Cross-Border venture capital investments: why do venture capital firms invest at a distance?
Saved in:
| Main Author: | |
|---|---|
| Format: | Thesis Book |
| Language: | English |
| Published: |
Wiesbaden
Springer Gabler
2012
|
| Series: | Springer Gabler Research
|
| Subjects: | |
| Online Access: | Inhaltsverzeichnis |
| Physical Description: | XIX, 161 S. graph. Darst. |
| ISBN: | 9783834931184 |
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Record in the Search Index
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| adam_text | IMAGE 1
IX
TABLE OF CONTENTS
FOREWORD V
ACKNOWLEDGEMENTS VII
TABLE O F CONTENTS IX
LIST O F APPENDICES XIII
LIST O F FIGURES X V
LIST O F TABLES XVII
LIST O F ABBREVIATIONS XIX
1 INTRODUCTION 1
1.1 MOTIVATION 1
1.2 RESEARCH OBJECTIVES 3
1.3 STRUCTURE O F THE THESIS 4
2 THEORETICAL FOUNDATIONS AND RELATED LITERATURE 6
2.1 BENEFITS O F CROSS-BORDER VENTURE CAPITAL INVESTMENTS 6
2.1.1 INTRODUCTION 6
2.1.2 RISK REDUCTION THROUGH INTERNATIONAL PORTFOLIO DIVERSIFICATION 7
2.1.3 REVENUE GROWTH AND STRATEGIC BUSINESS DEVELOPMENT 9
2.1.3.1 OPPORTUNISM AND FIRM GROWTH 9
2.1.3.2 EXPANSION AND CREATION O F COMPETITIVE ADVANTAGE 10
2.1.3.3 SOURCING O F LOCATION-SPECIFIC ADVANTAGES 11
2.2 COSTS O F INVESTING AT A DISTANCE 12
2.2.1 INTRODUCTION TO AGENCY THEORY 12
2.2.1.1 ORIGINS AND FUNDAMENTALS 12
2.2.1.2 APPLICATIONS AND FINDINGS 14
2.2.2 AGENCY THEORY AS A FRAMEWORK FOR VENTURE CAPITAL 16
2.2.2.1 PRINCIPAL-AGENT RELATIONSHIPS BETWEEN FUND INVESTORS, V C FIRMS
AND
PORTFOLIO COMPANIES 16
2.2.2.2 MECHANISMS USED B Y V C FIRMS TO DEAL WITH AGENCY PROBLEMS WITH
PORTFOLIO COMPANIES 19
2.2.3 EFFECTS O F DISTANCE ON THE VC-ENTREPRENEUR AGENCY RELATIONSHIP 2
3
HTTP://D-NB.INFO/1018467629
IMAGE 2
X
2.2.3.1 EFFECTS O F DISTANCE ON ADVERSE SELECTION AND CORRESPONDING
COPING
MECHANISMS : 2 3
2.2.3.2 EFFECTS O F DISTANCE ON MORAL HAZARD AND CORRESPONDING COPING
MECHANISMS 24
2.2.3.3 IMPLICATIONS FOR INVESTMENT PERFORMANCE 27
2.3 SUMMARY, RESEARCH GAPS AND CONTRIBUTION O F THE THESIS 29
3 HYPOTHESES 3 2
3.1 HYPOTHESES DEVELOPMENT PROCESS 32
3.2 DETERMINANTS O F SCOPE DECISION 3 3
3.2.1 LOCAL SUPPLY AND DEMAND 3 3
3.2.1.1 LOCAL SUPPLY O F INVESTMENT OPPORTUNITIES 3 3
3.2.1.2 LOCAL DEMAND FOR INVESTMENT OPPORTUNITIES 34
3.2.2 V C ABILITY AND FIT 35
3.2.2.1 V C FUND CHARACTERISTICS 35
3.2.2.2 VC FIRM CHARACTERISTICS 38
3.2.2.3 V C INVESTMENT CHARACTERISTICS 4 0
3.3 DETERMINANTS O F TARGET LOCATION DECISION 4 0
3.3.1 TARGET LOCATION CHARACTERISTICS 4 0
3.3.1.1 SUPPLY AND DEMAND FOR INVESTMENT OPPORTUNITIES 4 0
3.3.1.2 TARGET LOCATION ATTRACTIVENESS O F EXIT CHANNELS 41
3.3.2 VC ABILITY AND FIT 41
3.3.2.1 DISTANCE TO TARGET LOCATION 41
3.3.2.2 VC EXPERIENCE WITH THE TARGET LOCATION 4 3
