Pub Date : 2021-04-20DOI: 10.1080/13691066.2021.1905931
Lei Wang, H. Huang, Yunbi An
ABSTRACT Based on 351 sample observations of companies listed on the Growth Enterprise Market (GEM) and Small & Medium Enterprise (SME) Board in China, this paper analyzes how the technological fit between corporate venture capital (CVC) parent companies and CVC-backed start-ups is related to CVC-backed start-ups’ innovation performance, as well as the mediating role of the allocation of control rights within CVC-backed start-ups in explaining the relationship. We find that technological fit has a positive effect on CVC-backed start-ups’ innovation inputs, while it has an inverted U-shaped relationship with start-ups’ innovation outputs. Technological fit also has a positive effect on the control rights acquired by CVCs, while the control rights allocation has no significant effect on innovation inputs, but significantly promotes innovation outputs. This suggests that the impact of technological fit on CVC-backed start-ups’ innovation performance arises from both the direct effect of technological fit and the mediating effect of the control rights acquired by CVCs.
{"title":"Technological fit, control rights allocation, and innovation performance of corporate venture capital-backed enterprises","authors":"Lei Wang, H. Huang, Yunbi An","doi":"10.1080/13691066.2021.1905931","DOIUrl":"https://doi.org/10.1080/13691066.2021.1905931","url":null,"abstract":"ABSTRACT Based on 351 sample observations of companies listed on the Growth Enterprise Market (GEM) and Small & Medium Enterprise (SME) Board in China, this paper analyzes how the technological fit between corporate venture capital (CVC) parent companies and CVC-backed start-ups is related to CVC-backed start-ups’ innovation performance, as well as the mediating role of the allocation of control rights within CVC-backed start-ups in explaining the relationship. We find that technological fit has a positive effect on CVC-backed start-ups’ innovation inputs, while it has an inverted U-shaped relationship with start-ups’ innovation outputs. Technological fit also has a positive effect on the control rights acquired by CVCs, while the control rights allocation has no significant effect on innovation inputs, but significantly promotes innovation outputs. This suggests that the impact of technological fit on CVC-backed start-ups’ innovation performance arises from both the direct effect of technological fit and the mediating effect of the control rights acquired by CVCs.","PeriodicalId":46643,"journal":{"name":"Venture Capital","volume":"77 1","pages":"229 - 255"},"PeriodicalIF":2.4,"publicationDate":"2021-04-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"88112299","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 : 2021-04-08DOI: 10.1080/13691066.2021.1903677
Gordon Murray
ABSTRACT This paper reflects on the policy formation process in the burgeoning area of government’s involvement in venture capital finance (VC) over the two decades 2000–2020. It looks at both why and how government VC funds (GVC) have evolved. The increasingly common vehicle of “hybrid” co-investment funds, which include both public and private VC investors, is analysed. The evolution of public intervention in VC markets over time is acknowledged while noting that significant operational challenges remain. The rubric of Ten Meditations is employed as a device to communicate both problem and prescription across the academic/policy maker divide.
{"title":"Ten meditations on government venture capital","authors":"Gordon Murray","doi":"10.1080/13691066.2021.1903677","DOIUrl":"https://doi.org/10.1080/13691066.2021.1903677","url":null,"abstract":"ABSTRACT This paper reflects on the policy formation process in the burgeoning area of government’s involvement in venture capital finance (VC) over the two decades 2000–2020. It looks at both why and how government VC funds (GVC) have evolved. The increasingly common vehicle of “hybrid” co-investment funds, which include both public and private VC investors, is analysed. The evolution of public intervention in VC markets over time is acknowledged while noting that significant operational challenges remain. The rubric of Ten Meditations is employed as a device to communicate both problem and prescription across the academic/policy maker divide.","PeriodicalId":46643,"journal":{"name":"Venture Capital","volume":"152 3 1","pages":"205 - 227"},"PeriodicalIF":2.4,"publicationDate":"2021-04-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"91136451","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 : 2021-04-03DOI: 10.1080/13691066.2021.1883211
Francesco Ferrati, M. Muffatto
ABSTRACT Venture capitalists and angel investors usually apply a set of assessment criteria to evaluate the key elements of entrepreneurial projects. However, since each investor considers different criteria, previous researchers who analysed investors’ decision making, ended up analysing a variety of divergent aspects. In this paper, a systematic literature review on the assessment criteria applied by equity investors was carried out. The purpose of this study was to identify and classify all the criteria considered by previous researchers to determine whether some aspects were investigated more extensively than others and to understand the reasons for this type of approach. After screening the abstracts of 894 journal publications, 53 articles were selected for a detailed analysis. In total, 208 unique criteria were identified and were subsequently classified into 35 specific categories, 11 generic classes and 4 main domains of analysis. The high level of detail and granularity of this work is one of its added values and can provide a knowledge base for future researchers who intend to apply new methodologies for the analysis of investors’ decision-making. Starting from the results obtained so far, a new agenda for future research is suggested to encourage a more data-driven approach leveraging data science techniques.
