Who are the active investors? Evidence from venture capital

被引：303

作者：

Bottazzi, Laura ^{[4
,5
]}

Da Rin, Marco ^{[2
,3
,4
]}

Hellmann, Thomas ^{[1
]}

机构：

[1] Univ British Columbia, Vancouver, BC V6T 1Z2, Canada

[2] European Corp Governance Inst, B-1180 Brussels, Belgium

[3] Tilburg Univ, NL-500 LE Tilburg, Netherlands

[4] Bocconi Univ, IGIER, I-20136 Milan, Italy

[5] Univ Bologna, I-40125 Bologna, Italy

来源：

JOURNAL OF FINANCIAL ECONOMICS | 2008年 / 89卷 / 03期

关键词：

Financial intermediation; Venture capital; Investor activism; Human capital; Corporate governance;

D O I：

10.1016/j.jfineco.2007.09.003

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

This paper examines the determinants and consequences of investor activism in venture capital. Using a hand-collected sample of European venture capital deals, it shows the importance of human capital. Venture capital firms with partners that have prior business experience are more active recruiting managers and directors. helping with fundraising, and interacting more frequently with their portfolio companies. Independent venture capital firms are also more active than 'captive' (bank-, corporate-, or government-owned) firms. After controlling for endogeneity, investor activism is shown to be positively related to the success of portfolio companies. (C) 2008 Elsevier B.V. All rights reserved.

引用

页码：488 / 512

页数：25