The DOI matches its Crossref record; 5 of the 5 references it cites were found in a registry or an index.
Characteristics, Contracts, and Actions: Evidence from Venture Capitalist Analyses
Abstract
We study the investment analyses of 67 portfolio investments by 11 venture capital (VC) firms. VCs describe the strengths and risks of the investments as well as expected postinvestment actions. We classify the risks into three categories and relate them to the allocation of cash flow rights, contingencies, control rights, and liquidation rights between VCs and entrepreneurs. The risk results suggest that agency and hold‐up problems are important to contract design and monitoring, but that risk sharing is not. Greater VC control is associated with increased management intervention, while greater VC equity incentives are associated with increased value‐added support.
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Cites
Corporate financing and investment decisions when firms have information that investors do not have
Myers, S. C., & Majluf, N. S. (1984) · Journal of Financial Economics · doi:10.1016/0304-405x(84)90023-0 · Cited by 18,957
Financial intermediation and delegated monitoring
Diamond, D. W. (1984) · The Review of Economic Studies · doi:10.2307/2297430 · Cited by 8,476
The Determinants of Capital Structure Choice
TITMAN, S., & WESSELS, R. (1988) · The Journal of Finance · doi:10.1111/j.1540-6261.1988.tb02585.x · Cited by 6,112
The Determination of Financial Structure: The Incentive‐Signalling Approach,
Ross, S. A. (1977) · The Bell Journal of Economics · doi:10.2307/3003485 · Cited by 4,168
What do venture capitalists do?
Gorman, M., & Sahlman, W. A. (1989) · Journal of Business Venturing · doi:10.1016/0883-9026(89)90014-1 · Cited by 1,371
Cited by
Entrepreneurship and Economic Growth
Audretsch, D. B., Keilbach, M. C., & Lehmann, E. E. (2006) · doi:10.1093/acprof:oso/9780195183511.001.0001 · Cited by 1,370
Experienced entrepreneurial founders, organizational capital, and venture capital funding
Hsu, D. H. (2007) · Research Policy · doi:10.1016/j.respol.2007.02.022 · Cited by 867
Creditor control rights and firm investment policy☆
Nini, G., Smith, D. C., & Sufi, A. (2009) · Journal of Financial Economics · doi:10.1016/j.jfineco.2008.04.008 · Cited by 773
Resolving Information Asymmetry: Signaling, Endorsement, and Crowdfunding Success
Courtney, C., Dutta, S., & Li, Y. (2017) · Entrepreneurship Theory and Practice · doi:10.1111/etap.12267 · Cited by 760
Entrepreneurship as Experimentation
Kerr, W. R., Nanda, R., & Rhodes-Kropf, M. (2014) · Journal of Economic Perspectives · doi:10.1257/jep.28.3.25 · Cited by 704
Metadata
- Authors
- KAPLAN, S. N., & STRÖMBERG, P.
- Venue
- The Journal of Finance
- Publisher
- Wiley
- Published
- 2004-10
- Volume
- 59
- Issue
- 5
- Pages
- 2177-2210
- ISSN
- 0022-1082 (ISSN-L)
- 1540-6261
- OpenAlex
- W3124671214
- Cited by
- 1,091
- References
- 5
- FWCI
- 202.73
- Type
- journal article
- Language
- en
- Open access
- closed
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