What Do Entrepreneurs Pay for Venture Capital Affiliation ?  

Oleh:

Hsu, David H.

Jenis: Article from Journal - ilmiah internasional
Dalam koleksi: The Journal of Finance (EBSCO) vol. 59 no. 4 (Aug. 2004), page 1805-1844.
Topik: entrepreneurs; entrepreneurs; startups; value added; reputations; studies; correlation analysis; venture capital companies; venture capital
Fulltext: p 1805.pdf (198.27KB)

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Perpustakaan Pusat (Semanggi) Nomor Panggil: JJ88 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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This study empirically evaluates the certification and value - added roles of reputable venture capitalists (VCs). Using a novel sample of entrepreneurial start - ups with multiple financing offers, I analyze financing offers made by competing VCs at the first professional round of start - up funding, holding characteristics of the start - up fixed. Offers made by VCs with a high reputation are three times more likely to be accepted, and high reputation VCs acquire start - up equity at a 10 - 14% discount. The evidence suggests that VCs' "extra - financial" value may be more distinctive than their functionally equivalent financial capital. These extra - financial services can have financial consequences.

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