{"title":"Reviewing equity investors’ funding criteria: a comprehensive classification and research agenda","authors":"Francesco Ferrati, M. Muffatto","doi":"10.1080/13691066.2021.1883211","DOIUrl":"https://doi.org/10.1080/13691066.2021.1883211","url":null,"abstract":"ABSTRACT Venture capitalists and angel investors usually apply a set of assessment criteria to evaluate the key elements of entrepreneurial projects. However, since each investor considers different criteria, previous researchers who analysed investors’ decision making, ended up analysing a variety of divergent aspects. In this paper, a systematic literature review on the assessment criteria applied by equity investors was carried out. The purpose of this study was to identify and classify all the criteria considered by previous researchers to determine whether some aspects were investigated more extensively than others and to understand the reasons for this type of approach. After screening the abstracts of 894 journal publications, 53 articles were selected for a detailed analysis. In total, 208 unique criteria were identified and were subsequently classified into 35 specific categories, 11 generic classes and 4 main domains of analysis. The high level of detail and granularity of this work is one of its added values and can provide a knowledge base for future researchers who intend to apply new methodologies for the analysis of investors’ decision-making. Starting from the results obtained so far, a new agenda for future research is suggested to encourage a more data-driven approach leveraging data science techniques.","PeriodicalId":46643,"journal":{"name":"Venture Capital","volume":"69 1","pages":"157 - 178"},"PeriodicalIF":2.4,"publicationDate":"2021-04-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"83194802","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 : 2021-04-03DOI: 10.1080/13691066.2021.1893933
Ji Youn (Rose) Kim, H. Park
ABSTRACT Venture capital (VC) syndicates pool diverse resources from their members to accomplish the common goal of nurturing new ventures for a successful exit. Although the size of syndicate is a fundamental attribute impacting performance, the influence of syndicate size is less understood in prior studies with mixed findings. To address the gap, we suggest that there is an inverted U relationship between a syndicate size and venture performance. As the number of partners in a VC syndicate increases, a syndicate can provide more heterogeneous resources that can help its portfolio company succeed, but coordination costs increase as well. We thus predict that the net effect combining these two countervailing effects yields an inverse-U relationship between syndicate size and performance. We further examine two boundary conditions under which the nonlinear relationship is likely to manifest. Analyzing 407 investment syndicates formed by 1,106 VC firms for new ventures in the U.S. information and communications technology sector between 1990 and 2006, we find that the relationship between syndicate size and performance is an inverse-U shape. We further find that geographic distance among syndicate partners flattens the inverse-U curve, whereas a strong reputation of the lead VC firms shifts the inverse-U curve to the right.
