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Venture Capital And Firm Performance
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Book Synopsis Venture Capital and Firm Performance by : Jaeho Lee
Download or read book Venture Capital and Firm Performance written by Jaeho Lee and published by Routledge. This book was released on 2017-08-15 with total page 302 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides an analysis of the impact on underpricing and long-term performance of venture capital in IPOs, and of the ownership characteristics of venture capital companies. It investigates the performance of IPOs in Korea during the dot-com bubble-and-bust period. The book looks at venture capital firms and their participation, their reputation, and conflicts of interests, particularly in the context of the development of a new secondary stock market in an emerging market and these factors affect the pricing and performance effects of IPO firms. This book is a useful reference to those interested in promoting an active KOSDAQ type of stock market, and understanding how venture capitalists and their institutional affiliation may reduce information asymmetry and add value of IPO firms.
Book Synopsis The Influence of Venture Capital Funding on Firm Performance and Time to Initial Public Offering by : Richard Charles Thompson
Download or read book The Influence of Venture Capital Funding on Firm Performance and Time to Initial Public Offering written by Richard Charles Thompson and published by . This book was released on 1993 with total page 302 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Venture Capital and Firm Performance by : Jaeho Lee
Download or read book Venture Capital and Firm Performance written by Jaeho Lee and published by Routledge. This book was released on 2017-08-15 with total page 236 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides an analysis of the impact on underpricing and long-term performance of venture capital in IPOs, and of the ownership characteristics of venture capital companies. It investigates the performance of IPOs in Korea during the dot-com bubble-and-bust period. The book looks at venture capital firms and their participation, their reputation, and conflicts of interests, particularly in the context of the development of a new secondary stock market in an emerging market and these factors affect the pricing and performance effects of IPO firms. This book is a useful reference to those interested in promoting an active KOSDAQ type of stock market, and understanding how venture capitalists and their institutional affiliation may reduce information asymmetry and add value of IPO firms.
Book Synopsis Effect of Venture Capital Management on Business Performance by : Zhao Yuan Jun
Download or read book Effect of Venture Capital Management on Business Performance written by Zhao Yuan Jun and published by . This book was released on 2016 with total page 12 pages. Available in PDF, EPUB and Kindle. Book excerpt: Venture capital (VC) has been playing an increasingly important role in the growth of early-stage companies around the globe. In addition to providing equity financing, venture capitalists also involve heavily in the management of investee companies and provide a number of value-added services. However, Gompers (1996) notes that VCs have strong incentives to grandstand by taking investee firms public prematurely in order to exit and realize investment returns early. Hence, the net impact of VC involvement on firm performance remains unclear. Using a sample of companies listed on the Shenzhen small and medium-sized enterprises (SMEs) board between 2004 and 2012, this paper examines the impact of VC on the short-term and long-term firm performance in emerging markets, particularly China. Empirical results show that compared with non-VC backed firms, VC backed firms are generally younger and smaller at the time of their initial public offering (IPO), as well as exhibit greater IPO underpricing. Moreover, although VC and non-VC backed firms do not exhibit differential performance during the lockup period, the former experience significantly greater decline in accounting performance as well as poorer stock return after the expiration of the lockup period. Additional analyses show that the level of underpricing and decline in firm performance are negatively associated with the age of VC firms. These results provide empirical evidence in accordance with Gompers (1996) grandstanding hypothesis, suggesting that VC firms in China have strong incentives to take firms public prematurely in order to exit and realize investment returns early. This strategic behavior in turn has a negative impact on the long-term performance and well-being of investee companies. We further partition the subsample of VC-backed firms into those backed by stateowned VC firms and those backed by non- stateowned VC firms. Empirical evidence shows that companies invested by non-stateowned VC firms tend to underperform those backed by stateowned VC firms, suggesting that stateowned VC firms have less incentive to grandstand.
