrepresented context factors that influence value creation. Finally, we highlight potential avenues for future research, focusing on influential context factors and levers that catalyze growth in portfolio companies.
{"title":"Value creation in private equity portfolio companies: a structured review of evidence and proposed framework","authors":"P. M. Krysta, D. Kanbach","doi":"10.1080/13691066.2022.2117669","DOIUrl":"https://doi.org/10.1080/13691066.2022.2117669","url":null,"abstract":"ABSTRACT Value creation of private equity (PE) firms in portfolio companies has received much attention in research. This systematic literature study aims to review, evaluate, and organize the empirical studies conducted in this field during the last four decades. Our findings from an in-depth analysis of 110 empirical papers reveal that the current understanding is incomplete, inconsistent, and unbalanced. Currently no consensus exists regarding a taxonomy or framework that encompasses all relevant dimensions and structures in the field. To guide future research, the study proposes a framework for value creation inputs, outcomes, and context factors. Constructed on a theoretical basis of agency and resource-based theory, we define distinct roles PE firms take in portfolio companies and specify an underlying typology of value creation levers that are applied. Additionally, we discuss the current research on outcomes of PE value creation efforts, and we identify and structure currently underrepresented context factors that influence value creation. Finally, we highlight potential avenues for future research, focusing on influential context factors and levers that catalyze growth in portfolio companies.","PeriodicalId":46643,"journal":{"name":"Venture Capital","volume":null,"pages":null},"PeriodicalIF":2.4,"publicationDate":"2022-09-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"79108005","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 : 2022-08-31DOI: 10.1080/13691066.2022.2116797
C. Bellavitis, Christian Fisch, Paul P. Momtaz
ABSTRACT Blockchain technology and smart contracts are catalysts for decentralization and disintermediation. These new technologies reduce transaction costs, agency costs, and offer a basis for trustless social and economic interactions. They are fueling new business models for decentralized platforms and have revolutionized crowdfunding. A recent trend, Decentralized Autonomous Organizations (DAOs), stands to fundamentally transform organizing and governance. DAOs are blockchain-native, decentralized organizations that are collectively owned and managed by their members via smart contracts. In this note, we assess the promises and challenges of DAOs, with a focus on decentralized governance and disintermediation, and offer a first empirical glimpse at the rise and functioning of DAOs. Overall, DAOs may introduce a new era in organizational economics, transforming the global corporate landscape from hierarchical organizations to democratic and distributed organizations powered by organizational entrepreneurship and innovations.
{"title":"The rise of decentralized autonomous organizations (DAOs): a first empirical glimpse","authors":"C. Bellavitis, Christian Fisch, Paul P. Momtaz","doi":"10.1080/13691066.2022.2116797","DOIUrl":"https://doi.org/10.1080/13691066.2022.2116797","url":null,"abstract":"ABSTRACT Blockchain technology and smart contracts are catalysts for decentralization and disintermediation. These new technologies reduce transaction costs, agency costs, and offer a basis for trustless social and economic interactions. They are fueling new business models for decentralized platforms and have revolutionized crowdfunding. A recent trend, Decentralized Autonomous Organizations (DAOs), stands to fundamentally transform organizing and governance. DAOs are blockchain-native, decentralized organizations that are collectively owned and managed by their members via smart contracts. In this note, we assess the promises and challenges of DAOs, with a focus on decentralized governance and disintermediation, and offer a first empirical glimpse at the rise and functioning of DAOs. Overall, DAOs may introduce a new era in organizational economics, transforming the global corporate landscape from hierarchical organizations to democratic and distributed organizations powered by organizational entrepreneurship and innovations.","PeriodicalId":46643,"journal":{"name":"Venture Capital","volume":null,"pages":null},"PeriodicalIF":2.4,"publicationDate":"2022-08-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"73008153","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 : 2022-07-13DOI: 10.1080/13691066.2022.2086502
Max Berre, Benjamin Le Pendeven
ABSTRACT Startup-valuation is a critical area of research within entrepreneurial finance, but research on this topic is less consistent and thorough than overall valuation research. Peer-reviewed studies express a range of divergent views and approaches, and the focus varies widely. To bring clarity to this fragmented field, we conduct a systematic literature review, examining 87 peer-reviewed studies published between 1985 and 2020. We analyze these publications in detail and identify 36 startup-valuation drivers and cluster them into five macro-themes: Entrepreneur Characteristics; Firm Characteristics; Investor Characteristics; Market Conditions; and Deal Conditions. We then describe the valuation-impact of these drivers on startups. The range of drivers identified in the literature gives rise to construction of an integrative meta-model based on the macro-themes, placed into appropriate chronological position in the valuation process Our study also identifies key research-gaps and highlights promising directions for exploring the startup-valuation field.
