Value added by venture capital firms: an analysis on the basis of new technology-based firms in the USA and Germany
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| Main Author: | |
|---|---|
| Format: | Book |
| Language: | English |
| Published: |
Lohmar [u.a.]
Eul
2007
|
| Edition: | 1. Aufl. |
| Series: | Venture Capital und Investment Banking
N.F., 8 |
| Subjects: | |
| Online Access: | Inhaltstext Inhaltsverzeichnis |
| Item Description: | Zugl.: Kassel, Univ., Diss., 2007 u.d.T.: Ortgiese, Jens: Adding value to new technology-based firms by venture capital companies in the USA and Germany - theoretical foundation and empirical analysis |
| Physical Description: | XXX, 328 S. graph. Darst. |
| ISBN: | 9783899366211 3899366212 |
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| 100 | 1 | |a Ortgiese, Jens |e Verfasser |0 (DE-588)133405958 |4 aut | |
| 245 | 1 | 0 | |a Value added by venture capital firms |b an analysis on the basis of new technology-based firms in the USA and Germany |c Jens Ortgiese |
| 250 | |a 1. Aufl. | ||
| 264 | 1 | |a Lohmar [u.a.] |b Eul |c 2007 | |
| 300 | |a XXX, 328 S. |b graph. Darst. | ||
| 336 | |b txt |2 rdacontent | ||
| 337 | |b n |2 rdamedia | ||
| 338 | |b nc |2 rdacarrier | ||
| 490 | 1 | |a Venture Capital und Investment Banking |v N.F., 8 | |
| 500 | |a Zugl.: Kassel, Univ., Diss., 2007 u.d.T.: Ortgiese, Jens: Adding value to new technology-based firms by venture capital companies in the USA and Germany - theoretical foundation and empirical analysis | ||
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| 856 | 4 | 2 | |q text/html |u http://deposit.dnb.de/cgi-bin/dokserv?id=3002088&prov=M&dok_var=1&dok_ext=htm |3 Inhaltstext |
| 856 | 4 | 2 | |m Digitalisierung UB Regensburg |q application/pdf |u http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=016152324&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |3 Inhaltsverzeichnis |
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Record in the Search Index
| _version_ | 1805089583523692544 |
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| adam_text |
1
INTRODUCTION
.
і
1.1
Background and Research Problem
.1
1.2
Research Objectives
_._.3
1.3
Research Approach and Methods
.4
1.4
Structure of the Dissertation
.5
2
FUNDAMENTALS OF VENTURE CAPITAL FINANCING
.7
2.1
Concepts
.7
2.1.1
New Technology-Based Firms
.7
2.1.1.1
Characterization of New Technology-Based Firms
.7
2.1.1.2
The Growth and Finance Cycle of New Technology-Based Firms
.8
2.1.2
Venture Capital
.10
2.1.2.1
Characterization of Venture Capital
.10
2.1.2.2
Characterization of the Market for Venture Capital Investments
.11
2.1.2.3
Charaaerization of Venture Capitalists
.13
2.1.2.4
Types of investors
.13
2.1.2.4.1
Individuals
.13
2.1.2.4.2
Companies
.15
2.1.2.5
Macroeconomic Relevance of Venture Capital
.16
2.1.2.6
Venture Capital in the USA and Germany
.17
2.2
Process of Venture Capital Financing
.-----------------------------------------------------20
2.2.1
Pre-Investment Process
.20
2.2.1.1
Fundraising
.20
2.2.1.2
Deal Generation
.20
2.2.1.3
Screening
.21
2.2.1.4
Valuation and Due Diligence
.21
2.2.1.5
Deal Approval and Structuring
.22
2.2.2
Post-Investment Process
.23
2.2.2.
1 Investor Involvement
.23
2.2.2.1.1
Value-Added
.24
2.2.2.1.2
Monitoring
.25
2.2.2.2
Exit
.26
3
LITERATURE REVIEW
.29
3.1
Extant Research
.29
3.1.1
Research on Value-Added and Monitoring Mechanisms
.29
3.1.2
Research on Factors that Influence Value-Added and Monitoring
.31
3.1.3
Conclusions from Extant Research
.34
3.2
Relevant Theoretical Approaches
.35
3.2.1
Resource-Based View
.35
3.2.2
Knowledge-Based View
.38
3.2.3
Social Capital Theory
.39
3.2.4
Agency Theory
.40
3.2.5
Procedural Justice Theory
.41
3.2.6
Summary of the Application of the Theoretical Approaches
.42
4
MODEL AND HYPOTHESES DEVELOPMENT
.45
4.1
Value-Added Mechanisms
.45
4.2
Monitoring Mechanisms
.49
43
Factors Influencing Value-Added and Monitoring
.51
4.3.1
Characteristics of the New Venture Team
.51
4.3.1.1
New Venture Teams'Experienee
.51
4.3.1.2
New Venture Teams' Educational Background
.54
4.3.1.3
Reputation in Venture Capitalist Community
.54
4.3.1.4
Current Team Tenure
.55
4.3.1.5
Team Tenure in Previous Companies
.55
4.3.1.6
New Venture Teams' Professionalism
.55
4.3.1.7
Knowledge Interacting with Venture Capitalists
.56
4.3.1.8