Book Synopsis Venture Capital Performance by : KEITH. ARUNDALE
Download or read book Venture Capital Performance written by KEITH. ARUNDALE and published by Routledge. This book was released on 2021-06-30 with total page 252 pages. Available in PDF, EPUB and Kindle. Book excerpt: European venture capital (VC) funds have historically underperformed their US counterparts. This has resulted in reduced investment into European VC by the traditional institutional investors. This book investigates the factors that give rise to the performance difference. It is based on the author's research at the Adam Smith Business School, University of Glasgow which involved a qualitative study of some 64 VC firms in the UK, continental Europe and the US, supplemented by 40 interviews with other stakeholders, including limited partner investors, corporate venturers, entrepreneurs and advisors. Readers will gain an in-depth understanding of the various structural, operational and wider environmental factors that impact on the performance difference between UK/European and US VC funds. The study is unique in that it provides, for the first time, a holistic and extensive analysis of the entire investment process from sourcing deals to exiting deals specifically contrasting Europe and the US in terms of the variables pertaining to the investment process and the impact on the fund performance. Factors impacting on the performance differential are structural, resulting from characteristics of the funds themselves, operational such as the investment practices of the VC firms which manage the funds and environmental such as culture and attitude to risk and the wider ecosystem in which the funds operate. These factors are set out clearly for the reader. The characteristics of the better performing funds in Europe and the US are also investigated. The book is aimed at academics who are researching venture capital fund performance and investment practices and also at practitioners, advisors and policymakers who want to learn about best VC investment practices. Whilst the book is focused on European and US VC investing, the best practices are also pertinent for VC firms and funds setting up in other geographies, particularly in emerging markets. To this end, best practice guidelines based on the research are included.
Book Synopsis The Impact of Venture Capital Investments on Public Firm Stock Performance by : Tim Loughran
Download or read book The Impact of Venture Capital Investments on Public Firm Stock Performance written by Tim Loughran and published by . This book was released on 2010 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The aggregate amount of venture capital investments in non-publicly traded firms since 1980 is more than $390 billion. We test two economic hypotheses on the connection between venture capital investment and subsequent firm performance. We find that lagged VC investments scaled by industry assets are negatively related to subsequent firm stock returns after adjusting for other factors. However, not all firms are equally impacted. We find that financially constrained firms suffer the most when new VC money pours into an industry. Firms receiving VC money are active in patent creation which appears to increase innovation pressures on established companies. It appears that the market is slow to incorporate the information contained in the venture capital investments.
Book Synopsis Factors Associated with Early Firm Performance by : Jennifer Maye Walske
Download or read book Factors Associated with Early Firm Performance written by Jennifer Maye Walske and published by . This book was released on 2009 with total page 332 pages. Available in PDF, EPUB and Kindle. Book excerpt: Abstract: The focus of this dissertation is on the nascent venture capital firm (VCF), asking which firm characteristics and environmental variables are associated with initial VCF success. While there has been considerable research assessing the structure of VCFs, the role, duties and compensation of venture capitalists (VCs), and how VCs make investment decisions, most research focuses on the behavior of long established VCFs. In contrast, there is a dearth of published research on nascent VCFs, even though the number of new VCFs has grown 10 percent, year-over-year (YOY), between 1980 and 2005. Prior research has noted that VCFs have two key objectives. The first is raising capital from a pool of potential investors. The second is investing this capital, such that it earns an appropriate return. This ordering is especially important for the nascent VCF. This dissertation assesses the resources and strategies that best enable the nascent VCF to accomplish both of these important objectives. The second chapter of this dissertation identifies which founding conditions are most correlated with nascent VCF fundraising success. Independent variables include the founders' human capital and the initial investment strategies chosen. The third chapter of this dissertation uses the same set of independent variables to assess early investment performance in the VCF's first fund. The fourth chapter of the dissertation then explores VCF syndication strategies, and asks how these strategies may differ based on the age, size and status of the VCF. The fifth chapter discusses themes and findings across chapter two through four.