{"title":"What do we know about startup-valuation drivers? A systematic literature review","authors":"Max Berre, Benjamin Le Pendeven","doi":"10.1080/13691066.2022.2086502","DOIUrl":"https://doi.org/10.1080/13691066.2022.2086502","url":null,"abstract":"ABSTRACT Startup-valuation is a critical area of research within entrepreneurial finance, but research on this topic is less consistent and thorough than overall valuation research. Peer-reviewed studies express a range of divergent views and approaches, and the focus varies widely. To bring clarity to this fragmented field, we conduct a systematic literature review, examining 87 peer-reviewed studies published between 1985 and 2020. We analyze these publications in detail and identify 36 startup-valuation drivers and cluster them into five macro-themes: Entrepreneur Characteristics; Firm Characteristics; Investor Characteristics; Market Conditions; and Deal Conditions. We then describe the valuation-impact of these drivers on startups. The range of drivers identified in the literature gives rise to construction of an integrative meta-model based on the macro-themes, placed into appropriate chronological position in the valuation process Our study also identifies key research-gaps and highlights promising directions for exploring the startup-valuation field.","PeriodicalId":46643,"journal":{"name":"Venture Capital","volume":null,"pages":null},"PeriodicalIF":2.4,"publicationDate":"2022-07-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"90825012","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 : 2022-06-02DOI: 10.1080/13691066.2022.2082898
Henrik Wesemann, Torben Antretter
ABSTRACT This paper investigates the performance effects of cross-border business angel investments. Examining 815 investments on a business angel investment platform, we find an inverted U-shaped relationship between (geographic and cultural) distance and investment returns. We further show that business angels in large syndicates are less sensitive to the costs of both geographic and cultural distance and earn consistently higher returns. Our study contributes to the literature on business angel internationalization and highlights the role of co-investment networks: network resources allow business angels to mitigate transaction costs associated with cross-border investments and improve their investment returns.
{"title":"The internationalization of business angel networks: do syndicates increase cross-border investment returns?","authors":"Henrik Wesemann, Torben Antretter","doi":"10.1080/13691066.2022.2082898","DOIUrl":"https://doi.org/10.1080/13691066.2022.2082898","url":null,"abstract":"ABSTRACT This paper investigates the performance effects of cross-border business angel investments. Examining 815 investments on a business angel investment platform, we find an inverted U-shaped relationship between (geographic and cultural) distance and investment returns. We further show that business angels in large syndicates are less sensitive to the costs of both geographic and cultural distance and earn consistently higher returns. Our study contributes to the literature on business angel internationalization and highlights the role of co-investment networks: network resources allow business angels to mitigate transaction costs associated with cross-border investments and improve their investment returns.","PeriodicalId":46643,"journal":{"name":"Venture Capital","volume":null,"pages":null},"PeriodicalIF":2.4,"publicationDate":"2022-06-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"85894400","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 : 2022-04-18DOI: 10.1080/13691066.2022.2063092
Mojca Svetek
ABSTRACT
Access to early-stage equity financing is vital to the growth of high-potential new ventures. To understand how entrepreneurs obtain external financing, researchers have studied the effectiveness of different signals that entrepreneurs send to investors. In this paper, we provide an overview of current research that uses signaling theory to study the likelihood and success of obtaining funding from angel investors and venture capitalists. The content analysis reveals that empirical research has well explored the signaling value of grants, prior investments, and the human and social capital of the firm to early-stage equity investors. However, we find that the literature on signaling effects on early-stage equity investors is fragmented and undertheorized. We note that while there has been an increase in the number of studies using signaling theory to explain success in obtaining early-stage equity financing, the theory remains underutilized, despite its suitability for this particular area of research. We describe the core ideas of signaling theory and how researchers have applied them in the context of venture capital and angel investing. We discuss how this stream of research can build on and extend signaling theory and highlight promising avenues for future research.