3.4 SUMMARY O F HYPOTHESES 4 4
4 CONSTRUCTION AND DESCRIPTION O F THE DATA SET AND VARIABLES 4 6
4.1 SOURCES O F VENTURE CAPITAL DATA 46
4.1.1 THOMSONONE.COM 4 6
4.1.2 VENTURESOURCE 4 8
4.1.3 CEPRES 4 9
4.1.4 PROPRIETARY DATA 50
4.2 CONSTRUCTION AND DESCRIPTION O F THE DATA SET USED IN THIS THESIS 50
4.2.1 CHOICE AND CONSTRUCTION O F THE DATA SET 50
4.2.2 DESCRIPTION O F V C FIRMS IN THE DATA SET 52
IMAGE 3
XI
4.2.3 DESCRIPTION O F V C FUNDS IN THE DATA SET 52
4.2.4 DESCRIPTION O F PORTFOLIO COMPANIES IN THE DATA SET 54
4.2.5 DESCRIPTION O F INVESTMENTS IN THE DATA SET 56
4.3 CREATION O F ADDITIONAL VARIABLES ~ 59
4.3.1 MEASUREMENT O F DISTANCE 59
4.3.2 MEASUREMENT O F DEAL FLOW (SUPPLY) 60
4.3.3 MEASUREMENT O F COMPETITION (DEMAND) 64
4.3.4 MEASUREMENT O F V C ABILITY AND FIT 65
4.3.4.1 VC FUND-RELATED VARIABLES 65
4.3.4.2 V C FIRM-RELATED VARIABLES 67
4.4 GEOGRAPHY O F THE VENTURE CAPITAL INDUSTRY 68
4.4.1 HISTORICAL PERSPECTIVE 6 8
4.4.2 V C CHAMPION NATIONS 68
4.4.3 CROSS-BORDER VC INVESTMENTS 69
4.4.3.1 INVESTMENT SCOPE 69
4.4.3.2 TARGET LOCATIONS 72
4.4.3.3 CROSS-BORDER INVESTMENT CHAMPION V C FIRMS 74
4.5 SUMMARY: ADVANTAGES AND DRAWBACKS O F THE DATA SET 76
5 INVESTMENT SCOPE DECISION 78
5.1 NAIVE SCOPE MODEL 78
5.2 REFINED SCOPE MODEL 80
5.2.1 ECONOMETRIC MODEL 80
5.2.2 ESTIMATION 82
5.2.3 DISCUSSION 90
5.2.3.1 GENERAL REMARKS 90
5.2.3.2 DISCUSSION O F THE MARGINAL EFFECTS 91
5.3 INTERMEDIARY CONCLUSION 95
6 TARGET LOCATION DECISION 97
6.1 NAIVE TARGET LOCATION MODEL 97
6.2 REFINED TARGET LOCATION MODEL 98
6.2.1 ECONOMETRIC MODEL 98
6.2.1.1 INTRODUCTION 98
6.2.1.2 EXAMPLE O F OPERATIONALIZATION 101
IMAGE 4
XII
6.2.2 ESTIMATION 102
6.2.2.1 CHALLENGES AND SOLUTIONS 102
6.2.2.2 CONSTRUCTION O F ADDITIONAL VARIABLES 104
6.2.2.3 RESULTS 105
6.2.3 DISCUSSION 108
6.2.3.1 GENERAL REMARKS 108
6.2.3.2 DISCUSSION O F THE COEFFICIENTS 110
6.3 INTERMEDIARY CONCLUSION 113
7 CONCLUSION 115
7.1 SUMMARY 115
7.2 MANAGERIAL IMPLICATIONS 118
7.3 LIMITATIONS O F THE THESIS 119
7.4 AVENUES FOR FURTHER RESEARCH 120
APPENDIX 123
BIBLIOGRAPHY 153
|
| any_adam_object | 1 |
| author | Tarrade, Hortense 1980- |
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| dewey-full | 330 |
| dewey-hundreds | 300 - Social sciences |
| dewey-ones | 330 - Economics |
| dewey-raw | 330 |
| dewey-search | 330 |
| dewey-sort | 3330 |
| dewey-tens | 330 - Economics |
| discipline | Wirtschaftswissenschaften |
| format | Thesis Book |
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| spelling | Tarrade, Hortense 1980- Verfasser (DE-588)1025285506 aut Cross-Border venture capital investments why do venture capital firms invest at a distance? von Hortense Tarrade Wiesbaden Springer Gabler 2012 XIX, 161 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier Springer Gabler Research Zugl.: München, Univ., Diss., 2010 Wagnisfinanzierungsgesellschaft (DE-588)4192818-0 gnd rswk-swf Investitionsentscheidung (DE-588)4162244-3 gnd rswk-swf Risikokapital (DE-588)4124067-4 gnd rswk-swf Agency-Theorie (DE-588)4126353-4 gnd rswk-swf Auslandsinvestition (DE-588)4003772-1 gnd rswk-swf (DE-588)4113937-9 Hochschulschrift gnd-content Wagnisfinanzierungsgesellschaft (DE-588)4192818-0 s Risikokapital (DE-588)4124067-4 s Auslandsinvestition (DE-588)4003772-1 s Investitionsentscheidung (DE-588)4162244-3 s Agency-Theorie (DE-588)4126353-4 s DE-604 DNB Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=025226211&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Tarrade, Hortense 1980- Cross-Border venture capital investments why do venture capital firms invest at a distance? Wagnisfinanzierungsgesellschaft (DE-588)4192818-0 gnd Investitionsentscheidung (DE-588)4162244-3 gnd Risikokapital (DE-588)4124067-4 gnd Agency-Theorie (DE-588)4126353-4 gnd Auslandsinvestition (DE-588)4003772-1 gnd |
| subject_GND | (DE-588)4192818-0 (DE-588)4162244-3 (DE-588)4124067-4 (DE-588)4126353-4 (DE-588)4003772-1 (DE-588)4113937-9 |
| title | Cross-Border venture capital investments why do venture capital firms invest at a distance? |
| title_auth | Cross-Border venture capital investments why do venture capital firms invest at a distance? |
| title_exact_search | Cross-Border venture capital investments why do venture capital firms invest at a distance? |
| title_full | Cross-Border venture capital investments why do venture capital firms invest at a distance? von Hortense Tarrade |
| title_fullStr | Cross-Border venture capital investments why do venture capital firms invest at a distance? von Hortense Tarrade |
| title_full_unstemmed | Cross-Border venture capital investments why do venture capital firms invest at a distance? von Hortense Tarrade |
| title_short | Cross-Border venture capital investments |
| title_sort | cross border venture capital investments why do venture capital firms invest at a distance |
| title_sub | why do venture capital firms invest at a distance? |
| topic | Wagnisfinanzierungsgesellschaft (DE-588)4192818-0 gnd Investitionsentscheidung (DE-588)4162244-3 gnd Risikokapital (DE-588)4124067-4 gnd Agency-Theorie (DE-588)4126353-4 gnd Auslandsinvestition (DE-588)4003772-1 gnd |
| topic_facet | Wagnisfinanzierungsgesellschaft Investitionsentscheidung Risikokapital Agency-Theorie Auslandsinvestition Hochschulschrift |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=025226211&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
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