Book Synopsis An Investigation of the Effect of Social Capital on Venture Capital Firm Performance by : Joseph Michael Harris
Download or read book An Investigation of the Effect of Social Capital on Venture Capital Firm Performance written by Joseph Michael Harris and published by . This book was released on 2018 with total page 112 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Venture Capital, Corporate Governance, and Firm Value by : Maik Kleinschmidt
Download or read book Venture Capital, Corporate Governance, and Firm Value written by Maik Kleinschmidt and published by Springer Science & Business Media. This book was released on 2007-11-09 with total page 310 pages. Available in PDF, EPUB and Kindle. Book excerpt: Maik Kleinschmidt explores the determinants of venture capitalists’ influence as well as their impact on the corporate governance of portfolio companies and analyses the influence of corporate governance on the companies’ firm value. His findings support the hypothesis that venture capitalists improve the corporate governance of their portfolio companies and that their abilities determine their impact. Moreover, they show the positive impact of good corporate governance on some measures for firm value.
Book Synopsis Venture Capital Directors, Earnings Manipulation & Firm Performance by : Brandon E. Fleming
Download or read book Venture Capital Directors, Earnings Manipulation & Firm Performance written by Brandon E. Fleming and published by . This book was released on 2012 with total page 85 pages. Available in PDF, EPUB and Kindle. Book excerpt: The accounting system allows for flexibility in how earnings are presented, and this flexibility is susceptible to the incentives for managers and controlling stakeholders. Venture Capital (VC) firms have competing incentives when it comes to bringing portfolio firms public at an initial public offering (IPO), and the power that VC directors exert over the firm allows them to control policies set by the firm, including the disclosure of earnings. VC firm investors typically do not liquidate their holdings in portfolio firms until more than a year after the IPO, which means VC directors have an incentive to bring only high quality portfolio firms public. However, VC directors also have an incentive to bring portfolio firms to market faster, i.e., to "grandstand." This dissertation looks to social networks of VC directors to explain earnings manipulation and, in turn, firm performance more than a year after IPO. My purpose is to demonstrate how social networks determine the dominating incentives and how social networks influence the relationship between earnings manipulation at IPO and firm performance more than a year afterward. The main premise of my dissertation is that embeddedness, or the degree to which individuals and organizations are connected, influences malfeasance.
Book Synopsis Labor Rights, Venture Capital, and Firm Performance by : Xuejing Xing
Download or read book Labor Rights, Venture Capital, and Firm Performance written by Xuejing Xing and published by . This book was released on 2017 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: We investigate the role of labor unions in the performance of venture capital (VC)-backed firms. Using a large sample of initial public offering firms from 1983 to 2013, we find that VC-backed firms in highly unionized industries have lower Tobin's Q and are less likely to survive. This effect is robust to endogeneity concerns and to controlling for industry and firm characteristics. The findings suggest that strong labor rights impede innovative firms' performance and survival, thereby adversely affecting innovation, economic growth, and employment.
Download or read book Venture Capital in China written by Q. Ji and published by . This book was released on 2019 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Summary of Robert Finkel & David Geisingr's The Masters of Private Equity and Venture Capital by : Everest Media
Download or read book Summary of Robert Finkel & David Geisingr's The Masters of Private Equity and Venture Capital written by Everest Media and published by Everest Media LLC. This book was released on 2022-02-24T17:26:00Z with total page 43 pages. Available in PDF, EPUB and Kindle. Book excerpt: "Please note: This is a companion version & not the original book. Sample Book Insights: #1 The private-equity industry consists of a group of firms that use their own money to purchase companies and attempt to improve their performance. They accomplish this by implementing management techniques and tactics to enhance firm performance. #2 The amount of capital committed to private equity funds has grown exponentially over the past quarter century. Private equity enjoyed its first boom during the 1980s, and by the late 1990s, the amount of capital committed to private equity was at an all-time high. #3 Private equity involves taking a company that is publicly traded and making it private, thereby giving the managers more control and flexibility. #4 The third technique is known as governance engineering, and it refers to the increased involvement of private equity firms in the governance of their portfolio companies compared to the board of directors of public companies."
