Venture capital activities under uncertainty: US and UK investors behavior.

Autor: Shuwaikh F; Léonard de Vinci, Research Center, Pôle Universitaire, 92916 Paris La Défense, France.; Univ Paris Est Créteil, IRG, 94010 Créteil, France., Brintte S; OCRE, EDC Paris Business School, Courbevoie, France., Khemiri S; Université Paris-Saclay, Univ Evry, IMT-BS, LITEM, 91025 Evry-Courcouronnes, France., Castro RG; Universidade Católica Portuguesa Catolica Lisbon School of Business and Economics Palma de Cima, 1649-023 Lisboa, Portugal.
Jazyk: angličtina
Zdroj: Annals of operations research [Ann Oper Res] 2022 Sep 23, pp. 1-33. Date of Electronic Publication: 2022 Sep 23.
DOI: 10.1007/s10479-022-04962-3
Abstrakt: We investigate how in the context of Corporate Venture Capital (CVC), the investment decisions affect the likelihood of their subsequent exit strategies. We use OLS and probit regression as well as Weibull distribution of residual values, given its reliability and validity for studying lifetime analysis. Based on a sample of 8722 VC-backed ventures with the first investment dates between 1999 and 2018 in United States (US) and United Kingdom (UK), the results show that the presence of CVCs positively affects the funding amounts and the duration of the investment. CVC funds are more generous and more patient than Independent Venture Capital (IVC) funds regarding their investments in ventures. Moreover, the findings provide evidence that the exit strategies are directly influenced by the funding amounts and the duration of the investment which are influenced, in turn, by the fund type. Greater funding increases the likelihood of IPO exit which is reduced by longer investment duration. Our results are robust to alternative estimation methods, namely two-stage treatment-effects regressions. These results help the various stakeholders (VC funds, investors, ventures) make crucial decisions regarding investment amounts and duration, and exit.
(© The Author(s), under exclusive licence to Springer Science+Business Media, LLC, part of Springer Nature 2022, Springer Nature or its licensor holds exclusive rights to this article under a publishing agreement with the author(s) or other rightsholder(s); author self-archiving of the accepted manuscript version of this article is solely governed by the terms of such publishing agreement and applicable law.)
Databáze: MEDLINE
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