Willingness to Accept Advice
.57
4.3.1.9
Need to Receive Value-Added
.57
4.3.2
Characteristics of the Portfolio Company
.58
4.3.2.1
Round of Financing Received and Stage of Development
.58
4.3.2.2
Size of Company (in Terms of Revenue)
.59
4.3.2.3
Level of Innovation
.59
4.3.2.4
Overall Performance Development
.60
4.3.3
Characteristics of the Venture Capitalists
.61
4.3.3.1
Number of Partners Involved
.61
4.3.3.2
Venture Capitalists' Experience
.61
4.3.3.3
Venture Capitalists' Educational Background
.65
4.3.3.4
Reputation in the Entrepreneurial Community
.65
4.3.3.5
Number of Active Portfolio Companies Advised
.66
4.3.3.6
Venture Capitalists' Professionalism
.66
4.3.3.7
Specialization in Relevant Industry
.67
4.3.3.8
Number of Assisting Employees
.67
4.3.3.9
Time Commitments per Month
.68
4.3.4
Characteristics of the Venture Capital Company
.69
4.3.4.1
Number of Venture Capital Companies Involved
.69
4.3.4.2
Amount Invested
.70
4.3.4.3
Percentage Owned
.70
4.3.5
Relationship between New Venture Team and Venture Capitalists
.71
4.3.5.1
Demographic Similarity
.71
4.3.5.2
Personal Chemistry
.71
4.3.5.3
Openness of Communication
.72
4.3.5.4
Frequency of Communication
.73
4.3.5.5
Frequency of Social Interaction
.73
4.3.5.6
Level of Goal Congruence
.74
4.3.5.7
Level of Cognitive Conflict
.75
4.3.5.8
Level of Affective Conflict
.76
4.3.5.9
New Venture Team's Timeliness of Feedback
.77
4.3.5.10
Venture Capitalist's Timeliness of Feedback
.78
4.3.5.11
Venture Capitalist's Influence on Decisions Made by the New Venture Team.
78
4.3.5.12
New Venture Team's Influence on Decisions Made by the Venture Capitalist.
79
4.3.5.13
New Venture Team's Honesty in Disclosing all Relevant Information and
Integrity in Taking Decisions
.79
4.3.5.14
Initiative for Investor Involvement
.80
4.3.5.15
Recommended to Each Other
.81
4.3.5.16
Previous
Business
Relationship
.82
4.3.5.17
Geographical Distance
.82
4.3.6
Contractual Arrangements
.83
4.3.6.1
Fair Treatment in Initial Equity Evaluation
.83
4.3.6.2
Fair Treatment in Contractual Terms
.84
4.4
Models
.85
4.4.1
Knowledge-Based View Model
.85
4.4.1.1
Knowledge Content Held
.85
4.4.1.2
Quality of Knowledge Exchange
.86
4.4.1.3
Absorptive Capacity of New Venture Team
.87
4.4.1.4
Integrated Knowledge-Based Theory Sub-Model
.88
4.4.2
Procedural Justice Theory Models
.89
4.4.2.1
Fair and Just Treatment
.90
4.4.2.2
Fit
.91
4.4.2.3
Quality of Knowledge Exchange
.92
4.4.2.4
Signaling Commitment and Consistency
.93
4.4.2.5
Other Factors
.94
4.4.2.6
Integrated Procedural Justice Theory Model Value-Added
.94
4.4.2.7
Integrated Procedural Justice Theory Model Monitoring
.95
4.4.3
Social Capital Theory Model
.96
4.4.4
Agency and Business Risk Model
.98
4.4.4.1
Relative Experience and Education
.98
4.4.4.2
Potential Agency Risk Factors of the Portfolio Company and the Venture Capital
Company
.99
4.4.4.3
Integrated Agency Theory Model
.100
4.4.5
Integrated General Model
.102
5
METHODOLOGY
.103
5.1
Population and Sample
.„.„_._._.103
5.2
Survey.
._._._._.104
5.2.1
Interviews and Questionnaire
.104
5.2.2
Mailing Process and Response Pattern
.105
5.2.3
Analysis of Common Method Variance
.107
5.2.4
Missing Value Analysis
.107
5.2.5
Measures
.108
5
J
Statistical Methods
.109
5.4
Reliability, Validity and Generalizability Analysis
.
Ill
5.4.1
Reliability
.
Ill
5.4.2
Validity
.
Ill
5.4.3
Generalizability
.112
6
RESULTS
&
DISCUSSION OF THE VALUE-ADDED AND MONITORING
MECHANISMS
.113
6.1
Human Capital Value-Added Mechanisms
.113
6.1.1
Finances
.115
6.1.1.1
Financial Advice
.115
6.1.1.2
Budget Planning
.116
6.1.2
Outside Representation
.117
6.1.2.1
Select Board of Directors
.117
6.1.2.2
Interface with Investor Group
.118
6.1.3
Operations and Strategy
.119
6.1.3.1
Serve as Sounding Board
.119
6.1.3.2
Consultant for Strategic Issues
.120
6.1.3.3
Challenge Status Quo
.121
6.1.3.4
Coach/Mentor
.122
6.1.3.5
Operational Assistance
.123
6.1.3.6
Assist to Establish Corporate Governance
.124
6.1.3.7
Crises/Problem Management
.125
6.1.3.8
Temporary Senior Management Position
.126
6.1.3.9
Friend/Confidant
.127
6.1.3.10
Increase the General Level of Competence within the Firm
.128
6.1.4
Market Side
.129
6.1.4.1
Increase Knowledge on Competition
.129
6.1.4.2
Increase Market Knowledge
.130
6.1.4.3
Formulate
Marketing Plans
.131
6.1.4.4
Evaluate
Marketing Plans
.132
6.1.5
Manufacturing
.
