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Institutional theory and contracting in venture capital: the Swedish experience
Umeå universitet, Samhällsvetenskapliga fakulteten, Handelshögskolan vid Umeå universitet.
School of Accounting and Finance, University of Wollongong, Australia.
Institute of Economic Research, Lund University.
Copenhagen Business School, Denmark.
2004 (engelsk)Inngår i: Venture Capital: an International Journal of Entrepreneurial Finance, ISSN 1369-1066, E-ISSN 1464-5343, Venture Capital, Vol. 6, nr 1, s. 47-71Artikkel i tidsskrift (Fagfellevurdert) Published
Abstract [en]

This paper tests the tenets of institutional theory by means of an empirical study of the contractual strategies applied in the Swedish venture capital industry. Venture capitalists differ in, for example, their preferences for early or later stage investments. Some have more experience than others and some are employed by public funds while others work in non-public funds. The sector, however, was expected to be relatively homogeneous due to the small size of the industry and the cultural milieu in which it is located. This homogeneity was tested regarding the use of contractual strategies among venture capitalists in Sweden. Seventy-nine separate contractual covenants were examined in relation to distinctive sector variables, structure, experience and investment preferences. The results indicate that the greatest differences in contractual strategies occur among those with differing investment preferences. There appear to be two distinct venture capital cultures controlling contractual choices in these groups. The public and the non-public sector have limited variations in their contractual choices, although public funds employ slightly more standardized strategies. Little difference was found between the contractual choices made by experienced and inexperienced venture capitalists. The findings generally conform to the outcomes predicted by institutional theory.

sted, utgiver, år, opplag, sider
London: Taylor & Francis , 2004. Vol. 6, nr 1, s. 47-71
Emneord [en]
venture capital, contracts, institutional theory
HSV kategori
Forskningsprogram
företagsekonomi
Identifikatorer
URN: urn:nbn:se:umu:diva-5266DOI: 10.1080/1369106042000175582OAI: oai:DiVA.org:umu-5266DiVA, id: diva2:144730
Tilgjengelig fra: 2006-09-04 Laget: 2006-09-04 Sist oppdatert: 2018-06-09bibliografisk kontrollert
Inngår i avhandling
1. Studies on the venture capital process
Åpne denne publikasjonen i ny fane eller vindu >>Studies on the venture capital process
2006 (engelsk)Doktoravhandling, med artikler (Annet vitenskapelig)
Abstract [en]

This thesis consists of an introductory part, including venture capital definitions, the history of venture capital in Sweden, and an overview of the venture capital process, and four self-contained papers on venture capital and the venture capital process.

Paper 1 investigates the standardisation of the contractual strategies applied in the Swedish venture capital industry. The study was based on a questionnaire data regarding the use of contractual covenants. Our results indicate that the greatest differences occur among those with different investment preferences. There would appear to be two distinct venture capital cultures controlling contractual choices in these groups. Our findings generally conform to expectations as predicated by institutional theory.

Paper 2 investigate venture capital firms’ valuation practices in two different economic contexts, in the economic boom of 1999 and in the downturn market of 2002 by using an experimental case study design with a case based on a real firm. Contrary to our expectations, in times of heightened stringency and economic downturn, venture capital investors employ fewer valuation models than they do in boom times. The main contribution of our research is an increase in the knowledge of venture capitalists’ valuation practices under different market conditions. It can also contribute to researchers developing more relevant theories of valuation, valuation models and valuation practice.

Paper 3 empirically examines the linkage between governance, trust and performance based on a questionnaire sent to entrepreneurs in venture capital backed companies in Sweden. The results suggest that the level of trust between the venture capitalist and the entrepreneur affects the relationship between VCs governance and the portfolio company’s performance.

Paper 4 analyse exit strategies and exit-directed activities among entrepreneurs in venture capital relationships. The study focuses on the effect of the venture capital organization (independent, public sector and captive) on strategy and exit-directed activities. The results indicate that firms with a trade sale strategy tend to have a higher degree of exit activities compared to other exit strategies. Furthermore, the type of venture capital organization involved (especially when comparing private independent VCs to public sector VCs) also affects exit strategies and activities.

sted, utgiver, år, opplag, sider
Umeå: Handelshögskolan vid Umeå universitet, 2006. s. 187
Serie
Studier i företagsekonomi. Serie B, ISSN 0346-8291 ; 59
Emneord
venture capital, contract, institutional theory, governance, trust, valutation, exit
HSV kategori
Identifikatorer
urn:nbn:se:umu:diva-851 (URN)91-7264-160-6 (ISBN)
Disputas
2006-09-22, 205, Samhällsvetarhuset, Umeå universitet, Umeå, 00:00
Opponent
Veileder
Tilgjengelig fra: 2006-09-04 Laget: 2006-09-04 Sist oppdatert: 2018-06-09bibliografisk kontrollert

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