{"title":"Signaling in the context of early-stage equity financing: review and directions","authors":"Mojca Svetek","doi":"10.1080/13691066.2022.2063092","DOIUrl":"https://doi.org/10.1080/13691066.2022.2063092","url":null,"abstract":"<p><b>ABSTRACT</b></p><p>Access to early-stage equity financing is vital to the growth of high-potential new ventures. To understand how entrepreneurs obtain external financing, researchers have studied the effectiveness of different signals that entrepreneurs send to investors. In this paper, we provide an overview of current research that uses signaling theory to study the likelihood and success of obtaining funding from angel investors and venture capitalists. The content analysis reveals that empirical research has well explored the signaling value of grants, prior investments, and the human and social capital of the firm to early-stage equity investors. However, we find that the literature on signaling effects on early-stage equity investors is fragmented and undertheorized. We note that while there has been an increase in the number of studies using signaling theory to explain success in obtaining early-stage equity financing, the theory remains underutilized, despite its suitability for this particular area of research. We describe the core ideas of signaling theory and how researchers have applied them in the context of venture capital and angel investing. We discuss how this stream of research can build on and extend signaling theory and highlight promising avenues for future research.</p>","PeriodicalId":46643,"journal":{"name":"Venture Capital","volume":null,"pages":null},"PeriodicalIF":2.4,"publicationDate":"2022-04-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138538923","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 : 2022-04-03DOI: 10.1080/13691066.2022.2101158
D. Christopoulos, Stefanie Köppl, Monika Köppl-Turyna
ABSTRACT This study investigates the phenomenon of syndication in the venture capital industry. Investments conducted by syndicates are believed to have a better chance of being successful, which can be measured by the survival probability of portfolio companies or by successful exits. Using a novel and large dataset covering several countries, our analysis shows that investors’ strong network ties are associated with the success of portfolio companies in Europe. We also demonstrate differences in the association of network centrality with survival between different financing rounds, with the former being more important in early-stage investments and in the first round of financing. Furthermore, we show a strong association of investors’ network ties with the sales growth of portfolio companies before and after the deal, which is consistent in both selection and value-added channels. Finally, we explicitly account for the endogeneity of syndicate formation and show that the results hold if we instrument for venture firms’ network properties, as indicated by significant and correspondingly larger coefficients.
{"title":"Syndication networks and company survival: evidence from European venture capital deals","authors":"D. Christopoulos, Stefanie Köppl, Monika Köppl-Turyna","doi":"10.1080/13691066.2022.2101158","DOIUrl":"https://doi.org/10.1080/13691066.2022.2101158","url":null,"abstract":"ABSTRACT This study investigates the phenomenon of syndication in the venture capital industry. Investments conducted by syndicates are believed to have a better chance of being successful, which can be measured by the survival probability of portfolio companies or by successful exits. Using a novel and large dataset covering several countries, our analysis shows that investors’ strong network ties are associated with the success of portfolio companies in Europe. We also demonstrate differences in the association of network centrality with survival between different financing rounds, with the former being more important in early-stage investments and in the first round of financing. Furthermore, we show a strong association of investors’ network ties with the sales growth of portfolio companies before and after the deal, which is consistent in both selection and value-added channels. Finally, we explicitly account for the endogeneity of syndicate formation and show that the results hold if we instrument for venture firms’ network properties, as indicated by significant and correspondingly larger coefficients.","PeriodicalId":46643,"journal":{"name":"Venture Capital","volume":null,"pages":null},"PeriodicalIF":2.4,"publicationDate":"2022-04-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"91170373","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 : 2022-04-03DOI: 10.1080/13691066.2022.2091493
Simon Nieschke, René Mauer
ABSTRACT Cooperative behavior can facilitate successful relationships between new ventures and investors after investment but also during partner selection. This view may apply especially to accelerators, which differ from other investors by investments at the earliest venture-development stages, significant collaboration between new ventures and investors, and fast decision-making. However, prior research is insufficient to describe the role of relational governance between new ventures and accelerators. We conduct ethnographic research and twenty interviews to determine how relational governance is built into and influences how the new venture-accelerator relationship emerges. Our findings reveal that process-based trust and relational norms are developed earlier in this relationship than research from other investment contexts suggests. We derive a framework that indicates that actors include in their partner-selection processes elements that allow them to build these relational governance mechanisms, such as interacting (e.g., having a chat) and aligning future behavior, early on. We theorize that they do so because they cannot rely on ventures’ track records and seek partners with whom transactions can be defined in the short term and with whom significant collaboration is possible. Our work contributes to relational governance theory in new venture-investor relationships and recent efforts to understand accelerators.