I33
6.1.5.1
Increase the Ability to
Manage
Innovation Projects
.133
6.1.5.2
Increase the Technical Knowledge of the Firm
.134
6.1.5.3
Increase in the Ability to Develop New Products
.135
6.1.5.4
Increase in the Ability to Develop Production/Service
.136
6.1.6
Staff and Hiring
.137
6.1.6.1
Interview/Select New Venture Team Members
.137
6.1.6.2
Negotiate Employment Terms with Candidates
.138
6.1.6.3
Replace New Venture Team
.139
6.1.6.4
Motivate Personnel
.140
6.2
Social Capital Value-Added Mechanisms
.141
6.2.1
Finances
.141
6.2.1.1
Source to Additional Equity Financing
.141
6.2.1.2
Source to Additional Debt Financing
.142
6.2.2
Manufacturing
.143
6.2.2.1
Source to Industry Contacts
.143
6.2.2.2
Source to Suppliers
.144
6.2.2.3
Source to Alliance Partners
.145
6.2.2.4
Source to Other Portfolio Companies
.146
6.2.2.5
Source to Regulatory Authorities
.147
6.2.3
Customer Side
.148
6.2.3.1
Source to Domestic Customers
.148
6.2.3.2
Source to International Customers
.149
6.2.4
Professional Services
.150
6.2.4.1
Source to Accounting Firms
.150
6.2.4.2
Source to Advertising Agencies
.151
6.2.4.3
Source to Consultants andAdvisors
.152
6.2.4.4
Source to Information Technology Firms
.153
6.2.4.5
Source to Law Firms
.154
6.2.4.6
Source to Human Resources Agencies
.155
6.2.4.7
Source to Public Relations Agencies
.156
6.2.5
Recruitment
.157
6.2.5.1
Source to Key Executives
.
J57
6.2.5.2
Source to Potential Board Directors
.158
6.3
Overall Results (if Value-Added and Monitoring
.159
6.3.1
Overview of the Value-Added Mechanisms
.159
6.3.1.1
Overview of the Top Human Capital and Social Capital Mechanisms
.159
6.3.1.2
Overview of Human Capital Value-Added Received
.164
6.3.1.3
Overview of Social Capital Value-Added Received
.165
6.3.2
Overall Assessment by the New Venture Team
.167
6.3.2.1
Overall Rating of Value-Added
.167
6.3.2.2
Actual Amount of Value-Added versus Expectations
.168
6.3.2.3
Monitoring Intensity
.169
6.3.2.4
Monitoring Adequateness
.171
6.3.2.5
Detailed Results of Selected Passive Monitoring Mechanisms
.172
6.3.2.5.1
Written Financial Reports
.172
6.3.2.5.2
Written Management Reports
.173
6.3.2.5.3
Formal Performance Targets
Setby
the Venture Capitalist
.174
6.3.2.6
Value-Added/Monitoring Ratio
.174
6.3.2.7
Estimated Performance without Active Venture Capitalist Involvement
.176
6.3.2.8
Use Same Venture Capitalist Again
.178
7
RESULTS
&
DISCUSSION OF THE FACTORS INFLUENCING VALUE-ADDED
AND MONITORING
.181
7.1
Characteristics of the New Venture Team
.181
7.1.1
Number of Active Senior Management Members
.181
7.1.2
Average Age of Management Team
.183
7.1.3
Gaps in Key Managerial Posts
.184
7.1.4
New Venture Teams'Experience
.184
7.1.4.1
General Management Experience
.185
7.1.4.2
Relevant Industry Experience
.186
7.1.4.3
New Venture Experience as Entrepreneur
.187
7.1.5
New venture teams'Educational Background
.188
7.1.6
Reputation in Venture Capitalist Community
.191
7.1.7
Current Team Tenure
.'93
7.1.8
Team Tenure in Previous Companies
.194
7.1.9
New venture Teams'Professionalism
.195
7.1.10
Knowledge Interacting with Venture Capitalists
.196
7.1.11
Willingness to Accept Advice
.197
7.1.12
Need to Receive Value-Added
.197
7.2
Characteristics of the Portfolio Company
.199
7.2.1
Stage of Development
.199
7.2.2
Round of Financing Received
.200
7.2.3
Year of Venture Capital Financing
.201
7.2.4
Main Industry Sector
.202
7.2.5
Size of Company (in Terms of Revenue)
.203
7.2.6
Level of Innovation
.205
7.2.7
Overall Performance Development
.206
7.2.8
Time to Profitability
.207
7.2.9
Time to Anticipated Exit
.209
7.2.10
Location of Headquarter- Portfolio Company
.210
7Л
Characteristics of the Venture Capitalists
.211
7.3.1
Number of Partners Involved
.211
7.3.2
Average Age of Venture Capitalists
.213
7.3.3
Venture Capitalists' Experience
.213
7.3.3.1
Venture Capitalist's General Management Experience
.214
7.3.3.2
Investment Experience as Venture Capitalist
.215
7.3.3.3
Venture Capitalist's Relevant Industry Experience
.216
7.3.3.4
Venture Capitalist's New Venture Experience as Entrepreneur
.217
7.3.4
Venture Capitalists'Educational Background
.219
7.3.5
Reputation in Entrepreneurial Community
.223
7.3.6
Number of other Active Portfolio Companies Advised
.224
7.3.7
Venture Capitalists'Professionalism
.225
7.3.8
Specialization in Relevant Industry
.226
7.3.9
Number of Assisting Employees
.227
7.3.10
Time Commitments per Month
.228
7.4 Characteristics
of the venture capital company
.230
7.4.1
Number of Venture Capital Companies Involved
.230
7.4.2
Workload Lead Investor
.231
7.4.3
Type of Lead Investor
.232
7.4.4
Overall Number of Partners of the Lead Investor
.233
7.4.5
Amount Invested
.234
7.4.6
Percentage Owned
.235
7.4.7
Location of Headquarter- Venture Capitalist
.236
7.5
Relationship between New Venture Team and Venture Capitalists
.238
7.5.1
Demographic Similarity
.238
7.5.2
Personal Chemistry
.239
7.5.3
Openness of Communication
.240
7.5.4
Frequency of Communication
.241
7.5.5
Frequency of Social Interaction
.242
7.5.6
Level of Goal Congruence
.244
7.5.7
Level of Cognitive Conflict
.245
7.5.8
Level of Affective Conflict
.246
7.5.9
New Venture Team's Timeliness of Feedback
.247
7.5.10
Venture Capitalist's Timeliness of Feedback
.249
7.5.11
New Venture Team's Influence on Decisions Made by the Venture Capitalist
.250
7.5.12
Venture Capitalist's Influence on Decisions Made by the New Venture Team
.251
7.5.
