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The relationship between investment and internal cash flows in VC-backed SMEs : does firm size matter?
Serrasqueiro, Zélia; Sardo, Filipe; Félix, Elisabete … - In: Journal of entrepreneurial finance : JEF ; official … 21 (2019) 1, pp. 38-56
analyze the relationship between investment and internal cash flows. The results indicate that the investment sensitivity to … VC-backed SME investment. The moderation effect of VC ownership reduces the magnitudes of the positive impact of cash … flows and debt as well as the negative effect of growth opportunities on investment in both smaller and larger VC …
Persistent link: https://www.econbiz.de/10012241535
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Early-stage financing and firm growth in new industries
Inderst, Roman; Müller, Holger M. - 2009
" early on, resulting in long-run differences in investment, profits, and firm growth. The value of active investors is …
Persistent link: https://www.econbiz.de/10010385487
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Investment Cycles and Startup Innovation
Nanda, Ramana - 2014
We find that VC-backed firms receiving their initial investment in hot markets are less likely to IPO, but conditional …
Persistent link: https://www.econbiz.de/10013066373
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Investment Cycles and Startup Innovation
Nanda, Ramana - 2014
We find that VC-backed firms receiving their initial investment in hot markets are more likely to go bankrupt, but …
Persistent link: https://www.econbiz.de/10013067207
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Strategic Versus Financial Investors : The Role of Strategic Objectives in Financial Contracting
Arping, Stefan - 2010
Strategic investors, such as corporate venture capitalists, engage in the financing of start-up firms to complement their core businesses and to facilitate the internalization of externalities. We argue that while strategic objectives make it more worthwhile for an investor to elicit high...
Persistent link: https://www.econbiz.de/10013152818
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Conditional allocation of control rights in venture capital finance
Gebhardt, Georg; Schmidt, Klaus M. - 2006
When a young entrepreneurial firm matures, it is often necessary to replace the founding entrepreneur by a professional manager. This replacement decision can be affected by the private benefits of control enjoyed by the entrepreneur which gives rise to a conflict of interest between the...
Persistent link: https://www.econbiz.de/10010365869
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Venture capital contracts : a survey of the recent literature
Schertler, Andrea - 2000
This paper surveys empirical and theoretical studies of various control mechanisms embedded in venture capital contracts. These mechanisms mitigate incentive problems and opportunistic behavior arising in the uncertain environment of financing young hightechnology enterprises that predominantly...
Persistent link: https://www.econbiz.de/10011473815
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Conditional allocation of control rights in venture capital finance
Gebhardt, Georg; Schmidt, Klaus M. - 2006
When a young entrepreneurial firm matures, it is often necessary to replace the founding entrepreneur by a professional manager. This replacement decision can be affected by the private benefits of control enjoyed by the entrepreneur which gives rise to a conflict of interest between the...
Persistent link: https://www.econbiz.de/10003368126
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Chapter 14. The Financing of R&D and Innovation
Hall, Bronwyn H.; Lerner, Josh - 2010
Evidence on the “funding gap” for investment innovation is surveyed. The focus is on financial market reasons for …
Persistent link: https://www.econbiz.de/10014025162
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Investor tax breaks and financing for start-ups : evidence from China
Güçeri, İrem; Hou, Xipei; Xing, Jing - 2024
deduction for qualified angel and VC investment in China as a quasi-natural experiment. We find that the tax incentive increases … substitution between eligible and non-eligible investments. There is no evidence that the tax incentive lowers investment quality …
Persistent link: https://www.econbiz.de/10014564279