风险工作室之间的差异对风险结果差异的影响

IF 2.8 4区 管理学 Q2 BUSINESS, FINANCE Venture Capital Pub Date : 2023-03-03 DOI:10.1080/13691066.2023.2185168
Pankaj C. Patel, C. S. Richard Chan
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引用次数: 0

摘要

风险工作室为创业理论提出了一个有趣的命题——从作为企业家驱动的活动的风险投资转向作为组织中“流水线”系列化的风险投资。我们提出的问题是,风险工作室之间的差异是否解释了他们创建的企业之间结果的差异。我们假设风险工作室在解释风险结果时解释了有意义的方差。我们的实证研究基于来自34个国家、257个行业和创业年份(1994年至2022年)的350家风险投资工作室的样本。我们关注的是销售、员工,以及合资企业是否被收购或上市。使用方差分解分析,我们发现风险工作室的差异解释了风险结果差异的大部分差异(~30%),工作室创建年份、风险创建年份、国家和行业效应解释了低十几到个位数的方差。据我们所知,这是迄今为止规模最大、最全面的风险工作室实证研究,方差分解分析是评估风险工作室提供的独特资源和交易成本效益是否解释企业之间绩效差异的重要第一步。
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The influence of differences between venture studios on differences in venture outcomes
Venture studios present an intriguing proposition for entrepreneurship theory – a shift from venturing as an entrepreneur-driven activity to venturing as an “assembly line” serialization in an organization. We ask the question whether between-venture studio differences explain the differences in outcomes among the ventures they create. We hypothesize that venture studios explain meaningful variance in explaining venture outcomes. Our empirical study is based on a sample of 350 venture studios from 34 countries, 257 industries, and startup-founding years, ranging from 1994 to 2022. We focus on the sales, employees, and whether the venture was acquired or went IPO. Using variance decomposition analysis, we find that differences in venture studios explain most of the variance in differences in venture outcomes (~30%), with low teens to single-digit variances explained by studio-founding year, venture founding year, country, and industry effects. To our knowledge, this is the largest and most comprehensive empirical study of venture studios to date, and variance decomposition analysis presents an important first step to assessing whether the unique resources and the transaction cost benefits afforded by venture studios explain differences in performance between ventures.
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来源期刊
Venture Capital
Venture Capital BUSINESS, FINANCE-
CiteScore
4.10
自引率
16.70%
发文量
21
期刊介绍: Venture Capital publishes cutting edge research-based papers from academics and practitioners on all aspects of private equity finance such as: •institutional venture capital •informal venture capital •corporate venture capital •public sector venture capital •community venture capital It also covers all aspects of the venture capital process from investment decision to exit, including studies on: •investment patterns •investment decision-making •investment performance •realisation of investment value exit routes (including the relationship with junior capital markets such as NASDAQ, EASDAQ, AIM and Nouvelle March). •economic impact and public policy
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