1
3
New Venture Team's Honesty in Disclosing all Relevant Information and Integrity
in Taking Decisions
.253
7.5.14
Initiative for Investor Involvement
.255
7.5.15
Referred to Each Other
.256
7.5.16
Previous Business Relationship
.257
7.5.17
Geographical Location
.258
7.6
Contractual Arrangements
_.—.—.259
7.6.1
Fair Treatment in Initial Equity Evaluation
.259
7.6.2
Fair Treatment in Contractual Terms
.260
7.7
Models-Results
_.262
7.7.1
Knowledge-Based View Model
.262
7.7.1.1 Knowledge
Content
Held
.262
7.7.1.2
Quality of Knowledge Exchange
.263
7.7.1.3
Absorptive Capacity of New Venture Team
.264
7.7.1.4
Integrated Knowledge-Based Sub-Model
.265
7.7.2
Procedural Justice Theory Models
.265
7.7.2.1
Fair and Just Treatment
.266
7.7.2.2
Fit
.266
7.7.2.3
Quality of Knowledge Exchange
.267
7.7.2.4
Signaling Commitment and Consistency
.268
7.7.2.5
Other Factors
.269
Ί
.1.2.6
Integrated Procedural Justice Theory Models
.270
7.7.3
Social CapitalTheory Model
.272
7.7.4
Agency and Business Risk Model
.273
7.7.4.1
Relative Experience and Education
.273
7.7.4.2
Potential Agency Risk Factors of the Portfolio Company and the Venture Capital
Company
.274
7.7.4.3
Integrated Agency Theory Model
.276
7.7.5
Integrated General Model
.277
8
CONCLUSION
.279
8.1
Contributions
.281
8.2
Implications for Practice
.283
8.2.1
Implications for Entrepreneurs
.283
8.2.2
Implications for Investors
.286
83
Limitations of this Study
_.288
8.4
Directions for Further Research
_.289
9
REFERENCES
.291
10
APPENDIX.
._.„„311
10.1
Definitions of Geographical Regions in the US
_.311
10.2
Abbreviations of the Federal States of Germany
.„.312
10.3
Definitions of High Technology Sectors
_.313
10.4
Detailed Results of all Value-Added Activities
.316
10.5
Overall Rating of Value-Added and Monitoring by Type of Venture Capital
Company
.327 |
| adam_txt |
1
INTRODUCTION
.
і
1.1
Background and Research Problem
.1
1.2
Research Objectives
_._.3
1.3
Research Approach and Methods
.4
1.4
Structure of the Dissertation
.5
2
FUNDAMENTALS OF VENTURE CAPITAL FINANCING
.7
2.1
Concepts
.7
2.1.1
New Technology-Based Firms
.7
2.1.1.1
Characterization of New Technology-Based Firms
.7
2.1.1.2
The Growth and Finance Cycle of New Technology-Based Firms
.8
2.1.2
Venture Capital
.10
2.1.2.1
Characterization of Venture Capital
.10
2.1.2.2
Characterization of the Market for Venture Capital Investments
.11
2.1.2.3
Charaaerization of Venture Capitalists
.13
2.1.2.4
Types of investors
.13
2.1.2.4.1
Individuals
.13
2.1.2.4.2
Companies
.15
2.1.2.5
Macroeconomic Relevance of Venture Capital
.16
2.1.2.6
Venture Capital in the USA and Germany
.17
2.2
Process of Venture Capital Financing
.-----------------------------------------------------20
2.2.1
Pre-Investment Process
.20
2.2.1.1
Fundraising
.20
2.2.1.2
Deal Generation
.20
2.2.1.3
Screening
.21
2.2.1.4
Valuation and Due Diligence
.21
2.2.1.5
Deal Approval and Structuring
.22
2.2.2
Post-Investment Process
.23
2.2.2.