Book Synopsis Venture Capital by : Douglas Cumming
Download or read book Venture Capital written by Douglas Cumming and published by John Wiley & Sons. This book was released on 2010-04-29 with total page 604 pages. Available in PDF, EPUB and Kindle. Book excerpt: An essential guide to venture capital Studies have shown that venture capital backed entrepreneurial firms are on average significantly more successful than non-venture capital backed entrepreneurial firms in terms of innovativeness, profitability, and share price performance upon going public. Understanding the various aspects of venture capital is something anyone in any industry should be familiar with. This reliable resource provides a comprehensive view of venture capital by describing the current state of research and best practices in this arena. Issues addressed include sources of capital-such as angel investment, corporate funds, and government funds-financial contracts and monitoring, and the efficiency implications of VC investment, to name a few. Opens with a review of alternative forms of venture capital Highlights the structure of venture capital investments Examines the role venture capitalists play in adding value to their investee firms This informative guide will help you discover the true potential of venture capital.
Book Synopsis Corporate Venture Capital Investments and Firm Performance by : Paola Andrea Schmidt
Download or read book Corporate Venture Capital Investments and Firm Performance written by Paola Andrea Schmidt and published by . This book was released on with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Corporate Venture Capital Investments have been on the rise in the last years because of their importance for corporate innovation. This master’s thesis aims to determine if Corporate Venture Capital Investments positively impact Firm Performance by promoting innovation. To test the hypotheses that Corporate Venture Capital Investments are positively associated with Firm Performance and if there are factors that moderate or enhance the effect of Corporate Venture Capital investments on Firm Performance, a data set of 30 corporations across the United States between 2010 and 2021 was used. Fixed-Effect Regression Models, hierarchical regression analysis, and the analysis of interaction effects were used for the quantitative part. The results show a statistically significant positive relationship between Corporate Venture Capital Investments and Firm Performance. Also, Firm Size and Leverage moderate the effect of Corporate Venture Capital investments on Firm Performance.
Book Synopsis Capital Structure and Firm Performance. Evidence from Japan Nikkei 225 by : Tobias Burkhart
Download or read book Capital Structure and Firm Performance. Evidence from Japan Nikkei 225 written by Tobias Burkhart and published by GRIN Verlag. This book was released on 2021-08-09 with total page 65 pages. Available in PDF, EPUB and Kindle. Book excerpt: Master's Thesis from the year 2020 in the subject Business economics - Investment and Finance, grade: 1,3, University of Greenwich, language: English, abstract: This study investigates what kind of impact different leverage ratios have on firm performance measurements Return on Assets, Return on Equity and Tobin’s Q in selected firms listed on Nikkei 225 stock market (excluding Finance & Technology Sector). Furthermore, the influence of sector specific and possible control variables on capital structure (using long- & short-debt ratios) as well as firm performance will be analysed. The sample derive from 165 firms during the time period from 2014 to 2019 and analysed by using various Models multiple regression analysis. Control variables Size and Growth show a clear positive effect on firm performance. In contrast, Tangibility has a negative impact on the model in which all companies are included, but has more positive coefficients in the model in which companies are divided into their industries. Additionally, this study suggests that the effect of leverage on firm performance differs among industries. Short- and long-term debt has positive impacts on different firm performance measurements by the Materials, Reals Estate, Energy and Communication Services Sector.
Book Synopsis Vulture Capitalists Or Virtue Capitalists? by : Linda Ann Cyr
Download or read book Vulture Capitalists Or Virtue Capitalists? written by Linda Ann Cyr and published by . This book was released on 1998 with total page 284 pages. Available in PDF, EPUB and Kindle. Book excerpt:
