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Deal Selection and Investor Value-Added in Entrepreneurial Equity Financing

New Evidence from Venture Capital and Crowdfunding
Authors:
Publisher:
 2020

Summary

Dieses Buch präsentiert empirische Analysen zur Investitionsauswahl und Wertstiftung von Risikokapitalgebern. Die Ergebnisse zeigen, dass Unternehmen, die eine Equity-Crowdfunding-Finanzierung nutzen, in der Folge geringeren unternehmerischen Erfolg erzielen als vergleichbare Unternehmen, die auf eine traditionelle Risikokapital-Finanzierung zurückgreifen. Die Ergebnisse legen nahe, dass dieser negative Effekt durch die vergleichsweise geringere Wertstiftung von Equity-Crowdfunding-Investoren verursacht wird. Weitere Analysen zeigen, dass die Branchenspezialisierung von Venture-Capital-Investoren gegenläufige Effekte auf deren Fähigkeit zur Investitionsauswahl und Wertstiftung hat. Es zeigt sich, dass größere Branchenspezialisierung Investoren besser befähigt, potenzialstarke Unternehmen in der jeweiligen Branche auszuwählen, aber ihrer Wertstiftung abträglich ist. Diese Effekte haben auch nachweisebare Implikationen auf die Bildung und Zusammensetzung von Investitionssyndikaten.

Bibliographic data

Copyright year
2020
ISBN-Print
978-3-8487-6632-1
ISBN-Online
978-3-7489-0712-1
Publisher
Nomos, Baden-Baden
Language
English
Pages
175
Product type
Book Titles

Table of contents

ChapterPages
  1. Titelei/Inhaltsverzeichnis No access 1 - 16
    1. 1.1 Research Topic and Motivation No access
    2. 1.2 Structure of the Dissertation No access
    1. 2.1 Theoretical Background No access
      1. 2.2.1 Investor Value-added in Equity Crowdfunding No access
      2. 2.2.2 Specialisation, Screening and Value-added No access
      3. 2.2.3 Specialisation and VC Syndication No access
      1. 3.1.1 Literature on Crowdfunding No access
      2. 3.1.2 Literature on Traditional Investor’s Value-added No access
    2. 3.2 Hypothesis Development No access
      1. 3.3.1 Data Source No access
      2. 3.3.2 Dependent Variables No access
      3. 3.3.3 Independent Variables and Controls No access
      4. 3.3.4 Sample Construction and Matching Procedure No access
      5. 3.3.5 Empirical Methodology No access
      1. 3.4.1 Sample Overview and Univariate Tests No access
      2. 3.4.2 OLS Results and Tests for Endogeneity No access
      3. 3.4.3 Analyses Accounting for Endogeneity of Financing Choice No access
      4. 3.4.4 Additional Analyses and Robustness Checks No access
    5. 3.5 Discussion No access
    6. 3.6 Conclusion No access
      1. 4.1.1 Literature on VC Investment Selection and Value-added No access
      2. 4.1.2 Literature on Specialisation No access
    2. 4.2 Hypotheses Development No access
      1. 4.3.1 Dataset and Sample Construction No access
      2. 4.3.2 Dependent Variable Definitions No access
      3. 4.3.3 Independent Variable Definitions No access
      4. 4.3.4 Other Independent Variables and Controls No access
      5. 4.3.5 Empirical Methodology No access
      1. 4.4.1 Sample Overview and Univariate Tests No access
      2. 4.4.2 Regression Analyses No access
      3. 4.4.3 Further Analyses and Robustness Checks No access
    5. 4.5 Discussion No access
    6. 4.6 Conclusion No access
    1. 5.1 Literature Review No access
    2. 5.2 Hypotheses Development No access
      1. 5.3.1 Dataset No access
        1. Sample construction, variables and methods for analyses on syndicate formation No access
        2. Sample construction, variables and methods for analysis on syndicate partner choice No access
      3. 5.3.3 Sample Overview and Descriptive Statistics No access
    4. 5.4 Empirical Analyses and Results No access
    5. 5.5 Discussion No access
    6. 5.6 Conclusion No access
    1. 6.1 Theoretical Contribution No access
    2. 6.2 Practical Contribution No access
  8. 7. References No access 151 - 164
    1. Abstract No access
    2. Abstract – German Version No access

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