{"title":"The influence of venture capital syndicate size on venture performance","authors":"Ji Youn (Rose) Kim, H. Park","doi":"10.1080/13691066.2021.1893933","DOIUrl":"https://doi.org/10.1080/13691066.2021.1893933","url":null,"abstract":"ABSTRACT Venture capital (VC) syndicates pool diverse resources from their members to accomplish the common goal of nurturing new ventures for a successful exit. Although the size of syndicate is a fundamental attribute impacting performance, the influence of syndicate size is less understood in prior studies with mixed findings. To address the gap, we suggest that there is an inverted U relationship between a syndicate size and venture performance. As the number of partners in a VC syndicate increases, a syndicate can provide more heterogeneous resources that can help its portfolio company succeed, but coordination costs increase as well. We thus predict that the net effect combining these two countervailing effects yields an inverse-U relationship between syndicate size and performance. We further examine two boundary conditions under which the nonlinear relationship is likely to manifest. Analyzing 407 investment syndicates formed by 1,106 VC firms for new ventures in the U.S. information and communications technology sector between 1990 and 2006, we find that the relationship between syndicate size and performance is an inverse-U shape. We further find that geographic distance among syndicate partners flattens the inverse-U curve, whereas a strong reputation of the lead VC firms shifts the inverse-U curve to the right.","PeriodicalId":46643,"journal":{"name":"Venture Capital","volume":"27 1","pages":"179 - 203"},"PeriodicalIF":2.4,"publicationDate":"2021-04-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"81249995","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 : 2021-04-03DOI: 10.1080/13691066.2021.1882722
Jay J. Janney, Naga Lakshmi Damaraju, Gregory G. Dess
ABSTRACT Corporate venture capital (CVC) firms face considerable uncertainty while investing time, capital, and other resources in their portfolio firms, typically entrepreneurial ventures. The absence of unambiguous measures of performance about the portfolio firm’s prospects for success and longevity typically is at the root of such uncertainty. Prior research, based on the literature on inter-organizational endorsements grounded in the institutional theory, focused on returns to the portfolio firms under such conditions of uncertainty. We, on the other hand, test the hypotheses that the “prominence” of a CVC firm and the presence of a “prior investment” in the portfolio firm serve as endorsements and the acquiring firms, as endorsers, earn positive financial returns. Results from a sample of biotechnology acquisitions, using an event study methodology for capturing the cumulative abnormal returns (CARs) to acquisition announcements and ordinary least squares regressions (OLS) to study the determinants of the CARs, support the hypotheses.
{"title":"The role of corporate venture capital on returns to acquiring firms: evidence from the biotechnology industry","authors":"Jay J. Janney, Naga Lakshmi Damaraju, Gregory G. Dess","doi":"10.1080/13691066.2021.1882722","DOIUrl":"https://doi.org/10.1080/13691066.2021.1882722","url":null,"abstract":"ABSTRACT Corporate venture capital (CVC) firms face considerable uncertainty while investing time, capital, and other resources in their portfolio firms, typically entrepreneurial ventures. The absence of unambiguous measures of performance about the portfolio firm’s prospects for success and longevity typically is at the root of such uncertainty. Prior research, based on the literature on inter-organizational endorsements grounded in the institutional theory, focused on returns to the portfolio firms under such conditions of uncertainty. We, on the other hand, test the hypotheses that the “prominence” of a CVC firm and the presence of a “prior investment” in the portfolio firm serve as endorsements and the acquiring firms, as endorsers, earn positive financial returns. Results from a sample of biotechnology acquisitions, using an event study methodology for capturing the cumulative abnormal returns (CARs) to acquisition announcements and ordinary least squares regressions (OLS) to study the determinants of the CARs, support the hypotheses.","PeriodicalId":46643,"journal":{"name":"Venture Capital","volume":"18 1","pages":"111 - 127"},"PeriodicalIF":2.4,"publicationDate":"2021-04-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"75032614","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 : 2021-04-03DOI: 10.1080/13691066.2021.1894749
Hyunsung D. Kang, Vikram Nanda, H. Park
ABSTRACT Using a framework combining the real option perspective and appropriation concerns raised in the entrepreneurial finance literature, we find that technology spillovers and capital gains created by corporate venture capital (CVC) investments are positively related with each other in the biopharmaceutical industry. However, this positive relationship is significantly decreased or becomes negative when CVC investments are made with solely financial objectives or in early-stage startups. This study provides evidence that the nature of the relationship between technology spillovers and capital gains that constitute the corporate investors’ total returns created by CVC investments.