1 Investor Involvement
.23
2.2.2.1.1
Value-Added
.24
2.2.2.1.2
Monitoring
.25
2.2.2.2
Exit
.26
3
LITERATURE REVIEW
.29
3.1
Extant Research
.29
3.1.1
Research on Value-Added and Monitoring Mechanisms
.29
3.1.2
Research on Factors that Influence Value-Added and Monitoring
.31
3.1.3
Conclusions from Extant Research
.34
3.2
Relevant Theoretical Approaches
.35
3.2.1
Resource-Based View
.35
3.2.2
Knowledge-Based View
.38
3.2.3
Social Capital Theory
.39
3.2.4
Agency Theory
.40
3.2.5
Procedural Justice Theory
.41
3.2.6
Summary of the Application of the Theoretical Approaches
.42
4
MODEL AND HYPOTHESES DEVELOPMENT
.45
4.1
Value-Added Mechanisms
.45
4.2
Monitoring Mechanisms
.49
43
Factors Influencing Value-Added and Monitoring
.51
4.3.1
Characteristics of the New Venture Team
.51
4.3.1.1
New Venture Teams'Experienee
.51
4.3.1.2
New Venture Teams' Educational Background
.54
4.3.1.3
Reputation in Venture Capitalist Community
.54
4.3.1.4
Current Team Tenure
.55
4.3.1.5
Team Tenure in Previous Companies
.55
4.3.1.6
New Venture Teams' Professionalism
.55
4.3.1.7
Knowledge Interacting with Venture Capitalists
.56
4.3.1.8
Willingness to Accept Advice
.57
4.3.1.9
Need to Receive Value-Added
.57
4.3.2
Characteristics of the Portfolio Company
.58
4.3.2.1
Round of Financing Received and Stage of Development
.58
4.3.2.2
Size of Company (in Terms of Revenue)
.59
4.3.2.3
Level of Innovation
.59
4.3.2.4
Overall Performance Development
.60
4.3.3
Characteristics of the Venture Capitalists
.61
4.3.3.1
Number of Partners Involved
.61
4.3.3.2
Venture Capitalists' Experience
.61
4.3.3.3
Venture Capitalists' Educational Background
.65
4.3.3.4
Reputation in the Entrepreneurial Community
.65
4.3.3.5
Number of Active Portfolio Companies Advised
.66
4.3.3.6
Venture Capitalists' Professionalism
.66
4.3.3.7
Specialization in Relevant Industry
.67
4.3.3.8
Number of Assisting Employees
.67
4.3.3.9
Time Commitments per Month
.68
4.3.4
Characteristics of the Venture Capital Company
.69
4.3.4.1
Number of Venture Capital Companies Involved
.69
4.3.4.2
Amount Invested
.70
4.3.4.3
Percentage Owned
.70
4.3.5
Relationship between New Venture Team and Venture Capitalists
.71
4.3.5.1
Demographic Similarity
.71
4.3.5.2
Personal Chemistry
.71
4.3.5.3
Openness of Communication
.72
4.3.5.4
Frequency of Communication
.73
4.3.5.5
Frequency of Social Interaction
.73
4.3.5.6
Level of Goal Congruence
.74
4.3.5.7
Level of Cognitive Conflict
.75
4.3.5.8
Level of Affective Conflict
.76
4.3.5.9
New Venture Team's Timeliness of Feedback
.77
4.3.5.10
Venture Capitalist's Timeliness of Feedback
.78
4.3.5.11
Venture Capitalist's Influence on Decisions Made by the New Venture Team.
78
4.3.5.12
New Venture Team's Influence on Decisions Made by the Venture Capitalist.
79
4.3.5.13
New Venture Team's Honesty in Disclosing all Relevant Information and
Integrity in Taking Decisions
.79
4.3.5.14
Initiative for Investor Involvement
.80
4.3.5.15
Recommended to Each Other
.81
4.3.5.16
Previous
Business
Relationship
.82
4.3.5.17
Geographical Distance
.82
4.3.6
Contractual Arrangements
.83
4.3.6.1
Fair Treatment in Initial Equity Evaluation
.83
4.3.6.2
Fair Treatment in Contractual Terms
.84
4.4
Models
.85
4.4.1
Knowledge-Based View Model
.85
4.4.1.1
Knowledge Content Held
.85
4.4.1.2
Quality of Knowledge Exchange
.86
4.4.1.3
Absorptive Capacity of New Venture Team
.87
4.4.1.4
Integrated Knowledge-Based Theory Sub-Model
.88
4.4.2
Procedural Justice Theory Models
.89
4.4.2.1
Fair and Just Treatment
.90
4.4.2.2
Fit
.91
4.4.2.3
Quality of Knowledge Exchange
.92
4.4.2.4
Signaling Commitment and Consistency
.93
4.4.2.5
Other Factors
.94
4.4.2.6
Integrated Procedural Justice Theory Model Value-Added
.94
4.4.2.7
Integrated Procedural Justice Theory Model Monitoring
.95
4.4.3
Social Capital Theory Model
.96
4.4.4
Agency and Business Risk Model
.98
4.4.4.1
Relative Experience and Education
.98
4.4.4.2
Potential Agency Risk Factors of the Portfolio Company and the Venture Capital
Company
.99
4.4.4.3
Integrated Agency Theory Model
.100
4.4.5
Integrated General Model
.102
5
METHODOLOGY
.103
5.1
Population and Sample
.„.„_._._.103
5.2
Survey.
