Venture capital, corporate governance, and firm value:
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| Main Author: | |
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| Format: | Thesis Electronic eBook |
| Language: | English |
| Published: |
Wiesbaden
Dt. Univ.-Verl.
2007
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| Edition: | 1. Aufl. |
| Series: | Gabler Edition Wissenschaft
|
| Subjects: | |
| Online Access: | BTU01 FHM01 FHR01 FNU01 UBG01 UBR01 UBT01 UBY01 UEI03 UPA01 Volltext Inhaltsverzeichnis |
| Physical Description: | 1 Online-Ressource |
| ISBN: | 9783835095496 |
| DOI: | 10.1007/978-3-8350-9549-6 |
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| 245 | 1 | 0 | |a Venture capital, corporate governance, and firm value |c Maik Kleinschmidt |
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Record in the Search Index
| _version_ | 1804137302312615936 |
|---|---|
| adam_text | Contents
1 Introduction 1
1.1 Relevance of the Topic 1
1.2 Literature Review 2
1.2.1 Foundations of Research on Venture Capital and Corporate
Governance 3
1.2.2 Venture Capitalists Influence on Corporate Governance 4
1.2.2.1 Reasons 4
1.2.2.2 Factors 5
1.2.2.3 Instruments 6
1.2.3 Effects of Venture Capitalists Influence on Corporate Governance 7
1.2.3.1 Managers 7
1.2.3.2 Boards S
1.2.3.3 Reporting Discipline 9
1.2.4 Effects of Corporate Governance on Firm Value 9
1.3 Aims of the Research 10
1.4 Research Approach 12
1.5 Structure of the Research 15
2 Foundations of Venture Capital and Corporate Governance 17
2.1 Introduction of Venture Capital 17
2.1.1 Definition 17
2.1.2 Characteristics 1X
2.1.3 The Venture Capital Value Chain 20
2.1.3.1 Fundraising 21
2.1.3.2 Deal Sourcing and Screening 23
2.1.3.3 Contracting 25
2.1.3.4 Venture Management 26
2.1.3.5 Exit 27
IX
2.1.4 Development Status of the Venture Capital Industry 28
2.1.4.1 Emergence of the Industry _28
2.1.4.2 Development of Investments 29
2.2 Introduction of Corporate Governance 32
2.2.1 Defmition_ 32
2.2.2 Elements 33
2.2.2.1 Shareholder Rights 35
2.2.2.2 Management 35
2.2.2.3 Board 36
2.2.2.4 Reporting and Auditing 37
2.2.3 Functions _37
2.2.4 Influencing Powers 39
3 Theoretical Foundations _____43
3.1 Agency Theory _43
3.1.1 Introduction 43
3.1.1.1 Origination 43
3.1.1.2 Assumptions 44
3.1.2 Venture Capital and Corporate Governance . 47
3.1.2.1 Understanding of Corporate Governance 47
3.1.2.2 Importance of Corporate Governance for Growth Companies ^^__^47
3.2 Dynamic Resource based View
3.2.1 Introduction 5 3
3.2.1.1 Origination _53
3.2.1.2 Assumptions_ 54
3.2.2 Venture Capital and Corporate Governance ~59
3.2.2.1 Understanding of Corporate Governance _59
3.2.2.2 Importance of Corporate Governance in Growth Companies .60
X
4 Relationship between Venture Capital, Corporate Governance and Firm
Value 63
4.1 Reasons for Venture Capitalists Influence on Corporate Governance 63
4.1.1 Risk Reduction 64
4.1.1.1 Extent of Agency Risk 64
4.1.1.2 Extent of Business Risk 66
4.1.2 Value Creation 70
4.1.3 Exit Preparation 73
4.1.4 Development of Reasons for Influence 74
4.2 Effects of Venture Capitalists Influence on Corporate Governance 76
4.2.1 Management 76
4.2.1.1 Assessment and Selection of Managers 76
4.2.1.2 Bonding of Managers 80
4.2.1.3 Compensation of Managers 81
4.2.2 Board 85
4.2.2.1 Composition 85
4.2.2.2 Work 92
4.2.3 Reporting Discipline 96
4.3 Abilities of Venture Capitalists To Influence Corporate Governance 99
4.3.1 Control Rights 99
4.3.2 Characteristics of Venture Capitalists 101
4.3.2.1 Characteristics of Venture Capital Firms 102
4.3.2.2 Characteristics of Investment Managers 105
4.3.3 Trust 108
4.4 Effects of Corporate Governance on Firm Value 109
4.4.1 Theoretical Explanation 109
4.4.2 Fundamental Performance 110
4.4.2.1 Profitability 111
XI
4.4.2.2 Growth 114
4.4.3 Valuation 115
5 Empirical Analyses 119
5.1 Research Concept 119
5.2 Qualitative Analysis 124
5.3 Methods of the Quantitative Analysis 129
5.3.1 Data Sources 129
5.3.1.1 Survey 130
