Venture capital investment: an agency analysis of practice
Saved in:
| Main Author: | |
|---|---|
| Format: | Book |
| Language: | English |
| Published: |
London [u.a.]
Routledge
1998
|
| Edition: | 1. publ. |
| Series: | Routledge studies in the modern world economy
19 |
| Subjects: | |
| Online Access: | Inhaltsverzeichnis |
| Physical Description: | XXII, 360 S. graph. Darst. |
| ISBN: | 0415179696 |
Staff View
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Record in the Search Index
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| adam_text | CONTENTS
List of figures xiv
List of tables xv
Preface xvi
List of abbreviations xxi
PARTI
Background
1 The analysis of venture capital practice 3
1.1 Introduction 3
1.2 fast growing mature small firms (MSFs) 4
1.3 Venture capital investors (VCIs) 6
¦ 1.4 Principal agent analysis 7
1.5 Empirical background 9
1.6 Interview instrumentation 12
1.7 Conclusion 13
2 Venture capital 14
2.1 Introduction 14
2.2 The venture capital industry 16
2.3 Theories of venture capital 21
2.4 Trends for the typical UK venture capital fund 26
2.5 Conclusion 28
Appendix: The impact of the VCI on the MSF s value and risk 29
3 Investigating investor investee relations 34
WITH FALCONER MITCHELL AND NICHOLAS G. TERRY
3.1 Introduction 34
3.2 The investor and investee 35
CONTENTS
3.3 Principals, agents and investments 36
3.4 Management accounting and the VCI/MSF relationship 40
3.5 VCI criteria for firm selection and realization of
investment 41
3.6 Designing the interview agenda 43
3.7 Going into the field 47
3.8 Conclusion 48
4 Principles of agency analysis 49
4.1 Introduction 49
4.2 Chance outcomes 50
4.3 Efficient contracting 53
4.4 Incentives for entrepreneurial effort 56
4.5 Information and monitoring 59
4.6 Conclusion 63
PART 2
Evidence
5 Instrumentation 67
5.1 Introduction 67
5.2 Designing instruments for the field 68
5.3 Semi structured interview (SSI) schedule 70
5.4 Administered questionnaire (AQ) schedule and telephone
interview questionnaire (TQ) 76
5.5 Conclusion 80
6 Fieldwork 81
6.1 Introduction 81
6.2 In the field 83
6.3 Fieldwork methods 85
6.4 Sampling and analysis 88
6.5 Conclusion 92
7 Investor and investee characteristics 94
7.1 Introduction 94
7.2 Evidence on investors and investees 94
7.3 Characteristics of the investor (VCI) 97
7.4 Characteristics of the investee (MSF) 101
7.5 Conclusion 106
CONTENTS
PART 3
Cases
8 Case study J: independent principal 109
8.1 Introduction 109
8.2 Applied principal agent analysis: case study J 110
8.3 Principal (Pj): risk management 113
8.4 Information handling (Pj) 114
8.5 Trading risk and information (Pj) 116
8.6 Investee (A1 j): risk management 117
8.7 Information handling (A1;) 119
8.8 Trading risk and information (AXj) 121
8.9 Investee (A2}): risk management 122
8.10 Information handling (A2,) 124
8.11 Trading risk and information (A2j) 126
8.12 Conclusion 128
9 Case study H: principal a banking subsidiary 130
9.1 Introduction 130
9.2 Applied principal agent analysis: case study H 130
9.3 Principal (PH): risk management 134
9.4 Information handling (PH) 136
9.5 Trading risk and information (PH) 138
9.6 Investee (AH): risk management 140
9.7 Information handling (AH) 142
9.8 Trading risk and information (AH) 144
9.9 Conclusion 147
10 Case study G: principal public sector owned 148
10.1 Introduction 148
10.2 Applied principal agent analysis: case study G 149
10.3 Principal (PG): risk management 152
10.4 Information handling (PJ 154
10.5 Trading risk and information (PG) 157
10.6 Investee (AG): risk management 160
10.7 Information handling (AG) 162
10.8 Trading risk and information (AG) 164
10.9 Conclusion 165
CONTENTS
PART 4
Analysis
11 Risk management 171
WITH NICHOLAS G. TERRY AND JULIA A. SMITH
11.1 Introduction 171
11.2 Expected returns 171
11.3 Portfolio balance 174
11.4 Screening 177
11.5 Risk sharing 180
11.6 Conclusion 183
12 The demand for information by investors 185
WITH FALCONER MITCHELL AND NICHOLAS G. TERRY
12.1 Introduction 185
12.2 Accounting information flows 186
12.3 Information asymmetry 190
12.4 Moral hazard safeguards 192
12.5 Discussion of results 193
12.6 Conclusion 195
— 13 The supply of venture capital and the development of
investees accounting information systems 197
WITH FALCONER MITCHELL AND NICHOLAS G. TERRY
13.1 Introduction 197
13.2 Theory and method 197
13.3 The evidence on information 202
13.4 The investee s AIS: practice and change 206