._._._._.104
5.2.1
Interviews and Questionnaire
.104
5.2.2
Mailing Process and Response Pattern
.105
5.2.3
Analysis of Common Method Variance
.107
5.2.4
Missing Value Analysis
.107
5.2.5
Measures
.108
5
J
Statistical Methods
.109
5.4
Reliability, Validity and Generalizability Analysis
.
Ill
5.4.1
Reliability
.
Ill
5.4.2
Validity
.
Ill
5.4.3
Generalizability
.112
6
RESULTS
&
DISCUSSION OF THE VALUE-ADDED AND MONITORING
MECHANISMS
.113
6.1
Human Capital Value-Added Mechanisms
.113
6.1.1
Finances
.115
6.1.1.1
Financial Advice
.115
6.1.1.2
Budget Planning
.116
6.1.2
Outside Representation
.117
6.1.2.1
Select Board of Directors
.117
6.1.2.2
Interface with Investor Group
.118
6.1.3
Operations and Strategy
.119
6.1.3.1
Serve as Sounding Board
.119
6.1.3.2
Consultant for Strategic Issues
.120
6.1.3.3
Challenge Status Quo
.121
6.1.3.4
Coach/Mentor
.122
6.1.3.5
Operational Assistance
.123
6.1.3.6
Assist to Establish Corporate Governance
.124
6.1.3.7
Crises/Problem Management
.125
6.1.3.8
Temporary Senior Management Position
.126
6.1.3.9
Friend/Confidant
.127
6.1.3.10
Increase the General Level of Competence within the Firm
.128
6.1.4
Market Side
.129
6.1.4.1
Increase Knowledge on Competition
.129
6.1.4.2
Increase Market Knowledge
.130
6.1.4.3
Formulate
Marketing Plans
.131
6.1.4.4
Evaluate
Marketing Plans
.132
6.1.5
Manufacturing
.
I33
6.1.5.1
Increase the Ability to
Manage
Innovation Projects
.133
6.1.5.2
Increase the Technical Knowledge of the Firm
.134
6.1.5.3
Increase in the Ability to Develop New Products
.135
6.1.5.4
Increase in the Ability to Develop Production/Service
.136
6.1.6
Staff and Hiring
.137
6.1.6.1
Interview/Select New Venture Team Members
.137
6.1.6.2
Negotiate Employment Terms with Candidates
.138
6.1.6.3
Replace New Venture Team
.139
6.1.6.4
Motivate Personnel
.140
6.2
Social Capital Value-Added Mechanisms
.141
6.2.1
Finances
.141
6.2.1.1
Source to Additional Equity Financing
.141
6.2.1.2
Source to Additional Debt Financing
.142
6.2.2
Manufacturing
.143
6.2.2.1
Source to Industry Contacts
.143
6.2.2.2
Source to Suppliers
.144
6.2.2.3
Source to Alliance Partners
.145
6.2.2.4
Source to Other Portfolio Companies
.146
6.2.2.5
Source to Regulatory Authorities
.147
6.2.3
Customer Side
.148
6.2.3.1
Source to Domestic Customers
.148
6.2.3.2
Source to International Customers
.149
6.2.4
Professional Services
.150
6.2.4.1
Source to Accounting Firms
.150
6.2.4.2
Source to Advertising Agencies
.151
6.2.4.3
Source to Consultants andAdvisors
.152
6.2.4.4
Source to Information Technology Firms
.153
6.2.4.5
Source to Law Firms
.154
6.2.4.6
Source to Human Resources Agencies
.155
6.2.4.7
Source to Public Relations Agencies
.156
6.2.5
Recruitment
.157
6.2.5.1
Source to Key Executives
.
J57
6.2.5.2
Source to Potential Board Directors
.158
6.3
Overall Results (if Value-Added and Monitoring
.159
6.3.1
Overview of the Value-Added Mechanisms
.159
6.3.1.1
Overview of the Top Human Capital and Social Capital Mechanisms
.159
6.3.1.2
Overview of Human Capital Value-Added Received
.164
6.3.1.3
Overview of Social Capital Value-Added Received
.165
6.3.2
Overall Assessment by the New Venture Team
.167
6.3.2.1
Overall Rating of Value-Added
.167
6.3.2.2
Actual Amount of Value-Added versus Expectations
.168
6.3.2.3
Monitoring Intensity
.169
6.3.2.4
Monitoring Adequateness
.171
6.3.2.5
Detailed Results of Selected Passive Monitoring Mechanisms
.172
6.3.2.5.1
Written Financial Reports
.172
6.3.2.5.2
Written Management Reports
.173
6.3.2.5.3
Formal Performance Targets
Setby
the Venture Capitalist
.174
6.3.2.6
Value-Added/Monitoring Ratio
.174
6.3.2.7
Estimated Performance without Active Venture Capitalist Involvement
.176
6.3.2.8
Use Same Venture Capitalist Again
.178
7
RESULTS
&
DISCUSSION OF THE FACTORS INFLUENCING VALUE-ADDED
AND MONITORING
.181
7.1
Characteristics of the New Venture Team
.181
7.1.1
Number of Active Senior Management Members
.181
7.1.2
Average Age of Management Team
.183
7.1.3
Gaps in Key Managerial Posts
.184
7.1.4
New Venture Teams'Experience
.184
7.1.4.1
General Management Experience
.185
7.1.4.2
Relevant Industry Experience
.186
7.1.4.3