5.3.1.2 Database 135
5.3.2 Variables 137
5.3.2.1 Reasons 137
5.3.2.2 Effects on Corporate Governance Quality 138
5.3.2.3 Abilities 139
5.3.2.4 Effects on Firm Value 140
5.3.3 Statistical Methods 141
5.3.3.1 Descriptive Analyses 142
5.3.3.2 Multivariate Analyses 142
5.3.4 Representativeness 146
5.3.5 Basic Information on Respondents 147
5.3.6 Basic Information on Invested Venture Capitalists 150
5.3.7 Perceived Relationship Between Venture Capital, Corporate
Governance and Firm Value ____^^ 153
5.4 Reasons for Venture Capitalists Influence on Corporate Governance _ 154
5.4.1 Descriptive Results for Development of Reasons and Influence 154
5.4.1.1 Risk Reduction ,54
5.4.1.2 Value Creation 155
5.4.1.3 Exit Preparation „
5.4.1.4 Strength of Influence 155
XII
5.4.2 Results for Hypotheses Tests 157
5.4.2.1 Risk Reduction 157
5.4.2.2 Value Creation 159
5.4.2.3 Exit preparation 161
5.4.2.4 Development of Reasons 162
5.5 Effects of Venture Capitalists Influence on Corporate Governance 164
5.5.1 Descriptive Results for the Development of Corporate Governance
Quality 164
5.5.2 Results for Hypotheses Tests 168
5.6 Abilities of Venture Capitalists to Influence Corporate Governance 176
5.6.1 Descriptive Results for Venture Capitalists Abilities 176
5.6.2 Results for Hypotheses Tests 178
5.7 Effects of Corporate Governance on Firm Value 189
5.7.1 Descriptive Results for Development of Firm Value 189
5.7.2 Results for Hypotheses Tests 192
6 Conclusion 199
6.1 Summary of Results 199
6.1.1 Influence of Venture Capital on Corporate Governance 200
6.1.2 Influence of Corporate Governance on Firm Value 203
6.2 Discussion 205
6.2.1 Limitations of the Analyses 205
6.2.2 Interpretation of Results 207
6.2.2.1 Influence of Venture Capitalists on Corporate Governance 207
6.2.2.2 Influence of Corporate Governance on Firm Value 211
6.3 Outlook 212
XIII
Figures
Figure 1: Structure of the thesis 15
Figure 2: Influence of venture capitalists on portfolio companies 20
Figure 3: Venture capital value chain 20
Figure 4: Newly invested capital in Europe 2005 by investor type 23
Figure 5: Development phases of growth companies 24
Figure 6: Volume of funds raised and investments in Europe 1995 2005 30
Figure 7: Funds raised by type of venture capitalist in Europe 2001 2005 30
Figure 8: Investments by financing phase in Europe 2001 2005 31
Figure 9: Elements of good corporate governance 34
Figure 10: Main functions of corporate governance elements 39
Figure 11: Influencing powers of corporate governance 41
Figure 12: Relationship between reasons and venture capitalists influence 76
Figure 13: Relationship between venture capitalists influence and corporate
governance 98
FigureH: Relationship between venture capitalists abilities and impact on
corporate governance 109
Figure 15: Relationship between impact on corporate governance and firm value_ 117
Figure 16: Research concept 119
Figure 17: Overview of hypotheses about the relationship between venture
capitalists reasons and influence on corporate governance 120
Figure 18: Overview of hypotheses about the relationship between venture
capitalists influence and the quality of corporate governance 122
Figure 19: Overview of hypotheses about the relationship between venture
capitalists abilities and the quality of corporate governance 123
Figure 20: Overview of hypotheses about the relationship between the quality of
corporate governance and firm value 124
Figure 21: Overview of interviews 125
Figure 22: Overview of information collected with questionnaire 132
Figure 23: Comparison of original sample and respondents 136
Figure 24: Comparison of two measures for corporate governance quality 139
Figure 25: Respondents by number of financing rounds 147
Figure 26: Respondents by development stage 148
Figure 27: Respondents by age group 149
Figure 28: Respondents by number of employees 149
Figure 29: Respondents by industry 150
XV
Figure 30: Venture capitalists by type 151
Figure 31: Venture capitalists by international scope 151