13.5 Overview of findings 212
13.6 Conclusion 217
14 Seeking optimality through the exchanging of risk and
information 219
14.1 Introduction 219
14.2 The sharing of risk 220
14.3 The sharing of information 222
14.4 Exchanging information for risk bearing 226
14.5 Incentives and effort 229
14.6 The pursuit of contract optimality 238
14.7 Conclusion 254
CONTENTS
Epilogue 257
Appendices on instrumentation
Appendix A: Semi structured interview (SSI) schedule for
investor (P) 263
Appendix B: Administered questionnaire (AQ) for mature small
firms (A) 295
Appendix C: Telephone questionnaire (TQ) for mature small
firms (A) 325
References 341
Author index 349
Subject index 352
FIGURES
A2.1 The consequences of VCI intervention in the MSF 30
A2.2 VCI intervention facilitates further finance 31
A2.3 VCI intervention improves terms of offer of additional finance 32
4.1 Indifference curves and attitude to risk 51
4.2 The contract curve of efficient allocations 54
4.3 The implications of effort for indifference curves 57
4.4 The implications of effort for efficient contracting 58
4.5 The implications of monitoring 61
4.6 Monitoring gambles and the reliability of information 62
6.1 Locations of investors in the UK 90
6.2 Locations of investees in the UK 91
TABLES
1.1 Total venture capital investment, 1985 93 6
1.2 Comparison of sample and population characteristics of UK
venture capital investors, 1992 93 10
1.3 Characteristics of typical investees of venture capital investors 11
1.4 Summary of interview agenda for investor 12
2.1 Types of venture capital 15
3.1 Outline of semi structured interview (SSI) agenda for VCI 46
7.1 Features of investor investee (VCI MSF) dyads 96
7.2 Main characteristics of VCI for sample and population 98
7.3 Main characteristics of investors 100
7.4 Comparison between investee attributes across samples 102
7.5 Characteristics of investees in extraneous sample 104
11.1 Risk relevance and value of risky project 173
12.1 Information variation 188
13.1 Key characteristics of the subsample 203
13.2 Performance measurement information used by investees 207
13.3 Control information used by investees 208
13.4 Frequency of budgetary reporting by investee 2 09
13.5 Decision making information in investee firms 211
13.6 Importance of capital investment techniques 211
13.7 VCI policies on information 213
13.8 AIS developments subsequent to VCI involvement 214
14.1 Importance of attributes that investee brought to the VCI/MSF
relationship 244
14.2 Importance of attributes that investor brought to the VCI/MSF
relationship 245
14.3 Most important attribute of investor and investee, respectively,
brought to the VCI/MSF relationship 247
14.4 Importance of investee attributes to the ideal contractual
relationship with investor 249
14.5 Highest and lowest equity held in the MSF by investor 253
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| spelling | Reid, Gavin C. Verfasser aut Venture capital investment an agency analysis of practice Gavin C. Reid 1. publ. London [u.a.] Routledge 1998 XXII, 360 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier Routledge studies in the modern world economy 19 Risicokapitaal gtt Venture capital Great Britain Risikokapital (DE-588)4124067-4 gnd rswk-swf Großbritannien Großbritannien (DE-588)4022153-2 gnd rswk-swf Großbritannien (DE-588)4022153-2 g Risikokapital (DE-588)4124067-4 s DE-604 Routledge studies in the modern world economy 19 (DE-604)BV010677319 19 HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=009264679&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Reid, Gavin C. Venture capital investment an agency analysis of practice Routledge studies in the modern world economy Risicokapitaal gtt Venture capital Great Britain Risikokapital (DE-588)4124067-4 gnd |
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| title | Venture capital investment an agency analysis of practice |
| title_auth | Venture capital investment an agency analysis of practice |
| title_exact_search | Venture capital investment an agency analysis of practice |
| title_full | Venture capital investment an agency analysis of practice Gavin C. Reid |
| title_fullStr | Venture capital investment an agency analysis of practice Gavin C. Reid |
| title_full_unstemmed | Venture capital investment an agency analysis of practice Gavin C. Reid |
| title_short | Venture capital investment |
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