{"title":"Technology spillovers and capital gains in corporate venture capital investments: evidence from the biopharmaceutical industry","authors":"Hyunsung D. Kang, Vikram Nanda, H. Park","doi":"10.1080/13691066.2021.1894749","DOIUrl":"https://doi.org/10.1080/13691066.2021.1894749","url":null,"abstract":"ABSTRACT Using a framework combining the real option perspective and appropriation concerns raised in the entrepreneurial finance literature, we find that technology spillovers and capital gains created by corporate venture capital (CVC) investments are positively related with each other in the biopharmaceutical industry. However, this positive relationship is significantly decreased or becomes negative when CVC investments are made with solely financial objectives or in early-stage startups. This study provides evidence that the nature of the relationship between technology spillovers and capital gains that constitute the corporate investors’ total returns created by CVC investments.","PeriodicalId":46643,"journal":{"name":"Venture Capital","volume":"304 1","pages":"129 - 155"},"PeriodicalIF":2.4,"publicationDate":"2021-04-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"75349010","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 : 2021-01-15DOI: 10.1080/13691066.2022.2128933
Hossein Dastkhan
ABSTRACT Valuation of new technology-based firms and startups is one of the main concerns of these Firms. The need to expand financial resources and evaluate the potential income of these firms increases the importance of the valuation of these firms for entrepreneurs and investors. In this paper, we represent a comprehensive framework to assess the strengths and the weaknesses of the valuation methods in NTBFs with a focus on the factors in the emerging markets. For this purpose, different valuation methods and their related criteria for NTBFs are extracted and evaluated by experts in terms of applicability and Sufficiency. We categorized the existing valuation methods to 4 different groups: “asset valuation methods”, “intellectual property valuation methods”, “technology valuation methods”, and “startups valuation methods”. Then, the importance of each criterion is determined using the analytical hierarchical process method. Finally, we used fuzzy TOPSIS to prioritize each category of valuation methods and identify their strengths and weaknesses. The results indicate which sets of valuation methods are the more preferred method for Iranian entrepreneurs and investors to evaluate different kinds of NTBFs. Besides, the results of the model on different criteria proposed different suggestions to improve the existing valuation methods.
{"title":"A framework to assess the valuation techniques for new technology-based firms: a case in an emerging market","authors":"Hossein Dastkhan","doi":"10.1080/13691066.2022.2128933","DOIUrl":"https://doi.org/10.1080/13691066.2022.2128933","url":null,"abstract":"ABSTRACT Valuation of new technology-based firms and startups is one of the main concerns of these Firms. The need to expand financial resources and evaluate the potential income of these firms increases the importance of the valuation of these firms for entrepreneurs and investors. In this paper, we represent a comprehensive framework to assess the strengths and the weaknesses of the valuation methods in NTBFs with a focus on the factors in the emerging markets. For this purpose, different valuation methods and their related criteria for NTBFs are extracted and evaluated by experts in terms of applicability and Sufficiency. We categorized the existing valuation methods to 4 different groups: “asset valuation methods”, “intellectual property valuation methods”, “technology valuation methods”, and “startups valuation methods”. Then, the importance of each criterion is determined using the analytical hierarchical process method. Finally, we used fuzzy TOPSIS to prioritize each category of valuation methods and identify their strengths and weaknesses. The results indicate which sets of valuation methods are the more preferred method for Iranian entrepreneurs and investors to evaluate different kinds of NTBFs. Besides, the results of the model on different criteria proposed different suggestions to improve the existing valuation methods.","PeriodicalId":46643,"journal":{"name":"Venture Capital","volume":"37 1","pages":"309 - 334"},"PeriodicalIF":2.4,"publicationDate":"2021-01-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"78725858","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 : 2021-01-02DOI: 10.1080/13691066.2020.1824603
C. Granz, Eva Lutz, Marisa Henn
ABSTRACT In this paper, we draw upon resource dependence theory to investigate the impact of different types of value-added services on entrepreneurs’ venture capitalist selection. We use a mixed method research design based on a choice experiment with 3,172 decisions of 122 entrepreneurs in Germany, Austria, and Switzerland and semi-structured interviews with the participating entrepreneurs. Our results indicate that entrepreneurs focus on selecting venture capitalists that act as scouts rather than as coaches. In particular, scouting activities such as the extension of the operational network and exit support are important for entrepreneurs in their selection process, whereas coaching activities such as strategic advice and help in internal business development are less relevant. Furthermore, entrepreneurs perceive value-added services as an active resource management tool to take advantage of interdependencies between their own and the venture capitalist’s resources, rather than as primarily filling their own resource gaps.