Figure 32: Venture capitalists by number of portfolio companies 152
Figure 33: Number of contacts between venture capitalists and portfolio
companies 152
Figure 34: Mean respondents perception of the impact of venture capitalists and
good corporate governance 153
Figure 3 5: Development of agency and business risk over time 154
Figure 36: Development of overall venture capitalists influence on corporate
governance 156
Figure 37: Development of venture capitalists influence on corporate governance
elements 156
Figure 38: Overview of the results for hypotheses about the relationship between
venture capitalists reasons and influence on corporate governance 163
Figure 39: Development of corporate governance quality — self assessment 164
Figure 40: Development of corporate governance quality — criteria 165
Figure 41: Development of the quality of the corporate governance monitoring
function _166
Figure 42: Development of the quality of the corporate governance bonding
function 166
Figure 43: Development of the quality of the corporate governance advice
function 167
Figure 44: Development of the quality of corporate governance elements — self
assessment 167
Figure 45: Development of the quality of corporate governance elements —
criteria 168
Figure 46: Overview of the results for hypotheses about the relationship between
the venture capitalists influence and corporate governance quality 175
Figure 47: Index of venture capitalists abilities over time 176
Figure 48: Subindexes of venture capitalists abilities over time 177
Figure 49: Trust between investment managers and portfolio companies
managers over time 177
Figure 50: Overview of the results for hypotheses about the relationship between
venture capitalists abilities and corporate governance quality 188
Hgure 51: Development of portfolio companies competitiveness 189
Figure 52: Development of portfolio companies profitability measures .190
Figure 53: Development of portfolio companies growth rates 191
Figure 54: Development of portfolio companies valuation 191
XVI
Figure 55: Development of portfolio companies multiples 192
Figure 56: Overview of the results for hypotheses about the relationship between
corporate governance quality and firm value 197
XVII
Tables
Table 1: Questions by areas 130
Table 2: Original sample of survey by nation 135
Table 3: Statistical results for the hypotheses H1.1 H1.1.7 158
Table 4: Statistical results for the hypotheses H1.2 H1.2.1 159
Table 5: Statistical results for the hypotheses H1.2.2 H1.2.3 161
Table 6: Statistical results for the hypotheses HI .3 1.3.2 (mixed models
technique) 162
Table 7: Statistical results for the hypothesis HI.3.1 (logistic regression
technique) 162
Table 8: Statistical results for the hypothesis H1.4 163
Table 9: Results for hypothesis H.2 169
Table 10: Statistical results for hypotheses H2.1 H2.1.4 (mixed models) 170
Table 11: Statistical results for hypotheses H2.1.1 (logistic regression) 170
Table 12: Statistical results for the hypothesis H2.2 171
Table 13: Statistical results for hypotheses H2.3 H2.3.3 (mixed models) 171
Table 14: Statistical results for hypotheses H2.3.1 H2.3.2 (logistic regression) 172
Table 15: Statistical results for hypotheses H2.4 H2.4.2 173
Table 16: Statistical results for hypotheses H2.5 2.5.3 174
Table 17: Statistical results for hypotheses H2.6 2.6.4 174
Table 18: Statistical results for hypothesis H3 178
Table 19: Statistical results for hypotheses H3.1 H3.1.3 180
Table 20: Statistical results for hypotheses H3.2 H3.2.1 181
Table 21: Statistical results for hypothesis H3.2.2 182
Table 22: Statistical results for hypotheses H3.2.3 H3.2.4 183
Table 23: Statistical results for hypothesis H3.3 184
Table 24: Statistical results for hypotheses H3.3.1 H3.3.2 185
Table 25: Statistical results for hypotheses H3.3.3 H3.3.4 186
Table 26: Statistical results for hypothesis H3.3.5 187
Table 27: Statistical results for hypothesis H3.4 188
Table 28: Statistical results for hypothesis 4.1 193