New Venture Experience as Entrepreneur
.187
7.1.5
New venture teams'Educational Background
.188
7.1.6
Reputation in Venture Capitalist Community
.191
7.1.7
Current Team Tenure
.'93
7.1.8
Team Tenure in Previous Companies
.194
7.1.9
New venture Teams'Professionalism
.195
7.1.10
Knowledge Interacting with Venture Capitalists
.196
7.1.11
Willingness to Accept Advice
.197
7.1.12
Need to Receive Value-Added
.197
7.2
Characteristics of the Portfolio Company
.199
7.2.1
Stage of Development
.199
7.2.2
Round of Financing Received
.200
7.2.3
Year of Venture Capital Financing
.201
7.2.4
Main Industry Sector
.202
7.2.5
Size of Company (in Terms of Revenue)
.203
7.2.6
Level of Innovation
.205
7.2.7
Overall Performance Development
.206
7.2.8
Time to Profitability
.207
7.2.9
Time to Anticipated Exit
.209
7.2.10
Location of Headquarter- Portfolio Company
.210
7Л
Characteristics of the Venture Capitalists
.211
7.3.1
Number of Partners Involved
.211
7.3.2
Average Age of Venture Capitalists
.213
7.3.3
Venture Capitalists' Experience
.213
7.3.3.1
Venture Capitalist's General Management Experience
.214
7.3.3.2
Investment Experience as Venture Capitalist
.215
7.3.3.3
Venture Capitalist's Relevant Industry Experience
.216
7.3.3.4
Venture Capitalist's New Venture Experience as Entrepreneur
.217
7.3.4
Venture Capitalists'Educational Background
.219
7.3.5
Reputation in Entrepreneurial Community
.223
7.3.6
Number of other Active Portfolio Companies Advised
.224
7.3.7
Venture Capitalists'Professionalism
.225
7.3.8
Specialization in Relevant Industry
.226
7.3.9
Number of Assisting Employees
.227
7.3.10
Time Commitments per Month
.228
7.4 Characteristics
of the venture capital company
.230
7.4.1
Number of Venture Capital Companies Involved
.230
7.4.2
Workload Lead Investor
.231
7.4.3
Type of Lead Investor
.232
7.4.4
Overall Number of Partners of the Lead Investor
.233
7.4.5
Amount Invested
.234
7.4.6
Percentage Owned
.235
7.4.7
Location of Headquarter- Venture Capitalist
.236
7.5
Relationship between New Venture Team and Venture Capitalists
.238
7.5.1
Demographic Similarity
.238
7.5.2
Personal Chemistry
.239
7.5.3
Openness of Communication
.240
7.5.4
Frequency of Communication
.241
7.5.5
Frequency of Social Interaction
.242
7.5.6
Level of Goal Congruence
.244
7.5.7
Level of Cognitive Conflict
.245
7.5.8
Level of Affective Conflict
.246
7.5.9
New Venture Team's Timeliness of Feedback
.247
7.5.10
Venture Capitalist's Timeliness of Feedback
.249
7.5.11
New Venture Team's Influence on Decisions Made by the Venture Capitalist
.250
7.5.12
Venture Capitalist's Influence on Decisions Made by the New Venture Team
.251
7.5.
1
3
New Venture Team's Honesty in Disclosing all Relevant Information and Integrity
in Taking Decisions
.253
7.5.14
Initiative for Investor Involvement
.255
7.5.15
Referred to Each Other
.256
7.5.16
Previous Business Relationship
.257
7.5.17
Geographical Location
.258
7.6
Contractual Arrangements
_.—.—.259
7.6.1
Fair Treatment in Initial Equity Evaluation
.259
7.6.2
Fair Treatment in Contractual Terms
.260
7.7
Models-Results
_.262
7.7.1
Knowledge-Based View Model
.262
7.7.1.1 Knowledge
Content
Held
.262
7.7.1.2
Quality of Knowledge Exchange
.263
7.7.1.3
Absorptive Capacity of New Venture Team
.264
7.7.1.4
Integrated Knowledge-Based Sub-Model
.265
7.7.2
Procedural Justice Theory Models
.265
7.7.2.1
Fair and Just Treatment
.266
7.7.2.2
Fit
.266
7.7.2.3
Quality of Knowledge Exchange
.267
7.7.2.4
Signaling Commitment and Consistency
.268
7.7.2.5
Other Factors
.269
Ί
.1.2.6
Integrated Procedural Justice Theory Models
.270
7.7.3
Social CapitalTheory Model
.272
7.7.4
Agency and Business Risk Model
.273
7.7.4.1
Relative Experience and Education
.273
7.7.4.2
Potential Agency Risk Factors of the Portfolio Company and the Venture Capital
Company
.274
7.7.4.3
Integrated Agency Theory Model
.276
7.7.5
Integrated General Model
.277
8
CONCLUSION
.279
8.1
Contributions
.281
8.2
Implications for Practice
.283
8.2.1
Implications for Entrepreneurs
.283
8.2.2
Implications for Investors
.286
83
Limitations of this Study
_.288
8.4
Directions for Further Research
_.289
9
REFERENCES
.291
10
APPENDIX.
