{"title":"风险工作室之间的差异对风险结果差异的影响","authors":"Pankaj C. Patel, C. S. Richard Chan","doi":"10.1080/13691066.2023.2185168","DOIUrl":null,"url":null,"abstract":"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.","PeriodicalId":46643,"journal":{"name":"Venture Capital","volume":null,"pages":null},"PeriodicalIF":2.8000,"publicationDate":"2023-03-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"The influence of differences between venture studios on differences in venture outcomes\",\"authors\":\"Pankaj C. Patel, C. S. Richard Chan\",\"doi\":\"10.1080/13691066.2023.2185168\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"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.\",\"PeriodicalId\":46643,\"journal\":{\"name\":\"Venture Capital\",\"volume\":null,\"pages\":null},\"PeriodicalIF\":2.8000,\"publicationDate\":\"2023-03-03\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Venture Capital\",\"FirstCategoryId\":\"1085\",\"ListUrlMain\":\"https://doi.org/10.1080/13691066.2023.2185168\",\"RegionNum\":4,\"RegionCategory\":\"管理学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q2\",\"JCRName\":\"BUSINESS, FINANCE\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Venture Capital","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.1080/13691066.2023.2185168","RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q2","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}
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.
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