Table 29: Statistical results for hypothesis 4.1.1 194
XIX
Table 30: Statistical results for hypothesis 4.1.2 195
Table 31: Statistical results for hypothesis 4.2 196
Table 32: Statistical results for hypothesis 4.2.1 197
XX
|
| adam_txt |
Contents
1 Introduction 1
1.1 Relevance of the Topic 1
1.2 Literature Review 2
1.2.1 Foundations of Research on Venture Capital and Corporate
Governance 3
1.2.2 Venture Capitalists' Influence on Corporate Governance 4
1.2.2.1 Reasons 4
1.2.2.2 Factors 5
1.2.2.3 Instruments 6
1.2.3 Effects of Venture Capitalists' Influence on Corporate Governance 7
1.2.3.1 Managers 7
1.2.3.2 Boards S
1.2.3.3 Reporting Discipline 9
1.2.4 Effects of Corporate Governance on Firm Value 9
1.3 Aims of the Research 10
1.4 Research Approach 12
1.5 Structure of the Research 15
2 Foundations of Venture Capital and Corporate Governance 17
2.1 Introduction of Venture Capital 17
2.1.1 Definition 17
2.1.2 Characteristics 1X
2.1.3 The Venture Capital Value Chain 20
2.1.3.1 Fundraising 21
2.1.3.2 Deal Sourcing and Screening 23
2.1.3.3 Contracting 25
2.1.3.4 Venture Management 26
2.1.3.5 Exit 27
IX
2.1.4 Development Status of the Venture Capital Industry 28
2.1.4.1 Emergence of the Industry _28
2.1.4.2 Development of Investments 29
2.2 Introduction of Corporate Governance 32
2.2.1 Defmition_ 32
2.2.2 Elements 33
2.2.2.1 Shareholder Rights 35
2.2.2.2 Management 35
2.2.2.3 Board 36
2.2.2.4 Reporting and Auditing 37
2.2.3 Functions _37
2.2.4 Influencing Powers 39
3 Theoretical Foundations _43
3.1 Agency Theory _43
3.1.1 Introduction 43
3.1.1.1 Origination 43
3.1.1.2 Assumptions 44
3.1.2 Venture Capital and Corporate Governance . 47
3.1.2.1 Understanding of Corporate Governance 47
3.1.2.2 Importance of Corporate Governance for Growth Companies ^^_^47
3.2 Dynamic Resource based View "
3.2.1 Introduction 5 3
3.2.1.1 Origination _53
3.2.1.2 Assumptions_ 54
3.2.2 Venture Capital and Corporate Governance ~59
3.2.2.1 Understanding of Corporate Governance _59
3.2.2.2 Importance of Corporate Governance in Growth Companies .60
X
4 Relationship between Venture Capital, Corporate Governance and Firm
Value 63
4.1 Reasons for Venture Capitalists' Influence on Corporate Governance 63
4.1.1 Risk Reduction 64
4.1.1.1 Extent of Agency Risk 64
4.1.1.2 Extent of Business Risk 66
4.1.2 Value Creation 70
4.1.3 Exit Preparation 73
4.1.4 Development of Reasons for Influence 74
4.2 Effects of Venture Capitalists' Influence on Corporate Governance 76
4.2.1 Management 76
4.2.1.1 Assessment and Selection of Managers 76
4.2.1.2 Bonding of Managers 80
4.2.1.3 Compensation of Managers 81
4.2.2 Board 85
4.2.2.1 Composition 85
4.2.2.2 Work 92
4.2.3 Reporting Discipline 96
4.3 Abilities of Venture Capitalists To Influence Corporate Governance 99
4.3.1 Control Rights 99
4.3.2 Characteristics of Venture Capitalists 101
4.3.2.1 Characteristics of Venture Capital Firms 102
4.3.2.2 Characteristics of Investment Managers 105
4.3.3 Trust 108
4.4 Effects of Corporate Governance on Firm Value 109
4.4.1 Theoretical Explanation 109
4.4.2 Fundamental Performance 110
4.4.2.1 Profitability 111
XI
4.4.2.2 Growth 114
4.4.3 Valuation 115
5 Empirical Analyses 119
5.1 Research Concept 119
5.2 Qualitative Analysis 124
5.3 Methods of the Quantitative Analysis 129
5.3.1 Data Sources 129
5.3.1.1 Survey 130
5.3.1.2 Database 135
5.3.2 Variables 137
5.3.2.1 Reasons 137
5.3.2.2 Effects on Corporate Governance Quality 138
5.3.2.3 Abilities 139
5.3.2.4 Effects on Firm Value 140
5.3.3 Statistical Methods 141
5.3.3.1 Descriptive Analyses 142
5.3.3.2 Multivariate Analyses 142
5.3.4 Representativeness 146
5.3.5 Basic Information on Respondents 147
5.3.6 Basic Information on Invested Venture Capitalists 150
5.3.7 Perceived Relationship Between Venture Capital, Corporate
Governance and Firm Value _^^ 153
5.4 Reasons for Venture Capitalists' Influence on Corporate Governance _ 154
5.4.1 Descriptive Results for Development of Reasons and Influence 154
5.4.1.1 Risk Reduction ,54
5.4.1.2 Value Creation 155