{"title":"Scout or coach? Value-added services as selection criteria in entrepreneurs’ venture capitalist selection","authors":"C. Granz, Eva Lutz, Marisa Henn","doi":"10.1080/13691066.2020.1824603","DOIUrl":"https://doi.org/10.1080/13691066.2020.1824603","url":null,"abstract":"ABSTRACT In this paper, we draw upon resource dependence theory to investigate the impact of different types of value-added services on entrepreneurs’ venture capitalist selection. We use a mixed method research design based on a choice experiment with 3,172 decisions of 122 entrepreneurs in Germany, Austria, and Switzerland and semi-structured interviews with the participating entrepreneurs. Our results indicate that entrepreneurs focus on selecting venture capitalists that act as scouts rather than as coaches. In particular, scouting activities such as the extension of the operational network and exit support are important for entrepreneurs in their selection process, whereas coaching activities such as strategic advice and help in internal business development are less relevant. Furthermore, entrepreneurs perceive value-added services as an active resource management tool to take advantage of interdependencies between their own and the venture capitalist’s resources, rather than as primarily filling their own resource gaps.","PeriodicalId":46643,"journal":{"name":"Venture Capital","volume":"86 1","pages":"5 - 40"},"PeriodicalIF":2.4,"publicationDate":"2021-01-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"77145284","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 : 2021-01-02DOI: 10.1080/13691066.2021.1886660
Vincenzo Capizzi, C. Bellavitis, S. Johan
{"title":"The evolution of Venture Capital: from the early days to recent successes","authors":"Vincenzo Capizzi, C. Bellavitis, S. Johan","doi":"10.1080/13691066.2021.1886660","DOIUrl":"https://doi.org/10.1080/13691066.2021.1886660","url":null,"abstract":"","PeriodicalId":46643,"journal":{"name":"Venture Capital","volume":"21 1","pages":"1 - 3"},"PeriodicalIF":2.4,"publicationDate":"2021-01-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"87841819","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 : 2021-01-02DOI: 10.1080/13691066.2021.1873210
G. Fels, M. Kronberger, T. Gutmann
ABSTRACT What are the underlying performance drivers of corporate venture capital (CVC)? This paper provides a holistic overview and a synthesis of past studies of CVC performance for both scholars and practitioners compiling relevant empirical research on factors influencing the performance of CVC. Based on a sample of 36 publications published between 1986 and 2018, we illustrate that the performance of CVC is influenced by a complex setting due to the heterogeneity of the stakeholders involved. Our study identifies four factors directly related to the performance of CVC – portfolio composition, corporate knowledge, organizational relationship, and managerial influence and focus – and provides a comprehensive review and systematic assessment of the theoretical considerations regarding these factors. Beyond that, it reveals that current research is still limited in terms of the number of published articles about the questions at hand, and only scratches at the surface of the determinants of CVC performance. Concluding, we provide guidance for future research on CVC performance along the four identified factors.
{"title":"Revealing the underlying drivers of CVC performance— a literature review and research agenda","authors":"G. Fels, M. Kronberger, T. Gutmann","doi":"10.1080/13691066.2021.1873210","DOIUrl":"https://doi.org/10.1080/13691066.2021.1873210","url":null,"abstract":"ABSTRACT What are the underlying performance drivers of corporate venture capital (CVC)? This paper provides a holistic overview and a synthesis of past studies of CVC performance for both scholars and practitioners compiling relevant empirical research on factors influencing the performance of CVC. Based on a sample of 36 publications published between 1986 and 2018, we illustrate that the performance of CVC is influenced by a complex setting due to the heterogeneity of the stakeholders involved. Our study identifies four factors directly related to the performance of CVC – portfolio composition, corporate knowledge, organizational relationship, and managerial influence and focus – and provides a comprehensive review and systematic assessment of the theoretical considerations regarding these factors. Beyond that, it reveals that current research is still limited in terms of the number of published articles about the questions at hand, and only scratches at the surface of the determinants of CVC performance. Concluding, we provide guidance for future research on CVC performance along the four identified factors.","PeriodicalId":46643,"journal":{"name":"Venture Capital","volume":"21 1","pages":"67 - 109"},"PeriodicalIF":2.4,"publicationDate":"2021-01-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"78115301","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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