童子军还是教练?增值服务作为企业家选择风险资本的选择标准

IF 2.8 4区 管理学 Q2 BUSINESS, FINANCE Venture Capital Pub Date : 2021-01-02 DOI:10.1080/13691066.2020.1824603
C. Granz, Eva Lutz, Marisa Henn
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引用次数: 7

摘要

摘要本文运用资源依赖理论,研究了不同类型增值服务对企业家风险投资选择的影响。我们采用混合方法研究设计,基于对德国、奥地利和瑞士122名企业家的3172项决策的选择实验和对参与企业家的半结构化访谈。我们的研究结果表明,企业家更注重选择充当侦察员而不是教练的风险投资家。特别是,诸如扩大业务网络和退出支持等侦察活动对企业家的选择过程很重要,而诸如战略咨询和内部业务发展方面的帮助等指导活动则不太相关。此外,企业家认为增值服务是一种积极的资源管理工具,可以利用他们自己的资源和风险资本家的资源之间的相互依赖关系,而不是主要用来填补他们自己的资源差距。
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Scout or coach? Value-added services as selection criteria in entrepreneurs’ venture capitalist selection
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.
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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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