5.4.1.3 Exit Preparation „
5.4.1.4 Strength of Influence 155
XII
5.4.2 Results for Hypotheses' Tests 157
5.4.2.1 Risk Reduction 157
5.4.2.2 Value Creation 159
5.4.2.3 Exit preparation 161
5.4.2.4 Development of Reasons 162
5.5 Effects of Venture Capitalists' Influence on Corporate Governance 164
5.5.1 Descriptive Results for the Development of Corporate Governance
Quality 164
5.5.2 Results for Hypotheses' Tests 168
5.6 Abilities of Venture Capitalists' to Influence Corporate Governance 176
5.6.1 Descriptive Results for Venture Capitalists' Abilities 176
5.6.2 Results for Hypotheses' Tests 178
5.7 Effects of Corporate Governance on Firm Value 189
5.7.1 Descriptive Results for Development of Firm Value 189
5.7.2 Results for Hypotheses' Tests 192
6 Conclusion 199
6.1 Summary of Results 199
6.1.1 Influence of Venture Capital on Corporate Governance 200
6.1.2 Influence of Corporate Governance on Firm Value 203
6.2 Discussion 205
6.2.1 Limitations of the Analyses 205
6.2.2 Interpretation of Results 207
6.2.2.1 Influence of Venture Capitalists on Corporate Governance 207
6.2.2.2 Influence of Corporate Governance on Firm Value 211
6.3 Outlook 212
XIII
Figures
Figure 1: Structure of the thesis 15
Figure 2: Influence of venture capitalists on portfolio companies 20
Figure 3: Venture capital value chain 20
Figure 4: Newly invested capital in Europe 2005 by investor type 23
Figure 5: Development phases of growth companies 24
Figure 6: Volume of funds raised and investments in Europe 1995 2005 30
Figure 7: Funds raised by type of venture capitalist in Europe 2001 2005 30
Figure 8: Investments by financing phase in Europe 2001 2005 31
Figure 9: Elements of good corporate governance 34
Figure 10: Main functions of corporate governance elements 39
Figure 11: Influencing powers of corporate governance 41
Figure 12: Relationship between reasons and venture capitalists' influence 76
Figure 13: Relationship between venture capitalists' influence and corporate
governance 98
FigureH: Relationship between venture capitalists' abilities and impact on
corporate governance 109
Figure 15: Relationship between impact on corporate governance and firm value_ 117
Figure 16: Research concept 119
Figure 17: Overview of hypotheses about the relationship between venture
capitalists' reasons and influence on corporate governance 120
Figure 18: Overview of hypotheses about the relationship between venture
capitalists' influence and the quality of corporate governance 122
Figure 19: Overview of hypotheses about the relationship between venture
capitalists' abilities and the quality of corporate governance 123
Figure 20: Overview of hypotheses about the relationship between the quality of
corporate governance and firm value 124
Figure 21: Overview of interviews 125
Figure 22: Overview of information collected with questionnaire 132
Figure 23: Comparison of original sample and respondents 136
Figure 24: Comparison of two measures for corporate governance quality 139
Figure 25: Respondents by number of financing rounds 147
Figure 26: Respondents by development stage 148
Figure 27: Respondents by age group 149
Figure 28: Respondents by number of employees 149
Figure 29: Respondents by industry 150
XV
Figure 30: Venture capitalists by type 151
Figure 31: Venture capitalists by international scope 151
Figure 32: Venture capitalists by number of portfolio companies 152
Figure 33: Number of contacts between venture capitalists and portfolio
companies 152
Figure 34: Mean respondents' perception of the impact of venture capitalists and
good corporate governance 153
Figure 3 5: Development of agency and business risk over time 154
Figure 36: Development of overall venture capitalists' influence on corporate
governance 156
Figure 37: Development of venture capitalists' influence on corporate governance
elements 156
Figure 38: Overview of the results for hypotheses about the relationship between
venture capitalists' reasons and influence on corporate governance 163
