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Venture capitalists' governance of their portfolio companies
Linköpings universitet, Institutionen för ekonomisk och industriell utveckling, Företagsekonomi. Linköpings universitet, Filosofiska fakulteten.
Linköpings universitet, Institutionen för ekonomisk och industriell utveckling, Projekt, innovationer och entreprenörskap. Linköpings universitet, Tekniska högskolan.ORCID-id: 0000-0002-5960-9270
2001 (engelsk)Inngår i: Journal of Enterprising Culture, ISSN 0218-4958, Vol. 9, nr 2, s. 201-219Artikkel i tidsskrift (Fagfellevurdert) Published
Abstract [en]

Several sources have emphasized the importance of the entrepreneurial economy, and the role venture capitalists (VCs) plays as financiers. VCs are often actively and personally involved in their portfolio companies, but the cost of governance is high and they therefore have to select when to be active participants. Four different risks are identified in this paper: agency risk, business and market risk, coalition risk, and conformity risk. Weak support is found for the categories of agency and business and market risk. The data speak in favor of VCs getting more involved when the portfolio companies experience some kind of trouble. Their activity level increases when the portfolio companies have an inexperienced CEO, when the companies are in an early stage of their development, are young, have a weak board of directors, and/or a weak performance.

sted, utgiver, år, opplag, sider
World Scientific Publishing , 2001. Vol. 9, nr 2, s. 201-219
Emneord [en]
Venture capital, governance, portfolios
HSV kategori
Identifikatorer
URN: urn:nbn:se:liu:diva-80167DOI: 10.1142/S0218495801000110OAI: oai:DiVA.org:liu-80167DiVA, id: diva2:546000
Prosjekter
Magnus KlofstenTilgjengelig fra: 2012-08-22 Laget: 2012-08-22 Sist oppdatert: 2017-12-07

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Totalt: 167 treff
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