{"title":"“Let’s have a chat!”: a field study on relational governance in the evolution of new venture-accelerator relationships","authors":"Simon Nieschke, René Mauer","doi":"10.1080/13691066.2022.2091493","DOIUrl":"https://doi.org/10.1080/13691066.2022.2091493","url":null,"abstract":"ABSTRACT Cooperative behavior can facilitate successful relationships between new ventures and investors after investment but also during partner selection. This view may apply especially to accelerators, which differ from other investors by investments at the earliest venture-development stages, significant collaboration between new ventures and investors, and fast decision-making. However, prior research is insufficient to describe the role of relational governance between new ventures and accelerators. We conduct ethnographic research and twenty interviews to determine how relational governance is built into and influences how the new venture-accelerator relationship emerges. Our findings reveal that process-based trust and relational norms are developed earlier in this relationship than research from other investment contexts suggests. We derive a framework that indicates that actors include in their partner-selection processes elements that allow them to build these relational governance mechanisms, such as interacting (e.g., having a chat) and aligning future behavior, early on. We theorize that they do so because they cannot rely on ventures’ track records and seek partners with whom transactions can be defined in the short term and with whom significant collaboration is possible. Our work contributes to relational governance theory in new venture-investor relationships and recent efforts to understand accelerators.","PeriodicalId":46643,"journal":{"name":"Venture Capital","volume":null,"pages":null},"PeriodicalIF":2.4,"publicationDate":"2022-04-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"81893875","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 : 2022-04-03DOI: 10.1080/13691066.2022.2085070
María Nela Seijas-Giménez, Milagros Vivel-Búa, Rubén Lado-Sestayo, Sara Fernández‐López
ABSTRACT This paper develops a tool to predict the percentage of compliance in the repayment of microloans granted by non-profit microfinance institutions (MFI) of the Uruguayan government. The database consists of 1,357 microloans granted by the Program for the Strengthening of Productive Entrepreneurs (PFEP) of the Uruguayan Ministry of Social Development (MIDES) during the period 2012–2016. The paper uses Cox (1972) proportional risk model, employing four penalty modes: ENET, LASSO, AENET and ALASSO. The analysis shows that with a reduced set of variables that are easy for the MFI to obtain, it is possible to obtain high predictive power.