Figure 39: Development of corporate governance quality — self assessment 164
Figure 40: Development of corporate governance quality — criteria 165
Figure 41: Development of the quality of the corporate governance monitoring
function _166
Figure 42: Development of the quality of the corporate governance bonding
function 166
Figure 43: Development of the quality of the corporate governance advice
function 167
Figure 44: Development of the quality of corporate governance elements — self
assessment 167
Figure 45: Development of the quality of corporate governance elements —
criteria 168
Figure 46: Overview of the results for hypotheses about the relationship between
the venture capitalists' influence and corporate governance quality 175
Figure 47: Index of venture capitalists abilities' over time 176
Figure 48: Subindexes of venture capitalists' abilities over time 177
Figure 49: Trust between investment managers and portfolio companies'
managers over time 177
Figure 50: Overview of the results for hypotheses about the relationship between
venture capitalists' abilities and corporate governance quality 188
Hgure 51: Development of portfolio companies' competitiveness 189
Figure 52: Development of portfolio companies' profitability measures .190
Figure 53: Development of portfolio companies' growth rates 191
Figure 54: Development of portfolio companies' valuation 191
XVI
Figure 55: Development of portfolio companies' multiples 192
Figure 56: Overview of the results for hypotheses about the relationship between
corporate governance quality and firm value 197
XVII
Tables
Table 1: Questions by areas 130
Table 2: Original sample of survey by nation 135
Table 3: Statistical results for the hypotheses H1.1 H1.1.7 158
Table 4: Statistical results for the hypotheses H1.2 H1.2.1 159
Table 5: Statistical results for the hypotheses H1.2.2 H1.2.3 161
Table 6: Statistical results for the hypotheses HI .3 1.3.2 (mixed models
technique) 162
Table 7: Statistical results for the hypothesis HI.3.1 (logistic regression
technique) 162
Table 8: Statistical results for the hypothesis H1.4 163
Table 9: Results for hypothesis H.2 169
Table 10: Statistical results for hypotheses H2.1 H2.1.4 (mixed models) 170
Table 11: Statistical results for hypotheses H2.1.1 (logistic regression) 170
Table 12: Statistical results for the hypothesis H2.2 171
Table 13: Statistical results for hypotheses H2.3 H2.3.3 (mixed models) 171
Table 14: Statistical results for hypotheses H2.3.1 H2.3.2 (logistic regression) 172
Table 15: Statistical results for hypotheses H2.4 H2.4.2 173
Table 16: Statistical results for hypotheses H2.5 2.5.3 174
Table 17: Statistical results for hypotheses H2.6 2.6.4 174
Table 18: Statistical results for hypothesis H3 178
Table 19: Statistical results for hypotheses H3.1 H3.1.3 180
Table 20: Statistical results for hypotheses H3.2 H3.2.1 181
Table 21: Statistical results for hypothesis H3.2.2 182
Table 22: Statistical results for hypotheses H3.2.3 H3.2.4 183
Table 23: Statistical results for hypothesis H3.3 184
Table 24: Statistical results for hypotheses H3.3.1 H3.3.2 185
Table 25: Statistical results for hypotheses H3.3.3 H3.3.4 186
Table 26: Statistical results for hypothesis H3.3.5 187
Table 27: Statistical results for hypothesis H3.4 188
Table 28: Statistical results for hypothesis 4.1 193
Table 29: Statistical results for hypothesis 4.1.1 194
XIX
Table 30: Statistical results for hypothesis 4.1.2 195
Table 31: Statistical results for hypothesis 4.2 196
Table 32: Statistical results for hypothesis 4.2.1 197
XX |
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| author | Kleinschmidt, Maik |
| author_facet | Kleinschmidt, Maik |
| author_role | aut |
| author_sort | Kleinschmidt, Maik |
| author_variant | m k mk |
| building | Verbundindex |
| bvnumber | BV023063362 |
| classification_rvk | QP 752 |
| collection | ZDB-2-SBE ebook |
| ctrlnum | (OCoLC)873465031 (DE-599)BVBBV023063362 |
| discipline | Wirtschaftswissenschaften |
| discipline_str_mv | Wirtschaftswissenschaften |