._.„„311
10.1
Definitions of Geographical Regions in the US
_.311
10.2
Abbreviations of the Federal States of Germany
.„.312
10.3
Definitions of High Technology Sectors
_.313
10.4
Detailed Results of all Value-Added Activities
.316
10.5
Overall Rating of Value-Added and Monitoring by Type of Venture Capital
Company
.327 |
| any_adam_object | 1 |
| any_adam_object_boolean | 1 |
| author | Ortgiese, Jens |
| author_GND | (DE-588)133405958 |
| author_facet | Ortgiese, Jens |
| author_role | aut |
| author_sort | Ortgiese, Jens |
| author_variant | j o jo |
| building | Verbundindex |
| bvnumber | BV022947794 |
| classification_rvk | QK 620 |
| ctrlnum | (OCoLC)185008242 (DE-599)DNB985619783 |
| dewey-full | 332.04154 |
| dewey-hundreds | 300 - Social sciences |
| dewey-ones | 332 - Financial economics |
| dewey-raw | 332.04154 |
| dewey-search | 332.04154 |
| dewey-sort | 3332.04154 |
| dewey-tens | 330 - Economics |
| discipline | Wirtschaftswissenschaften |
| discipline_str_mv | Wirtschaftswissenschaften |
| edition | 1. Aufl. |
| format | Book |
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| genre | (DE-588)4113937-9 Hochschulschrift gnd-content |
| genre_facet | Hochschulschrift |
| id | DE-604.BV022947794 |
| illustrated | Illustrated |
| index_date | 2024-07-02T19:00:40Z |
| indexdate | 2024-07-20T09:26:13Z |
| institution | BVB |
| isbn | 9783899366211 3899366212 |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-016152324 |
| oclc_num | 185008242 |
| open_access_boolean | |
| owner | DE-355 DE-BY-UBR DE-703 DE-2070s DE-19 DE-BY-UBM |
| owner_facet | DE-355 DE-BY-UBR DE-703 DE-2070s DE-19 DE-BY-UBM |
| physical | XXX, 328 S. graph. Darst. |
| publishDate | 2007 |
| publishDateSearch | 2007 |
| publishDateSort | 2007 |
| publisher | Eul |
| record_format | marc |
| series | Venture Capital und Investment Banking |
| series2 | Venture Capital und Investment Banking |
| spelling | Ortgiese, Jens Verfasser (DE-588)133405958 aut Value added by venture capital firms an analysis on the basis of new technology-based firms in the USA and Germany Jens Ortgiese 1. Aufl. Lohmar [u.a.] Eul 2007 XXX, 328 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier Venture Capital und Investment Banking N.F., 8 Zugl.: Kassel, Univ., Diss., 2007 u.d.T.: Ortgiese, Jens: Adding value to new technology-based firms by venture capital companies in the USA and Germany - theoretical foundation and empirical analysis Risikokapital (DE-588)4124067-4 gnd rswk-swf Wagnisfinanzierungsgesellschaft (DE-588)4192818-0 gnd rswk-swf Wertschöpfung (DE-588)4065685-8 gnd rswk-swf (DE-588)4113937-9 Hochschulschrift gnd-content Wagnisfinanzierungsgesellschaft (DE-588)4192818-0 s Risikokapital (DE-588)4124067-4 s Wertschöpfung (DE-588)4065685-8 s DE-604 Venture Capital und Investment Banking N.F., 8 (DE-604)BV020874600 8 text/html http://deposit.dnb.de/cgi-bin/dokserv?id=3002088&prov=M&dok_var=1&dok_ext=htm Inhaltstext Digitalisierung UB Regensburg application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=016152324&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Ortgiese, Jens Value added by venture capital firms an analysis on the basis of new technology-based firms in the USA and Germany Venture Capital und Investment Banking Risikokapital (DE-588)4124067-4 gnd Wagnisfinanzierungsgesellschaft (DE-588)4192818-0 gnd Wertschöpfung (DE-588)4065685-8 gnd |
| subject_GND | (DE-588)4124067-4 (DE-588)4192818-0 (DE-588)4065685-8 (DE-588)4113937-9 |
| title | Value added by venture capital firms an analysis on the basis of new technology-based firms in the USA and Germany |
| title_auth | Value added by venture capital firms an analysis on the basis of new technology-based firms in the USA and Germany |
| title_exact_search | Value added by venture capital firms an analysis on the basis of new technology-based firms in the USA and Germany |
| title_exact_search_txtP | Value added by venture capital firms an analysis on the basis of new technology-based firms in the USA and Germany |
| title_full | Value added by venture capital firms an analysis on the basis of new technology-based firms in the USA and Germany Jens Ortgiese |
| title_fullStr | Value added by venture capital firms an analysis on the basis of new technology-based firms in the USA and Germany Jens Ortgiese |
| title_full_unstemmed | Value added by venture capital firms an analysis on the basis of new technology-based firms in the USA and Germany Jens Ortgiese |
| title_short | Value added by venture capital firms |
| title_sort | value added by venture capital firms an analysis on the basis of new technology based firms in the usa and germany |
| title_sub | an analysis on the basis of new technology-based firms in the USA and Germany |
| topic | Risikokapital (DE-588)4124067-4 gnd Wagnisfinanzierungsgesellschaft (DE-588)4192818-0 gnd Wertschöpfung (DE-588)4065685-8 gnd |
| topic_facet | Risikokapital Wagnisfinanzierungsgesellschaft Wertschöpfung Hochschulschrift |
| url | http://deposit.dnb.de/cgi-bin/dokserv?id=3002088&prov=M&dok_var=1&dok_ext=htm http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=016152324&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
| volume_link | (DE-604)BV020874600 |
| work_keys_str_mv | AT ortgiesejens valueaddedbyventurecapitalfirmsananalysisonthebasisofnewtechnologybasedfirmsintheusaandgermany |