{"title":"Financing entrepreneurial activity in Uruguay: time to default in a public microcredit institution","authors":"María Nela Seijas-Giménez, Milagros Vivel-Búa, Rubén Lado-Sestayo, Sara Fernández‐López","doi":"10.1080/13691066.2022.2085070","DOIUrl":"https://doi.org/10.1080/13691066.2022.2085070","url":null,"abstract":"ABSTRACT This paper develops a tool to predict the percentage of compliance in the repayment of microloans granted by non-profit microfinance institutions (MFI) of the Uruguayan government. The database consists of 1,357 microloans granted by the Program for the Strengthening of Productive Entrepreneurs (PFEP) of the Uruguayan Ministry of Social Development (MIDES) during the period 2012–2016. The paper uses Cox (1972) proportional risk model, employing four penalty modes: ENET, LASSO, AENET and ALASSO. The analysis shows that with a reduced set of variables that are easy for the MFI to obtain, it is possible to obtain high predictive power.","PeriodicalId":46643,"journal":{"name":"Venture Capital","volume":null,"pages":null},"PeriodicalIF":2.4,"publicationDate":"2022-04-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"76698626","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 : 2022-01-02DOI: 10.1080/13691066.2022.2067017
Habib Ahmed, Dalal Aassouli
ABSTRACT This paper examines the interactions between Islamic ethics related to entrepreneurs and finance and discusses their implications on entrepreneurial finance. The practice of Islamic entrepreneurial ethics creates trust that helps to mitigate agency problems. In such cases, investors can use contracts involving Islamic financial ethics. However, in the absence of the practice of normative entrepreneurial ethics, agency problems arise that need to be resolved contractually. This paper argues that Islamic legal and ethical principles impose constraints on contractual forms which reduce the flexibility of mitigating agency problems arising in entrepreneurial finance. When entrepreneurial ethics are not practiced, investors can finance entrepreneurs by diluting Islamic financial ethical principles to alleviate agency problems.
{"title":"Entrepreneurial finance, agency problems and Islamic ethics: complementarities and constraints","authors":"Habib Ahmed, Dalal Aassouli","doi":"10.1080/13691066.2022.2067017","DOIUrl":"https://doi.org/10.1080/13691066.2022.2067017","url":null,"abstract":"ABSTRACT This paper examines the interactions between Islamic ethics related to entrepreneurs and finance and discusses their implications on entrepreneurial finance. The practice of Islamic entrepreneurial ethics creates trust that helps to mitigate agency problems. In such cases, investors can use contracts involving Islamic financial ethics. However, in the absence of the practice of normative entrepreneurial ethics, agency problems arise that need to be resolved contractually. This paper argues that Islamic legal and ethical principles impose constraints on contractual forms which reduce the flexibility of mitigating agency problems arising in entrepreneurial finance. When entrepreneurial ethics are not practiced, investors can finance entrepreneurs by diluting Islamic financial ethical principles to alleviate agency problems.","PeriodicalId":46643,"journal":{"name":"Venture Capital","volume":null,"pages":null},"PeriodicalIF":2.4,"publicationDate":"2022-01-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"86345736","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 : 2022-01-02DOI: 10.1080/13691066.2022.2026744
Lukas Koenig, Julius Tennert
ABSTRACT A high level of information asymmetry is characterizing for venture capital investments making new information about entrepreneurial companies especially valuable for a venture capitalist’s valuation process. This paper uses text classification and text mining methodology to extract structured data about capital allocation plans in a unique sample of 1,550 European funding rounds that serves as proxy for the private informational updates shared with investors by entrepreneurs. We show that venture capitalists incorporate the content and specificity of information into their valuation process. Further, results confirm that the value of new information is dependent on the prevailing level of information asymmetry.
{"title":"Tell me something new: startup valuations, information asymmetry, and the mitigating effect of informational updates","authors":"Lukas Koenig, Julius Tennert","doi":"10.1080/13691066.2022.2026744","DOIUrl":"https://doi.org/10.1080/13691066.2022.2026744","url":null,"abstract":"ABSTRACT A high level of information asymmetry is characterizing for venture capital investments making new information about entrepreneurial companies especially valuable for a venture capitalist’s valuation process. This paper uses text classification and text mining methodology to extract structured data about capital allocation plans in a unique sample of 1,550 European funding rounds that serves as proxy for the private informational updates shared with investors by entrepreneurs. We show that venture capitalists incorporate the content and specificity of information into their valuation process. Further, results confirm that the value of new information is dependent on the prevailing level of information asymmetry.","PeriodicalId":46643,"journal":{"name":"Venture Capital","volume":null,"pages":null},"PeriodicalIF":2.4,"publicationDate":"2022-01-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"87627619","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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