| doi_str_mv | 10.1007/978-3-8350-9549-6 |
| edition | 1. Aufl. |
| format | Thesis Electronic eBook |
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| illustrated | Not Illustrated |
| index_date | 2024-07-02T19:29:42Z |
| indexdate | 2024-07-09T21:10:08Z |
| institution | BVB |
| isbn | 9783835095496 |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-016266583 |
| oclc_num | 873465031 |
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| physical | 1 Online-Ressource |
| psigel | ZDB-2-SBE ebook |
| publishDate | 2007 |
| publishDateSearch | 2007 |
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| publisher | Dt. Univ.-Verl. |
| record_format | marc |
| series2 | Gabler Edition Wissenschaft |
| spelling | Kleinschmidt, Maik Verfasser aut Venture capital, corporate governance, and firm value Maik Kleinschmidt 1. Aufl. Wiesbaden Dt. Univ.-Verl. 2007 1 Online-Ressource txt rdacontent c rdamedia cr rdacarrier Gabler Edition Wissenschaft Dissertation Universität Hamburg 2006 Titel der Dissertation: Venture capital and corporate governance Wagnisfinanzierungsgesellschaft (DE-588)4192818-0 gnd rswk-swf Corporate Governance (DE-588)4419850-4 gnd rswk-swf Unternehmensbewertung (DE-588)4078594-4 gnd rswk-swf Risikokapital (DE-588)4124067-4 gnd rswk-swf Unternehmensbeteiligung (DE-588)4140723-4 gnd rswk-swf Unternehmensentwicklung (DE-588)4125011-4 gnd rswk-swf (DE-588)4113937-9 Hochschulschrift gnd-content Wagnisfinanzierungsgesellschaft (DE-588)4192818-0 s Risikokapital (DE-588)4124067-4 s Unternehmensbeteiligung (DE-588)4140723-4 s Corporate Governance (DE-588)4419850-4 s Unternehmensentwicklung (DE-588)4125011-4 s Unternehmensbewertung (DE-588)4078594-4 s 1\p DE-604 Erscheint auch als Druck-Ausgabe, Paperback 3-8350-0718-1 Erscheint auch als Druck-Ausgabe, Paperback 978-3-8350-0718-5 https://doi.org/10.1007/978-3-8350-9549-6 Verlag Volltext HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=016266583&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis 1\p cgwrk 20201028 DE-101 https://d-nb.info/provenance/plan#cgwrk |
| spellingShingle | Kleinschmidt, Maik Venture capital, corporate governance, and firm value Wagnisfinanzierungsgesellschaft (DE-588)4192818-0 gnd Corporate Governance (DE-588)4419850-4 gnd Unternehmensbewertung (DE-588)4078594-4 gnd Risikokapital (DE-588)4124067-4 gnd Unternehmensbeteiligung (DE-588)4140723-4 gnd Unternehmensentwicklung (DE-588)4125011-4 gnd |
| subject_GND | (DE-588)4192818-0 (DE-588)4419850-4 (DE-588)4078594-4 (DE-588)4124067-4 (DE-588)4140723-4 (DE-588)4125011-4 (DE-588)4113937-9 |
| title | Venture capital, corporate governance, and firm value |
| title_auth | Venture capital, corporate governance, and firm value |
| title_exact_search | Venture capital, corporate governance, and firm value |
| title_exact_search_txtP | Venture capital, corporate governance, and firm value |
| title_full | Venture capital, corporate governance, and firm value Maik Kleinschmidt |
| title_fullStr | Venture capital, corporate governance, and firm value Maik Kleinschmidt |
| title_full_unstemmed | Venture capital, corporate governance, and firm value Maik Kleinschmidt |
| title_short | Venture capital, corporate governance, and firm value |
| title_sort | venture capital corporate governance and firm value |
| topic | Wagnisfinanzierungsgesellschaft (DE-588)4192818-0 gnd Corporate Governance (DE-588)4419850-4 gnd Unternehmensbewertung (DE-588)4078594-4 gnd Risikokapital (DE-588)4124067-4 gnd Unternehmensbeteiligung (DE-588)4140723-4 gnd Unternehmensentwicklung (DE-588)4125011-4 gnd |
| topic_facet | Wagnisfinanzierungsgesellschaft Corporate Governance Unternehmensbewertung Risikokapital Unternehmensbeteiligung Unternehmensentwicklung Hochschulschrift |
| url | https://doi.org/10.1007/978-3-8350-9549-6 http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=016266583&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
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